CANADA STOCKS-TSX set to rise as commodities gain on yuan move

June 21 (BestGrowthStock) – Toronto’s main stock index looked set
to open higher on Monday as commodity prices rose on hopes that
a more flexible Chinese yuan would increase commodity demand
from the world’s largest consumer.

China’s central bank said over the weekend that it was
ready to make the yuan more flexible ahead of the upcoming G20
summit. [ID:nN20208975]

Wall Street is also poised for a higher open. [.N]

European shares rose for a ninth session, hitting a
five-and-a-half week high, with mining stocks featuring among
the top performers.

Asian markets rallied with China’s key stock index, up 3
percent to its highest close in three weeks.

Here is some news that could affect stock prices:

BIOVAIL, VALEANT PHARMA TO MERGE

Biovail Corp (BVF.TO: ) (BVF.N: ), Canada’s biggest publicly
traded drugmaker, said on Monday it had agreed to merge with
U.S.-based Valeant Pharmaceuticals International (VRX.N: ), in a
deal that would expand the new company’s presence in North
America. [ID:nSGE65K07S]

OIL RISES

Crude oil gained more than one percent on Monday after
China pledged to make its currency more flexible, raising
expectations of higher demand from the world’s second largest
energy consumer. [O/R]

COPPER SOARS

Copper prices soared on Monday as China’s pledge to make
its yuan currency more flexible raised hopes of stronger demand
growth from the world’s largest consumer of industrial metals.
[MET/L]

GOLD HITS RECORD HIGH

Gold prices rose to a record high at $1,264.90 an ounce in
Europe on Monday as a slip in the dollar added impetus to the
metal’s existing rally on the back of rising concerns over
financial and sovereign risk. [GOL/]

C$ ZOOMS

The Canadian dollar zoomed to its highest level in just
over five weeks against the U.S. currency on Monday after China
allowed more yuan flexibility, sending global equities and some
currencies sharply higher. [CAD/]

CIBC NOT TO RENEW VISA DEAL WITH GLOBAL PAYMENTS

Global Payments Inc (GPN.N: ) said on Friday it was notified
by Canadian Imperial Bank of Commerce (CM.TO: ) that it would not
renew the Visa sponsorship agreement with the company, at the
end of its 10-year term in March 2011. [ID:nSGE65H0HT]

MINERA IRL WITHDRAWS OFFERING

Minera IRL Ltd (MIRL.L: ) (IRL.TO: ) withdrew its proposed C$25
million ($24.5 million) equity offering, citing unfavorable
conditions due to volatility in the equity markets, and said on
Monday it entered into a finance facility with Macquarie Bank
Ltd. [ID:nSGE65K0FU]

TRANSALTA NAMES NEW CFO

TransAlta Corp (TA.TO: ), Canada’s largest publicly traded
electricity generator, said on Friday Brett Gellner has been
appointed chief financial officer, succeeding Brian Burden.
[ID:nWNAB9689]

ROGERS CORRECTING BILLING ERRORS

Rogers Communications Inc (RCIb.TO: ), which owns Canada’s
biggest wireless carrier and operates cable and media
businesses, said on Friday it is correcting a billing
inaccuracy affecting up to 5 percent of its customers.
[ID:nWNAB9684]

HUDBAY NAMES NEW CEO

HudBay Minerals (HBM.TO: ) said on Monday it named David
Garofalo as president and chief executive officer, effective
July 12. [ID:nN21227027]

CAMECO BUYS ADDITIONAL UEX SHARES

Canadian uranium producer Cameco Corp (CCO.TO: ) said on
Monday it purchased additional shares of UEX Corp (UEX.TO: ) for
about C$3.4 million to increase its stake in the company.
[ID:nSGE65K0FQ]

OUTPUT BACK AT FIRST QUANTUM’S ZAMBIA MINE

Output has largely resumed at Zambian copper mines
following a blackout, government and company officials said on
Saturday. Spokesmen for mines owned by Canada’s First Quantum
Minerals (FM.TO: ) told Reuters their facilities had resumed
production, while output had yet to fully return at Vedanta
Resources’ (VED.L: ) Konkola Copper Mines. [ID:nLDE65I031]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]

* BMO cuts Cirrus Energy Corp (CYR.V: ) price target to
C$1.30 from C$3; rating outperform

* Macquarie raises Enbridge Inc (ENB.TO: ) price target to
C$53 from C$52; rating outperform

* UBS raises Thompson Creek Metals Co Inc (TCM.TO: ) to buy
from neutral

Stock Market Research Tools

($1=$1.02 Canadian)
(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Jeffrey Hodgson)

CANADA STOCKS-TSX set to rise as commodities gain on yuan move