June 11, 2012 / 12:22 PM / 5 years ago

CANADA STOCKS-TSX to open higher on Spain bank aid

June 11 (Reuters) - Toronto’s main stock index appeared headed for a higher open on Monday, tracking global markets and rising commodity prices, after a rescue package for Spain’s banking sector eased recent tensions over the country’s debt crisis.

TOP STORIES

* Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week.

* Singapore state investor Temasek Holdings has taken a 5.5 percent stake in Canada’s Ivanhoe Mines valued at $426 million, increasing its bet on resources firms.

* Canadian oil and gas producer Niko Resources Ltd plugged and abandoned the Candralila-1 well in western Indonesia without reaching the target depth of 1,875 meters due to mechanical problems.

* Indonesia has granted permission to Freeport McMoRan Copper & Gold Inc to export unprocessed ore, after the government imposed new rules on mining exports, the company said.

* U.S. conglomerate United Technologies Corp has offered to sell assets to secure EU regulatory approval for its $16.5 billion takeover of U.S. aircraft components maker Goodrich, a person familiar with the matter said.

MARKET SNAPSHOT

* Canada stock futures traded up 0.65 percent

* U.S. stock futures , , were up around 0.3-0.4 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 274.15; rose 0.47 percent

* Gold Futures : $1590.4; rose 0.02 percent

* US Crude : $84.89; rose 0.94 percent

* Brent Crude : $100.32; rose 0.85 percent

* LME 3-month Copper : $7413; rose 1.62 percent

ANALYST RECOMMENDATIONS

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

* Athabasca Oil : National Bank Financial starts with outperform and price target of C$17, sees near-term production and cash flow growth from company’s aggressive development plans for the Deep Basin

* Avalon Rare Metals : CIBC cuts price target to C$5.40 from C$7.90 on the back of declining prices of rare earth metals

* Cott Corp : CIBC raises to sector outperformer from sector performer citing softening in resin prices and higher sales prospects from energy drinks

* Enbridge Inc : National Bank Financial resumes coverage with outperform rating and says company’s proceeds from its recent public offering will provide enough capital for its five-year growth program

* Research In Motion : Berenberg Bank cuts price target to $7 from $11 on increasing competition in the U.S. market and service revenue concerns

ON THE CALENDAR

* No major Canadian economic data due to be released

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