May 29, 2012 / 12:38 PM / 5 years ago

CANADA STOCKS-TSX may open higher on China hopes

May 29 (Reuters) - Toronto’s main stock index looked set to open higher on Tuesday, tracking global markets that rose on possibility of further policy stimulus in China.

TOP STORIES

* The official Shanghai Securities News reported on Tuesday, citing unidentified sources, that China’s biggest banks appeared to have accelerated lending toward the end of this month as Beijing starts to fast-track its approval of infrastructure investments in an effort to stem sagging growth. (nL4E8GT0AU)

* Bank of Nova Scotia’s second-quarter operating profit rose as international banking and lending profits grew, Canada’s No. 3 bank said.

* Spain will recapitalize nationalized lender Bankia by issuing new debt, not by injecting bonds into the lender, and will likely adopt on Friday a new mechanism to back its regions’ debt, a government source told Reuters on Tuesday.

* Samsung Electronics launched its top-of-the-range Galaxy S3 smartphone in Europe on Tuesday, aiming to outsell the previous model that helped the South Korean company topple Apple as the world’s largest smartphone maker.

* South Africa’s AngloGold Ashanti Ltd has agreed to buy the 50 percent of Brazil’s Crixas gold mine it does not already own for $220 million cash from Kinross Gold Corp as part of its drive to expand in the Americas.

MARKET SNAPSHOT

* Canada stock futures traded up 0.17 percent

* U.S. stock futures , , were up around 0.5 pct to 0.6 pct percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 282.42; was up 0.17 percent

* Gold Futures : $1,575.4; rose 0.42 percent

* US Crude : $91.16; rose 0.33 percent

* Brent Crude : $106.93; fell 0.19 percent

* LME 3-month Copper : $7,702.25; rose 0.22 percent

CANADIAN STOCKS TO WATCH

* Lone Pine Resources Inc. : Forest Oil Corp said a lawsuit was brought against it and Lone Pine Resources, which it earlier owned, that alleged Lone Pine made false statements and hid certain facts in its IPO prospectus.

* Postmedia Network Canada Corp : The publisher of Canada’s largest chain of daily newspapers will cut costs by dropping some Sunday editions, charging online fees for several titles and centralizing more editorial production, it said on Monday.

ANALYST RECOMMENDATIONS

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

* Leisureworld Senior Care : CIBC raises price target to C$12.50 from C$12.25, says latest acquisition boosts growth outlook

* Parex Resources : CIBC raises to sector outperformer from sector performer in anticipation of positive exploration well results

ON THE CALENDAR

* No major Canadian economic indicators scheduled for release

* Major U.S. events and data includes S&P Case/Shiller home price index, consumer confidence and Chicago Fed Midwest manufacturing index are on the calendar

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