North American stocks are pointing to a strong start Monday, lifted by a pullback in oil prices after a Mideast ceasefire came into effect.

Crude-oil prices dropped $1.11 to US$73.24 a barrel Monday as a U.N.-brokered cease-fire in Lebanon took effect.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US88.76¢, down 0.25 of a cent.

News that BP would be able to maintain half of its production at a large oil field in Alaska also helped ease supply concerns.

Xstrata PLC shareholders have voted to approve the firm’s $18 billion takeover bid for Falconbridge.

Swiss-based Xstrata is set to seize control of Falconbridge and its stable of global base mineral operations Monday night when the takeover offer expires.

Xstrata, which already owns 24.5% of Falconbridge, is offering $63.25 a share in cash, including a special dividend, for the rest.

In other business news, Alcan Inc. announced Monday it will invest US$1.8 billion in its Kitimat, B.C., aluminum smelter.

Japan’s Sapporo Breweries Ltd. has struck a $400 million deal to acquire Sleeman Breweries Ltd.

Yellow Pages Group Co. has agreed to pay $281 million, including assumed liabilities, for MTS Allstream’s directories business. MTS publishes 11 White Pages and Yellow Pages directories across Manitoba.

Overseas markets were stronger.

Japan’s Nikkei 225 led Asian stocks higher — a power outage meant that the index couldn’t get officially calculated.

The last update for the Nikkei 225 showed the index up 225.8 points, or 1.45%, at 15,790.82 on the Tokyo Stock Exchange.

In Hong Kong, the blue-chip Hang Seng Index rose 40.06 points, or 0.2%, to 17,290.01.

European shares also gained ground. The U.K. FTSE index rose 0.7% and the German DAX 30 was up 1%.

Toronto stocks moved lower Friday, as the broader market was dragged down by downward pressure on resource stocks.

The S&P/TSX composite index fell 14.15 points, or 0.12%, to 11,944.90.


The S&P/TSX Venture composite index fell 2.88 points, or 0.11%, to 2,629.36.

In New York, a stronger than expected retail report, indicating possible inflationary pressure, and the continuing uncertainty following yesterday’s discovery of a terrorist plot sent markets lower.

The Dow Jones industrial average closed down 36.34 points, or 0.33%, to 11,088.03, the S&P500 gave up 5.07, or 0.40%, to 1,266.74 and the Nasdaq composite index finished down 14.03, or 0.68%, to 2,057.71

For the week, the Dow lost 1.4%, the S&P 500 fell 1% and the Nasdaq dropped 1.3%.

The U.S. Commerce Department reported retail sales in July moved up 1.4%, after falling 0.4% in June.