November 8, 2011 / 1:23 PM / 6 years ago

CANADA STOCKS-TSX may rise on firmer commodities; Italy eyed

TORONTO, Nov 8 (Reuters) - Toronto's main stock index looked set to open higher on Tuesday, supported by stronger commodity prices, ahead of a crucial Italian parliamentary vote on budget reforms.

FACTORS TO WATCH

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

* U.S. stock index futures rose as lawmakers in Rome readied for a crucial vote on public finances that marks the latest chapter in the euro zone debt crisis. [.N]

* European shares rose, bouncing from two days of losses, as upbeat corporate news from the likes of telecom heavyweight Vodafone helped offset some investors' concerns about the euro zone debt crisis. [.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] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.29 percent in early trade.

* Oil prices rose to near $116 a barrel as investors said strong seasonal fundamentals and concerns about an escalating dispute over Iran's nuclear program outweighed worries caused by Italy's sovereign debt risk. [O/R]

* Gold was steady, consolidating near a one and a half month high, with investors holding onto the safe haven asset due to fears that the euro zone debt crisis might engulf Italy. [GOL/]

* Copper steadied ahead of a vote on public finances in Italy that may give more clues about the development of the sovereign debt crisis in Europe, which is hindering economic growth and clouding the base metals demand outlook. [MET/L]

CANADIAN STOCKS TO WATCH

* TMX Group (X.TO): Toronto Stock Exchange operator reported a 21 percent rise in quarterly profit, helped by higher revenue from derivative markets trading. [ID:nL4E7M81TX]

* Uranium One Inc. UUU.TO: The uranium producer posted a third-quarter profit that beat analysts' estimates, helped by higher realized prices. [ID:nL4E7M80EB]

* Capstone Mining Corp. (CS.TO): The company's quarterly profit rose three-fold, gaining on derivative instruments, and the Canadian copper miner backed its full-year production outlook. [ID:nL4E7M73FF]

* Minefinders Inc. MFL.TO: The precious metals miner posted third-quarter results below market estimates as gold and silver production were hit by cyanide supply issues. [ID:nL4E7M73CE]

* Thompson Creek Metals TCM.TO: The molybdenum miner reported a lower adjusted profit on Monday, as production fell in the third quarter and a non-cash foreign exchange loss hit earnings.[ID:nN1E7A6196]

* Taseko Mines (TKO.TO): Canadian federal regulators on Monday ruled that the company's revised mine plan for its Prosperity copper-gold project in British Columbia will be studied by a federal review panel. [ID:nN1E7A626Z]

ANALYST RECOMMENDATIONS

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

* Arcan Resources ARN.V: coverage resumed with sector perform rating at National Bank Financial; price target raised to C$8 from C$7.50 at CIBC

* Chorus Aviation CHRb.TO: price target cut to C$3.50 from C$4.25 at National Bank Financial

* Cameco Corp (CCO.TO): price target cut to C$42 from C$43 at CIBC

* Vermilion Energy (VET.TO): price target raised to C$52 from C$50 at National Bank Financial

* Poseidon Concepts PSN.TO: coverage started with outperform rating; target of C$15 at National Bank Financial

* Ensign Energy Services (ESI.TO): price target cut to C$21 from C$22 at RBC

* Richmont Mines (RIC.TO): price target raised to C$16 from C$14 at CIBC

$1= $1.01 Canadian Reporting by Karan Khemani; Editing by Jeffrey Hodgson

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