September 10, 2010 / 12:37 PM / 7 years ago

CANADA STOCKS-TSX set to rise on oil prices, jobs data

TORONTO, Sept 10 (Reuters) - Toronto’s main stock index could open higher on Friday, buoyed by a jump in crude oil prices on a forced shutdown of a major U.S.-Canada pipeline and slightly stronger-than-expected jobs data.

FACTORS TO WATCH

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

* Canada’s economy added 35,800 jobs in August, slightly more than expected, although the pace of employment creation was slower than in the first half of the year, Statscan report showed.

* The Canadian dollar rose to a three-week high against the U.S. dollar after data showed the Canadian economy added more jobs than expected last month.

* U.S. stock index futures rose slightly on Friday in low volume and were up for the seventh day in eight, buoyed by a jump in crude oil prices. [.N]

* European shares retreated from four-month highs on Friday, with banks slipping ahead of the Basel Committee meeting and on a report Deutsche Bank plans a capital increase of up to 9 billion euros (US$11.4 billion). [.EU]

* Asian markets rose with the Nikkei gaining 1.6 percent, helped by what some market players said was buying of futures and a slight softening of the yen against the dollar.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, 0.43 percent in early trade.

* U.S. crude approached a three-week high near US$76, after record U.S. inventories were offset by the shutdown of a major pipeline, but a leading forecaster said oil demand would remain tepid. [O/R]

* Gold held steady below US$1,250 an ounce after a slight improvement in risk appetite weighed on prices but bullion still looked on track to test record highs on lingering worries about the global economy. [GOL/]

* Copper slid as the market fretted about tighter policy in top consumer China, but strong metals import data from the country helped support prices. [MET/L]

CANADIAN STOCKS TO WATCH

* Enbridge Inc. (ENB.TO): The company shut down the largest of its three major oil pipelines on Thursday after a leak was discovered near Romeoville, Illinois in its 670,000 bpd Line 6A, reducing supply on the main transit route for Canadian crude into the United States.[ID:nSGE68901J].

* Potash Corp (POT.TO): The Canadian government is aware of concerns that have been raised about a possible takeover of Potash Corp, the world’s biggest fertilizer producer, and will analyze them thoroughly if need be, Prime Minister Stephen Harper said on Thursday.[ID:nLA9KE61P]

* Suncor Energy Inc (SU.TO): The government of the Canadian province of Alberta said on Thursday it has laid nine charges against the company, alleging it failed to properly manage storm water runoff at a construction site in northern Alberta’s oil sands in May 2008. [ID:nN09211980]

* Lululemon Athletica Inc LLL.TO (LULU.O): The specialty clothing retailer posted a more than two-fold jump in second-quarter profit as its newest stores sold more yoga and athletic wear, and raised its full-year outlook. [ID:nSGE68907P]

* Empire Co Ltd (EMPa.TO): The Canadian company that owns the Sobey’s grocery chain posted a 9 percent drop in profit, in part because of a decrease in capital gains. [ID:nN10246181]

ANALYST RECOMMENDATIONS

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

* Baja Mining Corp. BAJ.TO rating started with outperform; price target of C$1.35 at Raymond James

* Stantec Inc. (STN.TO) price target raised to C$33.75 from C$33; rating outperform at Raymond James * Suroco Energy Inc. SRN.V price target cut to C$0.95 from C$1; rating outperform at Raymond James

(US$1= $1.03 Canadian)

Reporting by Bangalore newsroom

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