March 25, 2013 / 12:22 PM / 4 years ago

CANADA STOCKS-TSX may open higher on Cyprus bailout deal

March 25 (Reuters) - Toronto’s main stock index looked set to open higher after Cyprus’s bailout deal with international lenders appeared to remove the threat of a financial meltdown in the Mediterranean island.

TOP STORIES

* Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro bailout.

* Italy’s two-year borrowing costs were little changed at auction, with investors weighing uncertainty over the country’s political future against relief Cyprus reached a bailout, keeping the euro zone intact.

* Dell Inc confirmed it had received alternative buyout offers from Blackstone Group LP and Carl Icahn, following a $24.4 billion agreement last month to be taken private by its founder and private equity firm Silver Lake.

* Britain’s ‘bad bank’ running down the loans of two bailed-out lenders repaid 4 billion pounds to the government last year, chipping away at a total owed of more than ten times that amount. [ID: nL5N0CH0P4]

MARKET SNAPSHOT

* Canada stock futures traded up 0.56 percent

* U.S. stock futures , , were up around 0.3 - 0.52 percent

* European shares, were up 1.3 percent

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 295.6585; rose 0.15 percent

* Gold futures : $1,607.8; rose 0.1 percent

* US crude : $94.15; rose 0.47 percent

* Brent crude : $108.35; rose 0.64 percent

* LME 3-month copper : $7,654.25; fell 0.01 percent

CANADIAN STOCKS TO WATCH

* Cangene Corp : U.S. health regulators on Friday approved the first ever antibody that can counteract the effect of all types of toxins known to cause botulism, a muscle-paralyzing illness caused by a highly poisonous agent that health regulators regard as a bioterrorism threat.

* Manulife Financial : The company paid CEO Donald Guloien C$10.4 million in 2012, a 20.5 percent rise from the previous year due to the company’s increased profit, the insurer said on Friday.

ANALYSTS’ RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* American Hotel Income Properties REIT LP : NBF starts with outperform, says there are only a handful of competitors focused on railways, but the company is also in a position to diversify into airport and interstate hotel offerings given a variety of opportunities and capacity to finance new growth.

* Bengal Energy Ltd : National Bank Financial starts with outperform, says offers exposure to lower-risk development and exploration opportunities in Australia’s prolific Cooper Basin as well as high impact potential in India’s Cauvery Basin.

* IBI Group : Canaccord Genuity cuts to hold from buy and reduces target price to $6.50 from $8.50 on technical valuation.

* Pembina Pipeline Corp : NBF resumes coverage with outperform following the closing of its $345-million equity offering at $30.80 per share - versus previous assumption of $200 million for first-half of 2013.

ON THE CALENDAR

* No major Canada and U.S. economic data scheduled

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