November 11, 2010 / 1:56 PM / 7 years ago

CANADA STOCKS-TSX may open lower as Irish crisis flares

Nov 11 (Reuters) - Toronto’s main stock index looked set to open softer on Thursday, as fresh European debt woes and a dismal outlook from Cisco Systems offset the positive impact of rising gold and oil prices.

FACTORS TO WATCH

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

* U.S. stock index futures fell Thursday after a dismal outlook from Cisco Systems, while leaders struggled to find common ground at the G20 summit amid concerns growing protectionism will hurt global trade. [.N]

* The Group of 20 meeting struggled to agree on meaningful action to rebuild the global economy as a crisis erupted in Ireland, pushing its bond spreads out to a record over Germany, and infecting Spain and Portugal. [ID:nN10121378]

* European shares fell with banks lower on renewed worries about debt levels in peripheral euro zone countries. [.EU]

* Markets in Asia were mixed, with the Nikkei rising to its highest since June.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.03 percent in early trade.

* Oil climbed to 25-month highs above $88 a barrel after strong industrial output boosted Chinese demand to a record high and fuel stocks in the world’s top oil consumer the United States fell sharply. [O/R]

* Gold prices rose 1 percent in Europe to a session high at $1,417.80 an ounce, lifted by concerns over the debt levels of some peripheral euro zone economies, notably Portugal and Ireland. [GOL/]

* Copper raced to a record high, with sentiment stoked by strong economic data from top consumer China and persistent supply fears as inventories fell. [MET/L]

CANADIAN STOCKS TO WATCH

* Ivanhoe Mines (IVN.TO): The miner reported on Thursday a narrower third-quarter loss and said full-scale construction at the Oyu Tolgoi copper and gold mine in Mongolia is progressing ahead of schedule. [ID:nSGE6AA05U]

* Bank of Montreal (BMO.TO): The bank is seeking acquisitions to complement its wealth management business in China, a senior executive said on Thursday, raising the stakes further in the already crowded sector. [ID:nTOE6AA0AC]

* Finning International Inc. FTT.TO: The world’s largest dealer of Caterpillar equipment reported on Wednesday third-quarter results that beat estimates, buoyed by strong growth in orders from mining and construction sectors. [ID:nSGE6A90PH]

* Onex Corp. OCX.TO: The private equity giant said on Wednesday its third-quarter loss narrowed by 75 percent from a year before, when the company was stung by a big writedown. [ID:nN10219378]

* Sprott Inc. (SII.TO): The fund manager reported on Thursday third-quarter results which beat analysts’ estimates and reported a rise in assets under management with larger funds benefiting from exposure to gold and silver. [ID:nSGE6AA0MP]

* Air Canada ACa.TO ACb.TO: The airliner said on Wednesday it will start charging economy passengers C$20 for a second checked bag on domestic flights and flights to the Caribbean and Mexico. [ID:nN10227520]

* Semafo Inc. (SMF.TO): The gold miner reported on Wednesday quarterly earnings which beat estimates for the second consecutive quarter, helped by higher gold production and prices. [ID:nSGE6A90O4]

* Western Coal Corp. WTN.TO: The company reported on Thursday quarterly profit which lagged analysts’ estimates on higher expenses and a weaker U.S. dollar. [ID:nSGE6AA0KT]

* Cineplex Galaxy Income Fund CGX_u.TO: The owner of movie exhibitor Cineplex Entertainment LP reported on Thursday a 24 percent jump in quarterly profit, helped by growth at its media segment. [ID:nSGE6AA0LR]

* CML Healthcare Income Fund CLC_u.TO: The company, which specializes in imaging and laboratory services, posted a 16 percent fall in its quarterly profit hurt by certain expenses and weakness at its US operations. [ID:nSGE6AA0LC]

* Neo Material Technologies Inc. NEM.TO: The maker of magnetic powders and rare earth products reported on Wednesday higher third-quarter profit, helped by strong performance of its division that makes magnetic powders. ID:nSGE6A90PN]

* Great Canadian Gaming Corp. (GC.TO): The operator of casinos and thoroughbred racetracks reported on Wednesday a 38 percent fall in third-quarter profit, hurt by weakness in some of its casinos. [ID:nSGE6A90OI]

ANALYST RECOMMENDATIONS

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

* Baytex Energy Trust BTE_u.TO target price raised to C$42 from C$38; rating outperform at Raymond James

* Birchcliff Energy (BIR.TO) target price raised to C$10.50 from C$10; rating market perform at Raymond James

* Black Diamond (BDI.TO) target price raised to C$22 from C$21; rating outperform at Raymond James

* CAE Inc (CAE.TO) target price raised to C$13.50 from C$12; rating outperform at Raymond James

* Finning International FTT.TO target price raised to C$29 from C$26; rating outperform at Raymond James

* Insignia Energy ISN.TO target price cut to C$2.25 from C$2.50; rating outperform at Raymond James

* ZCL Composites ZCL.TO rating cut to market perform from outperform at Raymond James

$1= $1.00 Canadian Reporting by Bangalore Newsroom; Editing by Jeffrey Hodgson

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