March 21, 2012 / 12:12 PM / 5 years ago

CANADA STOCKS-TSX may open higher on commods;U.S. data eyed

3 Min Read

March 21 (Reuters) - Toronto's resource heavy index looked set to open higher on Wednesday with equities set to bounce back from the Tuesday's pull-back as investors bet U.S. housing data will give further evidence of economic recovery.

Factors to Watch

* Canadian equity futures pointed to a higher open.

* U.S. stock index futures rose ahead of data on the housing market after the S&P 500 snapped a three-day winning streak in the prior session.

* European shares edged higher led by retailer Sainsbury, breaking a two-day downtrend as investors positioned for upbeat U.S. housing data in the hope it will provide further evidence of economic recovery.

Commodity Price Moves

* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, rose 0.17 percent in early trade.

* Brent crude oil rose as a surprise drawdown in U.S. stocks offset efforts by Saudi Arabia to lower prices by promising to ramp up supply if needed.

* Gold prices edged higher after dropping nearly 1 percent in the previous session, as a slightly weaker dollar came to the aid of buyers, while sluggish physical demand and an improving U.S. economic outlook capped gains.

* Copper steadied on Wednesday as support from a weaker dollar and a budding economic recovery in the United States offset worries about slower growth in China's demand for commodities.

Canadian Stocks to Watch

* Thomson Reuters Corp. : The news and information company has resumed an auction of its healthcare unit after shelving the process last year due to tough market conditions, sources familiar with the situation said.

* Miranda Technologies Inc. : The television broadcast technology provider said it will continue to talk to potential partners, after several expressions of interests failed to lead to a transaction in the last 12 months.

* Martinrea International Inc. : The auto parts maker posted a rise in quarterly profit, as its customers ramped up prodution of light vehicles in North America.

* Pacific Wildcat Resources : The minerals and metals firm has said it will drill this year at a new site in Kenya that has shown potential for rare earth deposits.

* Air Canada : The company that services planes for Air Canada ceased Canadian operations and fired its workers on Tuesday, a new headache for an airline already facing arbitration over two labor disputes.

Analyst Recommendations

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

* Pretium Resources : Citigroup raises price target to C$22 from C$17, rating buy

* Raging River : Canaccord genuity starts with a buy rating

* Student Transportation : National bank financial resumes coverage with outperform

* WestFire Energy Ltd. : CIBC raises to sector performer from sector underperformer

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