March 22, 2013 / 12:37 PM / 5 years ago

CANADA STOCKS-TSX may open higher on Cyprus-Greece agreement

March 22 (Reuters) - Canadian stock index futures pointed to a higher open on Friday as investors took confidence from Cyprus’s agreement with Greece to spin off Greek units of debt-ridden Cypriot banks.

TOP STORIES

* Cyprus has agreed with Greece on a takeover of the Greek units of Cypriot banks, the island nation’s presidency said, ending uncertainty over the fate of those operations.

* German business morale fell in March, breaking a four-month run of gains, as an inconclusive vote in Italy and a stand-off over a bailout for Cyprus reignited worries the euro zone debt crisis could weigh on the performance of Europe’s largest economy.

* The U.S. House of Representatives eliminated the threat of a government shutdown next week, approving on Thursday a stop-gap funding bill that temporarily eases partisan tensions after months of bitter fights over budgets.

* Bombardier said revenue could nearly double over the next five years, boosted by its new fleet of business and commercial aircraft, and that it planned to plow some of the cash into bigger dividend payments.

* The British oil company BP Plc announced an $8 billion share buy-back programme, acting swiftly on its promise to reward investors after it sold its stake in its Russian unit, TNK-BP.

MARKET SNAPSHOT

* Canada stock futures traded up 0.19 percent

* U.S. stock futures , , were up around 0.27 percent

* European shares, were up 0.2 percent

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 295.3329; rose 0.26 percent

* Gold futures : $1,611; fell 0.17 percent

* US crude : $93.02; rose 0.62 percent

* Brent crude : $107.66; rose 0.18 percent

* LME 3-month copper : $7,667.75; rose 1.12 percent

CANADIAN STOCKS TO WATCH

* Silver Wheaton Corp : The company reported a 23 percent rise in fourth-quarter profit as output rose by more than a fifth.

ANALYSTS’ RECOMMENDATIONS

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

* Medical Facilities Corp : National Bank Financial raises price target to C$15.50 from C$14.50 as the company reported in-line fourth-quarter income * Parallel Energy : CIBC cuts target price to C$4.50 from C$5.50, says despite better results in the fourth quarter, the company has a long way to go to restore investor confidence * Twin Butte Energy Ltd : CIBC raises price target to C$2.80 from C$2.65 as the company’s production in the fourth quarter was better-than-expected and earnings were in-line with consensus

ON THE CALENDAR

* No major Canadian economic data scheduled

* Major U.S. events and data includes ECRI weekly index

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