November 27, 2012 / 1:48 PM / 5 years ago

CANADA STOCKS-TSX may open higher after Greek deal

Nov 27 (Reuters) - Canada’s main stock index looked set to open higher on Tuesday after euro zone finance ministers and the International Monetary Fund reached an agreement on a new debt target for Greece, paving way for the next tranche of aid.

TOP STORIES

* Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country’s fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek.

* Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece’s debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat.

* Europe is preparing to follow the United States in delaying the introduction of stricter rules on bank capital while it lobbies for a rethink of the U.S. stance, EU sources said.

* The OECD slashed its global growth forecasts, warning that the debt crisis in the recession-hit euro zone is the greatest threat to the world economy.

* Russia’s Nord Gold will increase its ownership of Toronto-listed subsidiary High River Gold Ltd to 87.9 percent under a share offer that could boost its free float and take it a step further to a premium London listing.

* Private aviation company VistaJet said it had placed an order for 142 Bombardier Inc business jets, worth around $8 billion.

MARKET SNAPSHOT

* Canada stock futures traded up 0.21 percent

* U.S. stock futures , , were little changed around -0.03 to 0.22 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 298.8331; rose 0.22 percent

* Gold futures : $1,749.5; unchanged

* US crude : $87.93; rose 0.22 percent

* Brent crude : $111.02; rose 0.09 percent

* LME 3-month copper : $7,807; rose 0.35 percent

CANADIAN STOCKS TO WATCH

* Major Drilling Group International Inc. : The mine drilling company reported a 29 percent drop in quarterly profit on Monday as many mining companies did not extend drilling programs beyond their original budgets and as more projects were delayed or canceled. It also warned it expects to post a seasonal loss in its fiscal third quarter as drilling activity slows for the holiday season.

* SNC-Lavalin Group Inc. : The engineering and construction company said on Monday that Swiss police were likely reviewing payments made to Dinova International Inc and Duvel Securities Inc, companies it had retained for projects in Libya between 2001 and 2011 as part of a broader investigation into a former SNC executive.

ANALYST RECOMMENDATIONS

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

* Cash Store Financial Services Inc. : Canaccord Genuity cuts price target to C$5.25 from C$7, expects clouded near-term outlook from revenue headwinds and dividend.

* Pinecrest Energy Inc. : CIBC cuts to sector performer from sector outperformer and cuts price target to C$2 from C$2.75 citing the company’s recent merger with Spartan Oil which could contribute to lower growth.

ON THE CALENDAR

* No Canadian economic data due to be released

* Major U.S. events and data includes Durable goods, S&P Case/Shiller home price index, consumer confidence and FHFA home price index

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