September 16, 2010 / 12:50 PM / 7 years ago

CANADA STOCKS-TSX set to open higher as commodities rise

TORONTO, Sept 16 (Reuters) - Toronto's resource-heavy index looked set to open higher on Thursday, boosted by firmer commodity prices and data showing U.S. claims for unemployment benefits unexpectedly fell last week.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> were little changed.

* U.S. stock index futures trimmed losses after initial jobless claims data unexpectedly fell last week. [.N]

* European shares fell on Thursday, as weak British retail sales data added to investors' worries about the economy following disappointing U.S. numbers in the previous session. [.EU]

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.15 percent in early trade.

* Gold hit a record high on Thursday as the softer dollar and uncertainty about economic and financial stability persuaded investors to seek a safe place to park their assets. [GOL/]

* Copper held firm above $7,600 a tonne on Thursday, supported by a softer dollar but traders said it lacked the strength to press higher in the absence of fresh impetus and lackluster physical demand. [MET/L]

* Oil fell for a third day on Thursday ahead of the restart of a key North American pipeline that will restore crude supplies to U.S. refiners. [O/R]

CANADIAN STOCKS TO WATCH

* Research In Motion RIM.TO reports quarterly results later on Thursday. RIM will need strong shipment numbers for its latest quarter and a robust outlook for the current three months to dispel the growing naysayer sentiment that has hammered its share price. [ID:nN14122072]

* Enbridge Inc (ENB.TO): After announcing government approval, Enbridge Inc was preparing for a Friday restart of a key oil pipeline carrying Canadian crude oil to the U.S. Midwest. [ID:nN16249383] [ID:nN15154855]

* Potash Corp (POT.TO): is trying to stitch together a consortium led by China to back a management buyout to trump BHP Billiton's $38.6 billion hostile offer, the Globe and Mail reported on its web site on Thursday. [ID:nSGE68F0BA]

* Boralex Inc (BLX.TO): The Canadian alternative-power producer said more than two-thirds of the unitholders of Boralex Power Income Fund BPT_u.TO have voted in favor of its C$227 million ($220 million) takeover offer. [ID:nSGE68F03A]

* National Bank of Canada (NA.TO): A subsidiary of the company, Innocap, wants to strengthen its Asian offerings in its fund-of-hedge funds line-up as the region's strong growth is drawing interest from U.S. and European investors, a company executive said on Thursday. [ID:nTOE68F06M]

ANALYST RECOMMENDATIONS

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

* BMO cuts paper & forest products sector to market perform. Raises Tembec Inc (TMB.TO) to outperform from market perform. [ID:nWNAB6600]

* RBC raises MDS Inc MDZ.N price target to $10.50 from $9.50; rating sector perform.

* Scotia raises Dollarama Inc (DOL.TO) target price to C$30 from C$29.50.

* Exchange Income (EIF.TO) price target raised to C$19.50 from C$18; rating outperform at Raymond James.

$1=$1.03 Canadian Reporting by Bangalore newsroom and Jennifer Kwan; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below