CANADA STOCKS-TSX set to open lower after Greek vote shock

Tue Nov 1, 2011 9:01am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 Nov 1 (Reuters) - Toronto's resource heavy main stock index
looked set to open lower on Tuesday, hurt by tumbling commodity
prices, after the deal to rescue Greece and prevent a wider
sovereign debt crisis faced a new hurdle.
 A Greek plan to call a referendum on a bailout package
reignited fears the rescue deal would unravel, with the
collapse of MF Global also weighing on commodities.
 * Canadian equity futures <0#SXF:> pointed to a lower
 * U.S. stock index futures tumbled on news of the Greek
vote and as Asian economic data reignited fears of a slowdown
in global growth. [.N]
 * European stocks sank, suffering their biggest one-day
sell-off in a month after Greece's prime minister unexpectedly
called a referendum on the latest bailout deal. [.EU]
To receive an early e-mail of Reuters Morning News Call -
Canada -- a preview of market moving news -- Thomson Reuters
subscribers can register at [CA/MNC]
 * The Thomson Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, fell 1.76 percent in early trade.
 * Oil prices fell more than $2 per barrel as worries over
the euro zone debt crisis and the collapse of broker-dealer MF
Global darkened the outlook for the global economy. [O/R]
 * Gold buckled under the pressure of a stronger dollar
after the Greek prime minister shocked financial markets by
calling the referendum. [GOL/]
 * Copper fell on a stronger dollar and worries about the
impact on the global economy of the euro zone crisis and an
unexpected slowdown in factory activity in big metals consumer
China. [MET/L]
 * Thomson Reuters Corp. TRI.TO: The news and data
provider reported a 10 percent rise in third-quarter profit,
beating market estimates, as revenue grew and margins expanded,
though growth in its Markets division remained sluggish.
 * Bank of Nova Scotia BNS.TO: The bank said on Monday
it's wholly owned Mexican subsidiary will contribute C$56
million ($54.9 million) to the Canadian bank's fourth-quarter
profit. [ID:nN1E79U1RJ]
 * Ritchie Bros Auctioneers Inc. RBA.TO: The company's
third-quarter profit halved, due in part to a slowdown in the
used equipment market.  [ID:nL4E7LV2HB]
 Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]
 * Altagas ALA.TO price target raised to C$29 from C$28.50
at National Bank
 * Canaco Resources CAN.V coverage started with sector
outperformer rating; target of C$4.50 at CIBC
 * Canacol Energy CNE.TO price target cut to C$0.80 from
C$0.90 at CIBC
 * Cervus Equipment CVL.TO rating cut to sector perform
from outperform at National Bank
 * Grande Cache Coal GCE.TO rating cut to hold from buy at
Salman Partners
 * Teranga Gold TGZ.TO price target cut to C$3 from C$3.50
 * Queenston Mining QMI.TO coverage started with sector
performer rating; price target of C$8 at CIBC
 * PetroMagdalena Energy PMD.V price target raised to
C$1.75 from C$1.50 at CIBC
 ($1=$1.02 Canadian)
 (Reporting by Karan Khemani; Editing by Jeffrey Hodgson)