September 12, 2012 / 12:47 PM / 5 years ago

CANADA STOCKS-TSX may open higher on German court ruling

2 Min Read

Sep 12 (Reuters) - Toronto's main stock index looked set to open higher, in-line with global markets, after Germany's top court gave its backing to the euro zone's new rescue fund and budget pact subject to certain conditions.

Top Stories

* Germany's Constitutional Court said on Wednesday the country can ratify the euro zone's new rescue fund and budget pact as long it can guarantee there will be no increase in German financial exposure to the bailout fund without parliament's approval.

* Chesapeake said it will sell the most of its Permian Basin properties, substantially all of its midstream assets and certain non-core leasehold for about $6.9 billion in cash.

* Canadian dollar-store operator Dollarama Inc reported a 32 percent increase in second-quarter profit on higher sales and lower costs.

* Canadian oil and gas producer Petrominerales Ltd said it found oil in one of its wells at Corcel Block in Colombia's Deep Llanos Basin, and it would drill three more wells in the area.

Market Snapshot

* Canada stock futures traded up 0.27 percent

* U.S. stock futures , , were up around 0.26 percent to 0.46 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 315.88; rose 0.31 percent

* Gold futures : $1,741.5; rose 0.56 percent

* US crude : $97.45; rose 0.29 percent

* Brent crude : $116.12; rose 0.62 percent

* LME 3-month copper : $8,109; rose 0.23 percent

Canadian Stocks to Watch

* Great Basin Gold Ltd. : The precious metals miner said it suspended operations at its Burnstone mine in South Africa as it was unable to arrange for the working capital for the mine.

Analyst Recommendations

Following is a summary of research actions on Canadian companies reported by Reuters.

* Discovery Air Inc. : Canaccord Genuity cuts price target to C$3.75 from C$5.50 on a higher debt estimate.

On the Calendar

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes import and export prices, wholesale inventories and FOMC rate meeting

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