May 26, 2011 / 12:52 PM / 6 years ago

CANADA STOCKS-TSX set to open little changed; data, banks weigh

5 Min Read

May 26 (Reuters) - Toronto's main stock index looked set to open little changed on Thursday, weighed by disappointing U.S. economic data, lower commodity prices and some Canadian bank results that came in slightly below expectations.

Factors to Watch

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

* European shares edged lower, giving up some gains from the previous session, as concerns over Greece's debt woes still prevailed. [.EU]

* Asian stocks were higher, led by resources and consumer sectors, with Nikkei share average climbing 1.5 percent, boosted by short-covering in battered shares as well as the launch of two investment trusts this week.

Commodity Price Moves

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.13 percent in early trade.

* Oil retreated , as investors focused on disappointing economic data, but dollar weakness and increasing violence in the Middle East helped limit losses. [O/R]

* Gold eased after a sharp sell-off in the silver market, but still remained within sight of three-week highs, supported by investors seeking perceived havens from the worsening euro zone debt crisis. [GOL/]

* Copper steadied on lingering concerns over weaker Chinese demand and as the euro strengthened against the dollar after a report China and other Asian countries are interested in Portuguese bailout bonds. [MET/L]

Canadian Stocks to Watch

* Toronto-Dominion Bank (TD.TO): The bank said its quarterly profit rose, lifted by growth in its domestic commercial lending portfolio. [ID:nN26230622]

* CIBC (CM.TO):The bank's quarterly profit rose 3 percent on the back of increased lending and lowers provisions for loan losses, CIBC said. [ID:nN26207347]

* National Bank of Canada (NA.TO) reported a higher quarterly profit on Thursday, driven largely by growth in its lending and wealth management businesses. [NA.TO]

* TMX Group Inc. (X.TO): A group of Canadian banks and pension funds said on Wednesday it will take its C$3.6 billion ($3.67 billion) bid for TMX directly to shareholders after the exchange operator rejected the bid in favor of a friendly offer from the London Stock Exchange. [ID:nN25173404]

* Quebecor (QBRa.TO)(QBRb.TO): The telecom and media company posted a 2 percent drop in first-quarter net profit, mainly due to certain charges. [ID:nL3E7GQ1MW]

* Lundin Mining (LUN.TO): The diversified metals miner said that it rejected proposals from suitors for the sale of all or part of the company as being inadequate and that CEO Phil Wright would resign in a month, ending a three-month review of its alternatives. [ID:nL3E7GQ00N]

* Churchill Corp. CUQ.TO: The construction company posted quarterly profit that missed analysts' estimates, hurt by lower construction activity in the winter, and declared its first common share dividend. [ID:nL3E7GP3GX]

* Fairborne Energy Ltd. FEL.TO: The oil and gas explorer's profit nearly tripled but the company expects second-quarter output to drop at least 14 percent, hit by a gas plant outage. [ID:nL3E7GP3J8]

* Paladin Labs Inc. PLB.TO: The specialty pharmaceuticals company's quarterly profit more than doubled, partly helped by promotions of certain drugs. [ID:nL3E7GP3G7]

* Yukon-Nevada Gold YNG.TO: The Canadian gold miner said it agreed to settle a class action lawsuit brought against it by former employees for $3.6 million. [ID:nL3E7GQ1QW]

Analyst Recommendations

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

* BMO Financial Group (BMO.TO) price target raised to C$66 from C$64; rating market perform at KBW

* Homeq Corp HEQ.TO price target raised to C$8.50 from C$8; rating sector perform at National Bank

* First National Financial (FN.TO) price target raised to C$20 from C$19; rating sector perform at National Bank

$1= $0.98 Canadian Reporting by Anil Kumar; Editing by Jeffrey Hodgson

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