CANADA STOCKS-TSX may open lower as commodities weigh

Fri Apr 27, 2012 8:15am EDT
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April 27 (Reuters) - Canada's main stock index looked set to open lower on Friday as commodity prices fell and fears over the health of the European economy intensified.

With no Canadian economic data on the calendar, investors might take cues from the first estimate of U.S. first-quarter gross domestic product. The data is expected to show that the world's largest economy grew at a 2.5 percent annual rate during the first three months of the year, according to a Reuters poll.


* Iamgold Corp agreed to buy Trelawney Mining and Exploration Inc for C$585.3 million in cash, to get access to the Cote Lake gold deposit in northern Ontario.

* Italy's borrowing costs rose to 5.84 percent at a benchmark 10-year bond auction on Friday, their highest level since January, after a credit ratings cut for Spain overnight added to markets' concerns about the debt of weaker euro zone countries.

* Imax Corp posted a net profit for the first quarter on a slew of blockbuster releases, as the Canadian company continued to expand its global footprint.

* Procter & Gamble Co lowered its profit expectations for the year on Friday as it works on its new restructuring plan and continues to feel some pressure from higher commodity costs.

* Canadian gold miner Agnico-Eagle Mines Ltd reported a 73 percent increase in its quarterly profit on Thursday, driven largely by gains in the price of bullion.

MARKET SNAPSHOT   Continued...