June 3, 2011 / 12:57 PM / 6 years ago

CANADA STOCKS-TSX set to open lower after weak U.S. jobs data

June 3 (Reuters) - Toronto’s resource-heavy main stock index looked set to open lower on Friday after unexpectedly weak U.S. jobs data knocked commodity prices and investor sentiment lower.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a lower open.

* U.S. stock index futures tumbled sharply on Friday after government data showed the U.S. economy added far fewer jobs than expected in May. [.N]

* European shares slipped early, extending this week’s sell-off on global growth worries, and with investors cautious ahead of the monthly U.S. labor report. [.EU]

* Asian stocks were mostly in red with Hong Kong shares ending the week on a bearish note, as trade was cautious on fears that China’s central bank could raise interest rates during the upcoming long weekend.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.71 percent in early trade.

* Brent and U.S. crude futures extended losses after the government report showed nonfarm payrolls rose much less than expected in May. [O/R]

* Copper cut gains to hit a session low of $8,960 a tonne on Friday after U.S. government data showed the U.S. economy added far fewer jobs than expected in May. [MET/L]

CANADIAN STOCKS TO WATCH

* Bonterra Energy Corp. BNE.TO: The oil and gas company’s quarterly profit jumped helped by a rise in production. [ID:nL3E7H2358]

* BCE Inc. (BCE.TO): The telecom company wants rivals big and small to compete without restrictions for valuable spectrum needed to accommodate booming demand for mobile Internet services. [ID:nN02241505]

* Apogee Silver Ltd. APE.V: The company named a new CEO to help the exploration company in its transition to a silver producer by 2012. [ID:nL3E7H236X]

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Allied Properties REIT (AP_u.TO) price target raised to C$25 from C$24; rating sector outperformer at CIBC

* ATS Automation Tooling Systems (ATA.TO) price target raised to C$8.50 from C$8; rating sector performer at CIBC

* Canadian Western Bank CWB.TO price target raised to C$35 from C$34; rating sector perform at National Bank Financial

* Laurentian Bank LB.TO price target cut to C$55 from C$57; rating sector performer at CIBC

* Parex Resources PXT.V coverage started with outperform rating and C$11 price target at RBC

* Savanna Energy Services SVY.TO price target raised to C$12.50 from C$12; rating sector performer at CIBC

* Toromont Industries (TIH.TO) price target raised to C$38 from C$37; rating sector outperformer at CIBC

$1= $0.98 Canadian Reporting by Karan Khemani; Editing by Jeffrey Hodgson

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