December 3, 2010 / 1:51 PM / 7 years ago

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

4 Min Read

 Dec 3 (Reuters) - Toronto's main stock index looked set to open lower on Friday following unexpectedly weak U.S. jobs data, a tepid Canadian employment report and soft results from Royal Bank of Canada. (RY.TO).
 FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a lower open.
 * U.S. stock index futures turned negative on Friday after data from the Labor Department showed nonfarm payrolls rose by 39,000 in November, far less than forecast. [.N]
 * Canadian employers hired 15,200 workers in November, slightly below expectations, as layoffs in the manufacturing sector almost offset gains in health care, trade and other services. [ID:nN03271210]
 COMMODITY PRICE MOVES
 * The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was up 0.21 percent in early trade.
 * U.S. crude oil futures prices turned lower on Friday after a report showed nonfarm payrolls in the United States added fewer jobs than expected in November. [O/R]
 * Gold rose back above $1,390 an ounce, close to its strongest in three weeks. [GOL/]
 * Copper edged up renewing a push towards record highs on easing worries over the euro zone debt crisis and expectations of improving U.S. demand, as focus shifted to a U.S jobs report later. [MET/L]
 CANADIAN STOCKS TO WATCH
 * Western Coal WTN.TO: The U.S.-based mining group Walter Energy Inc is to buy the coal miner for C$3.3 billion to create the world's leading producer of metallurgical coal used by steelmakers. [ID:nLDE6B20EU]
 * Royal Bank of Canada (RY.TO): Canada's largest bank said on Friday its fourth-quarter profit slid 8 percent, missing analysts' estimates, as markets-related income fell, and the bank took an accounting loss on the sale of its Liberty Life Insurance unit. [ID:nN03286521]
 * Bank of Nova Scotia (BNS.TO): Canada's third-biggest lender said on Friday its fourth-quarter profit rose 21 percent, boosted by stronger domestic and international retail banking income, partially offset by weaker trading revenue. [ID:nN01163503]
 * Canadian Oil Sands Trust COS_u.TO: The company, which has the biggest stake in Syncrude Canada  Ltd, said on Thursday it expects higher production next year  from the world's largest oil sands mining project. [ID:nN02270708]
 * Saputo Inc. (SAP.TO): The company expanded a recent recall to more cheese products, saying they could also contain listeria monocytogenes, a type of bacteria that can cause serious infection. [ID:nSGE6B203V]
 * Lake Shore Gold Corp. LSG.TO: Latin American precious metals miner Hochschild Mining said on Friday it agreed to sell its remaining 6 percent stake in Lake Shore and will use the proceeds for exploration projects. The stake was sold for a net C$3.70 per share. [ID:nLDE6B2096]
 ANALYST RECOMMENDATIONS
 Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
 * Inmet Mining IMN.TO target price raised to C$90 from C$80; keeps outperform rating at Raymond James
 * Shamaran Petroleum Corp SNM.V rating cut to market perform from outperform at Raymond James
 ($1= $1.00 Canadian)  (Reporting by Kishan Nair and Bangalore Newsroom; Editing by Jeffrey Hodgson)   

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