July 27, 2012 / 12:12 PM / in 5 years

CANADA STOCKS-TSX may open higher on stimulus hopes

July 27 (Reuters) - Toronto’s resource-heavy index looked set to open higher on Friday, tracking global markets on reinvigorated hopes that central bank meetings next week will bring new steps to help the struggling global economy.

TOP STORIES

* Canadian paper maker Domtar Corp posted a 9 percent rise in second-quarter profit on growth at its personal care segment.

* TMX Group Inc, operator of the Toronto Stock Exchange, reported a sharp fall in second-quarter profit ahead of its C$3.8 billion takeover by the Maple Group consortium.

* Canadian toy maker Mega Brands Inc’s quarterly profit rose five-fold on higher sales in North America.

* Canadian trucker TransForce Inc reported a 30 percent higher second-quarter profit on improved performance of its package and courier unit.

* Germany’s powerful Bundesbank pushed back on Friday against European Central Bank President Mario Draghi’s pledge to do whatever is necessary to protect the euro zone from collapse, but markets rallied on a report of imminent policy action.

* China’s state oil company CNOOC has asked the U.S. government to review its $15.1 billion takeover bid for Canadian oil company Nexen, which has about 10 percent of its assets in the United States, a source close to CNOOC told Reuters on Friday.

MARKET SNAPSHOT

* Canada stock futures traded up 0.29 percent

* U.S. stock futures , , were up around 0.40 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 298.17; rose 0.24 percent * Gold futures : $1,613.4; fell 0.1 percent * US crude : $89.71; rose 0.36 percent * Brent crude : $105.88; rose 0.59 percent * LME 3-month copper : $7,560.25; rose 1.35 percent

CANADIAN STOCKS TO WATCH

* Canfor Corp. : The forest products company’s quarterly profit more than doubled on strong demand in both North American and offshore markets.

* Capital Power Corp. : The independent power producer posted a wider second-quarter loss on higher costs and unplanned outages.

* MacDonald, Dettwiler and Associates Ltd. : The surveillance and satellite imaging company posted a second-quarter loss as it took a share-based compensation charge.

* Fairfax Financial : The property and casualty insurer run by contrarian investor Prem Watsa, said on Thursday its second-quarter profit rose 14 percent, helped by stronger underwriting results and hurt by lower investment gains.

* Air Canada said on Thursday that Aveos, its former aircraft maintenance firm, which sought creditor protection earlier this year, has been unable to drum up bids for its engine maintenance and airframe maintenance businesses.

* Viterra Inc. : Glencore International Plc has won approval from Australian regulators for its C$6.1 billion takeover of the grain handler.

* Harry Winston Diamond : The diamond miner is in advanced talks to buy Rio Tinto’s 60 percent stake in the Diavik Mine, according to a report on the Financial Times website citing two industry sources.

ANALYST RECOMMENDATIONS

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

* Agnico Eagle Mines : Salman Partners raises to buy from hold on the back of a second sequential solid quarter and raised full-year outlook; Raymond James raises target to $50 from $45.50

* Alamos Gold : CIBC cuts price target to C$21 from C$23 and rates sector performer on lower-than-expected second quarter earnings due to weak mining output

* Canfor Pulp Products : CIBC cuts price target to C$10.50 from C$15 on substantial dividend cut and weak pulp market outlook

* Goldcorp Inc. : RBC cuts price target to $51 from $52 on challenges associated with mining work in Argentina, seismic activity at Red Lake and water shortage issues at the Penasquito mine

ON THE CALENDAR

* Major U.S. events and data includes GDP data and Reuters/University of Michigan sentiment index

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