CANADA STOCKS-TSX set for firmer open on data, commodity gains

Thu Oct 7, 2010 9:02am EDT
 
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 Oct 7 (Reuters) - Toronto's main stock index looked set to
open higher on Thursday, helped by stronger-than-expected U.S.
data and further gains in commodity prices.
FACTORS TO WATCH
 * Canadian equity futures <0#SXF:> pointed to a higher
open.
 * U.S. stock index futures rose after data showed new
claims for unemployment benefits unexpectedly fell last week.
[.N] [ID:nN06278713]
* European shares rose, with investors awaiting an interest
rate decision and policy indications from the European Central
Bank after the Bank of England kept interest rates on hold as
expected. [.EU]
* Asian stocks steadied after hitting a two-year high,
capped by weakness in the technology sector.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, 0.87 percent in early trade.
* Oil rose towards $84 a barrel, within sight of a
five-month high, supported by expectations central banks will
ease monetary policy to shore up sluggish economies and as a
French oil port strike widened. [O/R]
* Gold rose to a third successive record high, putting it on
track for its strongest weekly performance in six months, as
expectations for the Federal Reserve to prop up the economy
undermined the dollar. [GOL/]
* Copper was steady in Europe on Thursday, hovering under
two-year highs as the dollar languished on expectations the
U.S. Federal Reserve will move back towards monetary easing.
[MET/L]
 CANADIAN STOCKS TO WATCH
 * Teck Resources Ltd. (TCKb.TO: Quote): The company and Canadian
Pacific Railway Ltd (CP.TO: Quote) unveiled a new 10-year agreement on
Wednesday for moving coal from five Teck mines to the Pacific
Coast for export. [ID:nN06290492]
 * Rogers Communications Inc (RCIb.TO: Quote): The owner of
Canada's biggest wireless company said it launched a
comprehensive technical trial of Long Term Evolution wireless
network technology with Ericsson Canada in the Ottawa area on
Wednesday.[ID:nSGE6950MG]
 * Alamos Gold Inc AGI.TO: The miner's third-quarter
production fell 29 percent year-over-year, hurt by a long rainy
season and processing related issues at its flagship mine in
Mexico. [ID:nSGE6960FS]
 * Homburg Canada Real Estate Investment Trust HCR_u.TO:
The company said on Wednesday it will raise about C$75 million
through a bought deal to fund future acquisitions.
[ID:nSGE6950M8]
 * Sandvine Corp SVC.TO: The network equipment maker on
Thursday posted a third-quarter profit, helped by growth at its
digital subscriber line and mobile access markets.
[ID:nSGE6950LA]
 ANALYST RECOMMENDATIONS
 Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]
 * Air Canada ACb.TO rating cut to outperform from strong
buy at Raymond James
 * Artek Exploration RTK.TO rating raised to sector
perform from underperform at  National Bank
 * Canyon Services Group (FRC.TO: Quote) rating cut to outperform
from strong buy at Raymond James
 * Fairborne Energy FEL.TO rating raised to outperform
from sector perform at  National Bank
 * Husky Energy (HSE.TO: Quote) rating cut to underperform from
sector perform at National Bank
 * Talisman Energy TLM.TO rating cut to sector perform
from outperform at National Bank
 * Vero Energy VRO.TO rating cut to sector perform from
outperform at National Bank
 ($1=$1.01 Canadian)
 (Reporting by Bangalore newsroom; Editing by Jeffrey Hodgson)