March 6, 2013 / 1:28 PM / 4 years ago

CANADA STOCKS-TSX may open higher on global recovery hopes

4 Min Read

March 6 (Reuters) - Canadian stock index futures pointed to a higher open on Wednesday, buoyed by data showing U.S. private employers added the most new jobs in a year in February, which fueled hopes for a global economic recovery.

Top Stories

* U.S. private employers added 198,000 jobs in February, the biggest increase in a year and another sign of improvement in the labor market, a report by a payrolls processor showed on Wednesday.

* Falling investment and consumers' reluctance to spend even at Christmas were behind the euro zone's slide deep into recession in the last three months of 2012, according to a second official estimate.

* Samsung Electronics Co, with a $110 million investment in cash-strapped Sharp Corp , will broaden its supplier base, gain access to low-power thin screen technology and get a foot in the door at one of Apple Inc's key Asian display suppliers.

* Torstar Corp, publisher of the Toronto Star, Canada's largest daily, cut about 67 jobs and said it would rein in costs in 2013 as revenue from its media business remains uncertain.

* First Quantum Minerals Ltd, which is engaged in a hostile takeover bid for rival base metal miner Inmet Mining Corp, reported a 146 percent jump in quarterly profit, helped by higher copper and gold sales.

* Talisman Energy Inc, Canada's No. 6 independent oil producer, said it expects 2013 capital budget to be 25 percent lower that last year.

Market Snapshot

* Canada stock futures traded up 0.35 percent

* U.S. stock futures , , were up around 0.3 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 291.9113; fell 0.06 percent

* Gold futures : $1,575.1; rose 0.03 percent

* US crude : $90.62; fell 0.22 percent

* Brent crude : $111.47; fell 0.13 percent

* LME 3-month copper : $7,746.25; fell 0.33 percent

Canadian Stocks to Watch

* Aurizon Mines Ltd : Alamos Gold Inc said it was close to blocking Hecla Mining Co's rival bid for the company, and had the support of other "large shareholders."

* Nordion Inc : The provider of isotopes used in medical imaging reported a smaller quarterly loss due to a gain related to the recovery of income taxes.

Analysts' Recommendations

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

* Contrans Group Inc : CIBC raises price target to C$12.50 from C$11.75 after the company reported strong fourth-quarter results.

* Corus Entertainment Inc : Canaccord Genuity raises target price to C$24, believes the company's proposed acquisitions of certain assets of BCE Inc, Astral Media Inc and Shaw Communications Inc assets opens the door to a fresh set of opportunities.

* DragonWave Inc : Canaccord Genuity cuts target price to $1.75 from C$2.50 following the company's fourth-quarter pre-announcement of a revenue shortfall of more than $10 million.

* Bank of Nova Scotia : KBW raises price target to C$60 from C$58 on the company's better-than-expected first-quarter results.

On the Calendar

* Major Canadian economic data includes BOC rate data

* Major U.S. events and data includes February ADP private sector employment report, January durable goods and factory orders data

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