October 21, 2013 / 12:24 PM / 4 years ago

CANADA STOCKS-TSX may open higher with Fed in focus

3 Min Read

Oct 21 (Reuters) - Canada's main stock index pointed to a higher open on Monday on expectations that the U.S. Federal Reserve will not pare back its massive stimulus program anytime soon.

Top Stories

* Halliburton Co, the world's second-largest oilfield services company, reported a 17 percent rise in quarterly profit, lifted by especially strong performances in Russia, Saudi Arabia and Angola.

*A Canadian National Rail train carrying crude oil and liquefied petroleum gas derailed and caught fire in Western Canada on Saturday, in an accident that brought back memories of a deadly crash in Quebec this summer.

* Dutch healthcare, lighting and consumer appliances group Philips reported a near tripling in its third-quarter net profit, thanks to improvements across the group after two years of rationalisaton.

* German business software firm SAP bucked the trend among rivals by keeping its 2013 profit forecast, buoyed by strong demand for its web-based software, though it warned volatile exchange rates could hit its reported results.

Market Snapshot

* Canada stock futures traded up 0.13 percent

* U.S. stock futures , , were up around 0.02 percent to 0.16 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 286.7624; fell 0.25 percent

* Gold futures : $1,317.7; rose 0.25 percent

* US crude : $99.8; fell 1.01 percent

* Brent crude : $109.48; fell 0.42 percent

* LME 3-month copper : $7,252; rose 0.1 percent

Canadian Stocks to Watch

* Fairfax Holdings : The investment fund has become the third-biggest shareholder of Greek industrial group Mytilineos, acquiring a 5 percent stake worth about 30 million euros, the two companies said.

* Gabriel Resources : In the central Romanian town of Campeni, around 2,000 people protested against the company's plans to use cyanide to mine 314 tonnes of gold and 1,500 tonnes of silver in the small town of Rosia Montana.

* Uranium One Inc : The company, which Russian nuclear corporation Rosatom just took private, will delist from the Toronto Stock Exchange and the Johannesburg Stock Exchange on Oct 21 and Oct 22, respectively, its parent firm said on Saturday.

Analysts' Recommendations

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

* Aastra Technologies Ltd : National Bank Financial raises to sector perform from underperform; target price to C$26 from C$13, says the technology sector is experiencing a major recovery and also the management continues to restructure operating expenses to drive cash flow that supports dividends

* GuestLogix Inc : National Bank Financial starts with outperform; target C$1.75 on the massive organic growth opportunity and clearly defined management focus

* KP Tissue Inc : RBC cuts price target to C$20 from C$21 based on a slightly reduced 2014 earnings forecast and lower valuation multiple

On the Calendar

* Major Canadian economic data includes wholesale trade

* Major U.S. events and data includes existing home sales

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