April 27, 2010 / 12:48 PM / 7 years ago

CANADA STOCKS-TSX looks set to open lower on commodities

6 Min Read

April 27 (Reuters) - Toronto's main stock index looked set to open lower on Tuesday as commodity prices fell, weighed by stronger U.S. dollar.

Wall Street is also seen opening lower after Germany demanded new austerity measures from Greece. [.N]

Markets will also be closely watching Goldman Sachs' (GS.N) CEO Lloyd Blankfein's testimony before a Senate panel looking into the subprime mess.

European shares snapped two-day rally on jitters over the potential effect of Greece crisis on other euro zone economies.

Asian equities fell with Chinese shares down more than 2 percent on fears that banks in China may be preparing for a round of heavy fundraising

Here is some news that could affect stock prices:

Oil Slips on Stockpiles

Oil slipped below $84, pulled lower by expectations of a rise in U.S. stockpiles and nagging concerns Greece's economic trauma could have knock-on effects on the wider economy and demand for fuel. [O/R]

Gold Eases

Gold softened a touch in Europe but held above $1,150 an ounce as investment demand due to concern over sovereign risk in the euro zone helped balance weakness in the euro and other commodities. [GOL/]

Copper Slips

Copper eased as the dollar rose and investors remained cautious about a rescue package for debt-laden Greece, but signs of improving demand helped cap losses. [MET/L]

C$ Dips on Oil

The Canadian dollar limped lower against the U.S. currency on Monday, pressured by weaker oil prices as much of the market was sidelined ahead of an interest rate decision by the U.S. Federal Reserve this week. [CAD/]

Nexen Profit Up

Nexen Inc NXY.TO said that first-quarter profit rose 37 percent on improving output from its Long Lake oil sands project and higher oil prices. [ID:nN27241352]

Norbord Misses Estimates

Wood-based panels producer Norbord Inc NBD.TO posted first-quarter results that missed market estimates as severe weather negatively impacted both costs and productivity at almost all of the company's operations. [ID:nSGE63J0GW]

African Barrick Gold Earnings Jump

African Barrick Gold Plc ABGL.L, spun off from parent firm Barrick Gold Corp (ABX.TO) said first-quarter earnings jumped 143 percent in its first results. [ID:nLDE63P0VQ]

Nuvo Pain Cream

Nuvo Research said (NRI.TO) that its painkiller cream was available in the U.S, which could lead to payments of up to US$100 million from marketing partner Covidien COV.N. [ID:nN27242206]

Opti Canada Production

OPTI Canada Inc OPC.TO said its bitumen production averaged about 18,700 barrels per day during the first-quarter and said bitumen production is rising and the reservoir is responding to consistent steam injection. [ID:nWNAB2393]

Transalta Us Power Plant

Electricity producer TransAlta Corp (TA.TO) said on Monday it began talks with the state of Washington on moving the Centralia coal-fired power plant to cleaner fuel to cut greenhouse gas emissions. [ID:nN26215946]

Westjet, Delta Alliance

WestJet Airlines Ltd (WJA.TO) said it has not signed an alliance agreement with Delta Air Lines (DAL.N), but a commercial relationship could occur in the future. The only recently signed agreement between the two companies provided WestJet with the option to acquire slots at LaGuardia Airport in New York, which is still subject to regulatory approval. [ID:nWEN3527]

Cnr Profit Up

Canada's biggest railroad, Canadian National Railway (CNR.TO) posted a 21 percent jump in first-quarter net income on Monday on improving freight volumes and sale of rail line near Toronto. CN also increased its earnings estimate for the year because of the stronger economy. [ID:nN21222356]

day4 Acquisition

Solar module maker, Day4 Energy Inc DFE.TO, on Monday said it agreed to buy privately held German photovoltaic equipment maker ACI-ecotec GmbH & Co KG for up to 10.8 million shares. [ID:nWNAB2164]

Mi Developments Re-Organization

Real estate firm MI Developments Inc MIMa.TO said on Monday its re-organization plan for horse track owner Magna Entertainment Corp, in which it owns a major stake, has been confirmed by the bankruptcy court. [ID:nWNAB2152]

Open Text Buys Burntsand

Burntsand Inc BRT.TO, a technology consultancy, on Monday agreed to be bought by Open Text Corp OTC.TO (OTEX.O), a provider of business content management software, for about C$11 million. [ID:nSGE63P0TF]

Research Roundup

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

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Artis REIT AX_u.TO coverage resumed with neutral rating; price target of $12 at Macquarie

* Aurizon Mines ARZ.TO price target cut to $5.75 from $6.50; rating outperform at Raymond James

* Copper Mountain Mining CUM.TO price target raised to $4 from $3.50; rating strong buy at Raymond James

* Crocodile Gold CRK.TO price target cut to $3 from $3.40; rating outperform at Raymond James

* Finning International (FTT.TO) price target raised to $22.50 from $20; rating outperform at Raymond James

* Lake Shore Gold LSG.TO price target cut to $3.70 from $4.10; rating outperform at Raymond James

* Pacific Rubiales Energy PRE.TO price target raised to $30 from $26; rating strong buy at Raymond James

* San Gold SGR.V price target cut to $4.75 from $5.20; rating outperform at Raymond James

* Toromont Industries <TIH.TO rating raised to strong buy from outperform at Raymond James

Reporting by Bangalore newsroom, editing by Savio D'Souza and Jeffrey Hodgson

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