September 28, 2011 / 12:27 PM / 6 years ago

CANADA STOCKS-TSX may open higher, helped by euro zone action

3 Min Read

Sept 28 (Reuters) - Toronto's main stock index looked set to open higher on Wednesday after the European Union confirmed negotiators would return to Greece this week to discuss issuing its next tranche of aid, which might encourage investors to commit bolder market bets.

Factors to Watch

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

* U.S. stock index futures rose, indicating stocks will climb for a fourth straight session as investors remained encouraged by progress toward plans to ease the euro zone's debt woes. [.N]

* European shares briefly turned positive in choppy trade, with mounting uncertainties over the ways to resolve the euro zone debt crisis prompting investors to buy defensive equities such as healthcare and food and beverages. [.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, fell 0.55 percent in early trade.

* Brent crude dipped as worries about details of a euro zone debt bailout fund prompted investor caution after a sharp gain the previous session. [O/R]

* Gold prices traded at a $100 premium to platinum after hitting parity with the white metal for the first time in 2-1/2 years last month, as concerns over the economic outlook hurt industrial precious metals while lifting bullion. [GOL/]

* Copper fell in volatile trade as concern about economic and demand growth in the western world dominated the agenda, but prices gleaned support from expectations of stronger demand from top consumer China. [MET/L]

Canadian Stocks to Watch

* Yellow Media Inc. YLO.TO: The telephone directory publisher said it will take a goodwill impairment charge of C$2.9 billion in the third quarter and do away with future dividends. [ID:nL3E7KS23A]

* Mega Brands Inc. MB.T0: The toymaker said it has reached a preliminary settlement to a class-action suit stemming from the sale of toys that allegedly contained defective magnets. [ID:nS1E78Q1TH]

Analyst Recommendations

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

* Aurizon Mines Ltd (ARZ.TO) price target cut to C$6.90 from C$7.50 at National Bank

* Hanfeng Evergreen Inc HF.TO price target cut to C$3 from C$4 at CIBC

* Mercator Minerals Ltd ML.TO price target cut to C$4.70 from C$4.90 at CIBC

* Pilot Gold Inc PLG.TO price target cut to C$4 from C$6 at CIBC

* Romarco Minerals Inc (R.TO) price target cut to C$1.45 from C$1.55 at CIBC

$1= $1.02 Canadian Reporting by Karan Khemani; Editing by Jeffrey Hodgson

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