May 9, 2013 / 12:52 PM / 4 years ago

CANADA STOCKS-TSX set to open lower as commodity prices slip

May 9 (Reuters) - Canada’s main stock index looked set to open lower on Thursday as commodity prices slipped and investors turned cautious after Chinese inflation rose more than expected.

But North American stock futures did pare losses after data showed U.S. jobless claims fell in the latest week.

TOP STORIES

* China’s annual consumer inflation rose by more than expected in April while factory prices fell for a 14th consecutive month, highlighting the dilemma facing the central bank as it balances support for the economy against the threat of rising prices.

* Britain’s central bank kept its powder dry, opting to wait and see if recent initiatives to boost lending will give the country’s fragile recovery enough traction.

* Canadian Tire Corp, best-known for its namesake automotive and homeware stores, said it would create a C$3.5 billion real estate investment trust through an initial public offering later this year.

* Bombardier Inc said its CSeries jetliner was on track to make its first flight in June, and reported a 4 percent rise in first-quarter adjusted profit.

* Agrium Inc reported a lower quarterly profit on Thursday, as cold, wet spring weather delayed planting, and it forecast weaker-than-expected earnings for the current quarter.

* BCE Inc reported higher profit on flat revenue, helped by earnings growth in its wireless and media divisions.

MARKET SNAPSHOT

* Canada stock futures traded down 0.33 percent

* U.S. stock futures , , were down around 0.08 percent to 0.26 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 290.2053; fell 0.38 percent

* Gold futures : $1,466; fell 0.54 percent

* US crude : $95.91; fell 0.73 percent

* Brent crude : $103.66; fell 0.65 percent

* LME 3-month copper : $7,334; fell 1.15 percent

CANADIAN STOCKS TO WATCH

* Barrick Gold Corp : The miner and the Dominican Republic have reached a preliminary agreement to boost the government’s cut of profits from a gold mine in the Caribbean nation, easing investor doubts over the future of one of the world’s largest new gold projects.

* Centerra Gold Inc : The miner reported a jump in first-quarter profit on strong gold production at its Kumtor mine in Kyrgyzstan and Boroo mine in Mongolia.

* DragonWave Inc : The telecom network equipment maker reported a wider quarterly loss, hurt in part by higher costs.

* Manulife Financial Corp : The company and Metlife Inc are among the suitors to submit first-round bids for the life insurance unit of Malaysian lender AMMB Holdings Bhd, people familiar with the matter told Reuters, in a deal that could be worth up to $350 million.

* Sun Life Financial (SLF). The company said on Wednesday its first-quarter profit fell by 25 percent, but topped estimates, it was hurt by less favorable financial markets than in the year-before period. It earned C$513 million, or 85 Canadian cents a share, in the quarter ended March 31.

ANALYSTS’ RECOMMENDATIONS

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

* Fortuna Silver Mines : Canaccord ups target to C$6.25 from C$6 after the company posted better-than-estimated first-quarter earnings

* Iamgold Corp : Barclays raises price target to $7 from $6 after the company reported better-than-estimated first-quarter operating performance

* Quebecor Inc : RBC raises price target to C$49 from C$48 following the company’s first-quarter results, continues to see upside in the stock driven by NAV growth

* TeraGo Inc : Canaccord Genuity cuts price target to C$12 from C$13 citing tempered subscriber growth expectations after the company posted first-quarter results

ON THE CALENDAR

* Major Canadian economic data includes new housing price index

* Major U.S. events and data includes initial claims, wholesale inventories, wholesale sale and ICSC monthly chain

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