March 26, 2013 / 12:32 PM / 5 years ago

CANADA STOCKS-TSX may open higher, though concerns about Cyprus weigh

March 26 (Reuters) - Canadian stock index futures pointed to a higher open on Tuesday, supported by some investors taking advantage of a recent drop in prices, though concerns that the Cyprus rescue deal could be used as a template to restructure other euro zone banking problems could put a lid on gains.

TOP STORIES

* Banks in Cyprus will remain closed until Thursday, and even then subject to capital controls to prevent a run on deposits, after a European Union bailout that the country’s president assured his people was in their best interests.

* Richard Fisher, President of the Dallas Federal Reserve, repeated his call for the U.S. central bank to slightly reduce its bond purchasing program.

* Two of the most prominent U.S. investors could upset Michael Dell’s $24.4 billion buyout bid for Dell Inc, after billionaire Carl Icahn opened the door to an alliance with Blackstone Group LP to wrest control of the computer maker from its founder.

* SBM Offshore SBMO.AS and its partners have won a $3.5 billion contract from Brazilian oil company Petrobras (PBR) to build two oil platforms, the Dutch maritime services firm said.

* Japanese companies have sharply curtailed overseas acquisitions in the first three months of 2013 in a sign the recent slide in the yen could be taking some of the steam out of a record boom in outbound deals.

MARKET SNAPSHOT

* Canada stock futures traded up 0.2 percent

* U.S. stock futures , , were up around 0.17 - 0.24 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 296.2452; rose 0.35 percent

* Gold futures : $1,604.6; was unchanged 0 percent

* US crude : $95.3; rose 0.52 percent

* Brent crude : $108.01; fell 0.15 percent

* LME 3-month copper : $7,647; rose 0.35 percent

CANADIAN STOCKS TO WATCH

* Aurizon Mines Ltd : The company said on Monday that it had suspended underground operations at its Casa Berardi gold mine in Quebec after a contractor was killed in a vehicle accident in the mine.

* Suncor Energy Inc : The oil company is expected to shelve plans for a multibillion-dollar oil sands processing plant in northern Alberta when it announces the fate of the facility in the coming days, blaming a forecast for weakening returns.

ANALYSTS’ RECOMMENDATIONS

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

* Fiera Capital Corp : NBF starts with outperform, says the management has the necessary transaction experience, a track record of not overpaying and the financial capacity to pursue further growth by acquisition.

* First Quantum Minerals Ltd : Nomura cuts target price to C$26 from C$28, believes the company’s offer for Inmet Mining Corp is not likely to be completed soon and it increases the risks for the company.

* SouthGobi Resources Ltd : CIBC cuts target to C$5 from C$6 following the company’s below the expectation results in the fourth quarter.

ON THE CALENDAR

* No major Canadian economic data is scheduled to be released

* Major U.S. events and data includes durable goods, S&P Case Shiller, consumer confidence, new home sales, building permits, Richmond Fed manufacturing and Dallas Fed services activity

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