June 3, 2010 / 1:03 PM / 7 years ago

CANADA STOCKS-TSX may gain as oil, equities climb

TORONTO, June 3 (Reuters) - Toronto’s main stock index .GSPTSE could follow global stocks higher at the open on Thursday as firmer oil prices lift energy shares, while optimism about economic recovery tempts investors to buy.

In Europe, shares rose to a two-week high after a survey showed the euro zone services sector expanded in May and the Final Services Employment Index showed its first jobs growth since June 2008.

Major markets in Asia rallied, though China’s key stock index fell to a 13-month closing low as falls in property shares overwhelmed earlier gains.

Here is some news that could affect stock prices:

CANADIAN WESTERN BANK (CWB.TO)

Canadian Western Bank said on Thursday quarterly profit surged as net interest margins improved, surpassing expectations, but the lender said it expects profits to moderate in the months ahead. [ID:nWNAB5882]

BIOVAIL CORP BVF.TO

Biovail has entered into an agreement with Kyowa Hakko Kirin Co to acquire the U.S. and Canadian rights to commercialize products containing Istradefylline A, a new chemical entity targeted for the treatment of Parkinson’s disease. [ID:nWNAB5775]

BROOKFIELD ASSET MANAGEMENT (BAMa.TO)

General Growth Properties Inc looks set to proceed with a plan to emerge from bankruptcy, bankrolled by a group led by the company as a deadline for others to submit bids passed on Wednesday, a source familiar with the matter said. [ID:nN02252278]

OIL HIGHER

Oil prices pared early gains of nearly 2 percent on Thursday to pull back to near $73 a barrel, as traders waited to see if U.S. government data would confirm an industry report showing falling crude stockpiles. [O/R]

GOLD DROPS

Gold fell in Europe as risk aversion receded on robust economic data in Europe and the United States, but brisk physical demand limited the metal’s losses. [GOL/]

METALS FIRM

Copper prices recovered as a bounce in global equity markets boosted confidence, but gains were held in check by lingering worries over European debt and China monetary tightening measures. [MET/L]

CANADIAN PACIFIC RAILWAY (CP.TO)

Canadian Pacific Railway can become more efficient with operating changes that do not require significant capital spending, the carrier’s new chief operating officer said. [ID:nN02188399]

HARRY WINSTON DIAMOND CORP HW.TO

Harry Winston Diamond Corp posted a wider-than-expected quarterly loss, hurt mainly by foreign exchange losses. [ID:nSGE6510JF]

MIGAO CORP MGO.TO.

The China-based fertilizer producer on Thursday reported a higher fourth-quarter profit. The company’s net income rose to 20 Canadian cents a share, compared with 18 Canadian cents a share in year ago period.

CANADA RESEARCH

Versant cuts ATS Automation Tooling Systems Inc (ATA.TO) target price to C$7.80 from C$8.85; rating buy.

Macquarie raises Gabriel Resources Ltd GBU.TO to neutral rating.

Desjardins cuts Harry Winston Diamond Corp HW.TO to sell from hold.

$1=$1.04 Canadian Reporting by Jennifer Kwan and Aching Susanna; Editing by Padraic Cassidy

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