May 3, 2013 / 12:42 PM / 4 years ago

CANADA STOCKS-TSX set to open higher after strong U.S. jobs data

3 Min Read

May 3 (Reuters) - Canada's main stock index looked set to open higher on Friday after stronger-than-expected U.S. jobs data raised hopes about the outlook for the North American economy.

Top Stories

* U.S. employment rose more than expected in April, pushing the unemployment rate to a four-year low of 7.5 percent.

* Britain's dominant services sector recorded its strongest growth since last summer's Olympics in April, a survey showed, adding to signs that the slow economic recovery may be gaining some traction.

* American International Group Inc's property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as the insurer wrote more premiums at higher prices and reported lower losses.

* Eldorado Gold Corp posted a first-quarter loss on Thursday, hit by $125.2 million charge related to a change in the Greek tax rate.

* Canadian Natural Resources Ltd said on Thursday its first-quarter profit fell by half as lower prices and one-time charges offset record oil production.

* Fairfax Financial Holdings Ltd, run by investment guru Prem Watsa, unexpectedly rebounded to a profit in the first quarter, helped by strong underwriting results and investment gains.

Market Snapshot

* Canada stock futures traded up 0.27 percent

* U.S. stock futures , , were mixed around -0.03 percent to 0.02 percent

* European shares, were mixed

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 288.09; rose 0.31 percent

* Gold futures : $1,474.8; rose 0.48 percent

* US crude : $94.32; rose 0.35 percent

* Brent crude : $103.47; rose 0.6 percent

* LME 3-month copper : $7,136; rose 4.21 percent

Canadian Stocks to Watch

* BlackBerry : The company said the U.S. Department of Defense has approved its new line of devices powered by the revamped BlackBerry 10 operating system to be used on DoD networks.

Analysts' Recommendations

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

* Gildan Activewear Inc : Citigroup raises to neutral from sell and ups price target to C$43 from C$31 after the company posted better-than-expected second-quarter results and management raised 2013 earnings outlook.

* Manulife Financial Corp : CIBC raises price target to $17 from $16 after the company posted a first-quarter beat on core earnings basis, says results are supportive and expects progress to continue.

* Sierra Wireless Inc : CIBC cuts target price to $11 from $12 following first-quarter results, says organic revenue growth was zero compared to annual target of 15 percent, says the stock is currently fairly priced.

* TransCanada Corp : CIBC raises target price to C$54 from C$53 after the company announced that it has reached binding long-term shipping agreements to build, own and operate the proposed Heartland Pipeline and TC Terminals projects.

On the Calendar

* No major Canadian economic data scheduled

* Major U.S. events and data includes non-farm payrolls, durable goods, factory orders and ISM non-manufacturing data

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