Feb 21 (Reuters) - Toronto’s main stock index was set for a slightly higher open on Tuesday, after debt-laden Greece finally secured a second bailout that would help resolve its immediate financing needs.
Investors, however, were still cautious about the plan’s viability as tough austerity measures kick in later in the year.
* Canadian equity futures pointed to a higher open.
* U.S. stock index futures advanced after euro zone finance ministers secured a deal that will enable Greece to avoid a March default.
* European stocks fell, retreating from near-seven month highs, as investors booked recent profits following a long-awaited deal over a new bailout for Greece that failed to dispel concerns over the outlook for the troubled country.
* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, rose 0.46 percent in early trade.
* Oil stayed within sight of $120 a barrel as world consumers grappled with supply disruptions ranging from Iran to Sudan to the North Sea.
* Gold rose for a second day, taking its cue from a brief rally in the euro after euro zone finance ministers struck a deal with Greece on its emergency funding, while silver shrugged off data that showed a steep drop in Chinese imports.
* Copper rose as the euro gained after the single-currency zone’s finance ministers sealed a bailout package for Greece, which also increased investors’ appetite for assets perceived as risky such as industrial metals.
* Fortis Inc : The company said it will acquire CH Energy Group Inc for about $1 billion.
* Flint Energy Services : The U.S. engineering company will buy the oilfield services company for C$1.25 billion in cash, to expand its presence in the oil and gas sector.
* Kinross Gold Corp : At least four U.S.-based law firms said they are investigating the gold miner, after the company failed to disclose that low-grade ore had been found at its Tasiast property in West Africa.
* Bank of Montreal : The bank said it will buy a 19.99 percent stake in China’s COFCO Trust Co, a unit of state-owned COFCO Group, to expand its offerings to the Asian country’s high net worth and institutional clients.
* Quadra FNX : Shareholders of the miner approved a C$3 billion takeover offer from KGHM on Monday, the tie-up is set to geographically diversify the Polish miner’s asset base and boost its copper output.
* Metro Inc : The grocer said its CFO Richard Dufresne has resigned to accept a position with another organization and also added it will announce Dufresne’s successor at a later date.
* Onex Corp : The company and Apollo Global Management LLC are expected to submit final bids next week for the $2.2 billion U.S unit of Australia’s Brambles Ltd, people familiar with the matter said on Friday.
Following is a summary of research actions on Canadian companies reported by Reuters.
* Agnico Eagle : CIBC cuts rating to sector underperformer
* Chemtrade : NBF raises price target to C$17.50 from C$15.50, rating outperform
* Encana : Canaccord Genuity raises rating to hold
* Fairfax Financial : CIBC cuts price target to C$425 from C$450
* Flint Energy : CIBC raises price target to C$25 from C$19
* Industrial Alliance : CIBC cuts price target to C$28 from C$31
* Penn West : CIBC raises price target to C$31 from C$30
* Petrobakken : CIBC raises price target to C$23 from C$22