November 26, 2013 / 1:27 PM / 4 years ago

CANADA STOCKS-TSX may open lower; Iran deal and Asian tension in focus

3 Min Read

Nov 26 (Reuters) - Canadian stock market futures pointed to a flat to slightly lower open on Tuesday as investors turned cautious about the impact of Iran's nuclear deal and an escalation of political tensions in parts of Asia.

Top Stories

* Tiffany & Co reported a higher quarterly profit, helped by stronger-than-expected sales as business soared in China, and the U.S. jeweler raised its full-year forecast.

* At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works Inc, in a deal that could fetch more than $3 billion, according to people familiar with the matter.

* Bayer has offered to pay $2.4 billion for Norway's Algeta, its partner for a new prostrate cancer treatment, at a 27 percent premium to the stock's last close, Algeta said.

* A U.S. judge has rejected Citigroup Inc's effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund's $7.5 billion investment in late 2007 to shore up the then-struggling bank.

Market Snapshot

* Canada stock futures traded down 0.04 percent

* U.S. stock futures , , were up around 0.01 percent to 0.05 percent

* European shares, were mixed.

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 275.8105; rose 0.06 percent

* Gold futures : $1,241.1; were unchanged.

* US crude : $94.41; rose 0.34 percent

* Brent crude : $110.92; fell 0.07 percent

* LME 3-month copper : $7,077.25; fell 0.31 percent

Analysts' Recommendations

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

* Delphi Energy Corp : Raymond James starts with strong buy rating and price target C$2.45 on valuation.

* Detour Gold Corp : BMO cuts price target to C$9.50 from C$12, reflecting the lower spot gold price and a reduction in the value ascribed to exploration.

* Kirkland Lake Gold Inc : CIBC cuts target price to C$4 from C$4.50 as the gold miner reduced its production forecast for second-quarter of FY2014.

* Paramount Resources Ltd : Raymond James starts with strong buy rating and price target C$54 set by the reserve growth between now and the end of 2014 but says the mid-term line of sight on this business is clearly indicative of a future triple digit target price.

On the Calendar

* No major Canadian economic data scheduled for the day

* Major U.S. events and data includes building permits, housing starts and consumer confidence

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