September 27, 2011 / 12:22 PM / 6 years ago

CANADA STOCKS-TSX may open higher; Europe hopes lift commodities

Sept 27 (Reuters) - Toronto’s main stock index looked set to open higher on Tuesday, as commodity prices rose on optimism that fresh measures from euro zone policy makers might help prevent a global financial meltdown.

FACTORS TO WATCH

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

* U.S. stock index futures were lifted by a wave of hope that euro zone officials were working to add measures to cut Greece’s debt and shore up the region’s banks. [.N]

* Banking and insurance stocks led European share markets higher, fueled by hopes that European policymakers are at last putting together an action plan to tackle the euro zone debt crisis. [.EU]

* Markets in Asia were also up, with Hong Kong shares snapping a four-day losing run as the best single-day gains since May 2009. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 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 2.05 percent in early trade.

* Oil rose, with Brent crude up by more than $2 to exceed $106 a barrel, as fresh measures discussed by the European Central Bank curbed anxiety about European debt. [O/R]

* Gold prices rose more than 3 percent as a drop in the dollar index helped the precious metal snap a four-day run of losses and after an early rout in the previous session tempted price-sensitive physical buyers back to the market. [GOL/]

* Copper rebounded from a 14-month low hit in the previous session on renewed expectations that European policymakers will act to contain a regional debt crisis. [MET/L]

CANADIAN STOCKS TO WATCH

* Enbridge Inc. (ENB.TO): The company said on Monday it had restarted its 25,000 barrel per day Line 26 pipeline a day after closing it because of an oil spill at Berthold, North Dakota. [ID:nS1E78P187]

* Silver Standard Resources Inc. SSO.TO: The miner said its Pirquitas mill in Argentina was shut down on Sept. 24 due to a gearbox failure and, as a result, cut its 2011 silver production outlook. [ID:nL3E7KR1IW]

* Century Mining (CMM.V): White Tiger Gold has granted a credit facility of up to $10 million to Century Mining, to help fund its expansion plans both before and after their planned merger, the companies said in a statement. [ID:nL3E7KR22U]

ANALYST RECOMMENDATIONS

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

* Intact Financial Corp (IFC.TO) target price raised to C$65 from C$54.50 at CIBC

* Phoscan Chemical Corp FOS.TO price target cut to C$0.70 from C$0.85 at National Bank

* Ruggedcom Inc RCM.TO price target cut to C$23 from C$25 at CIBC

$1= $1.02 Canadian Reporting by Karan Khemani; 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