August 14, 2012 / 12:27 PM / 5 years ago

CANADA STOCKS-TSX may open higher on stimulus hopes

Aug 14 (Reuters) - Canada’s main stock index looked set to open higher after economic data from the euro zone strengthened expectations for more action from major central banks.

TOP STORIES

* The euro zone’s debt-ravaged economy shrank in the second quarter, having flatlined in the first, despite continued German growth which economists said could soon be snuffed out.

* Germany’s Constitutional Court sees no reason to delay a ruling scheduled for Sept. 12 on the legality of the euro zone’s permanent bailout fund and a separate pact on budget discipline.

* Agrium Inc , North America’s biggest retail supplier of farm products and services, moved to fend off pressure from activist investor Jana Partners LLC by saying the company will not spin off its retail operations.

* Canada’s Timmins Gold Corp said its quarterly profit rose 6 percent on higher production from its Mexico mine.

* ATS Automation Tooling Systems Inc, which makes factory automation systems, reported a higher first-quarter profit driven by strong performance in its transportation segment.

MARKET SNAPSHOT

* Canada stock futures traded up 0.34 percent

* U.S. stock futures , , were up around 0.2 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 300.23; rose 0.41 percent

* Gold futures : $1612; rose 0.15 percent

* US crude : $93.21; rose 0.52 percent

* Brent crude : $113.95; rose 0.31 percent

* LME 3-month copper : $7427.25; rose 0.44 percent

CANADIAN STOCKS TO WATCH

* Aecon Group Inc. : The construction company’s quarterly profit more than doubled as costs fell.

* Iamgold Corp. : The gold miner said its second-quarter earnings from continuing operations fell about 29 percent as it incurred higher mining costs.

* Niko Resources Ltd. : The oil and gas producer posted a bigger quarterly loss as costs related to its D6 block, off India’s east coast, rose and output from the block fell.

* Uranium One Inc. : The uranium producer’s quarterly earnings fell 2 percent as it sold less uranium at lower prices.

ANALYST RECOMMENDATIONS

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

* AuRico Gold Inc : CIBC cuts price target to C$10 from C$14.50, says the company is transitioning through a series of asset sales and accounting complexities that can alienate investors temporarily

* Chorus Aviation : NBF ups target to C$3.50 from C$3.05 after the company reported a second-quarter adjusted EBIT closer to in line with NBF’s forecast

* Claude Resources Inc : CIBC cuts price target to C$0.80 from C$1.50 says the company’s underwhelming performance in the second-quarter has strained balance sheet

* Iamgold : Credit Suisse cuts target to $12.50 from $13 after the company reported weaker-than-expected second quarter results

* St Andrew Goldfields : NBF cuts target price to C$0.80 from C$0.95 to incorporate second-quarter results as well as multiple valuation updates to reflect recent discussions with management, cuts rating to sector perform from outperform

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes retail sales, business inventories and producer prices

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below