June 26, 2012 / 12:28 PM / 7 years ago

CANADA STOCKS-TSX set to open higher, EU worries might cap gains

June 26 (Reuters) - Toronto’s main stock index looked set to open higher, after sharp sell-off in the previous session, although Europe’s spiraling debt worries and the grim outlook for Spain might keep a lid on gains.


* Barrick Gold Corp appointed Ammar Al-Joundi as chief financial officer to fill in the position left vacant when Jamie Sokalsky became the chief executive of the world’s biggest gold miner earlier this month. Al-Joundi will rejoin Barrick next month from Agnico-Eagle Mines Ltd.

* The euro zone could create a treasury for the single currency and issue euro bonds as the final stage of a fiscal union which could take years to construct, according to a document prepared for this week’s summit of euro zone leaders.

* The finance ministers of Germany, France, Italy and Spain will meet in Paris on Tuesday evening as the euro zone’s top four members try again to resolve their differences ahead of a European Union summit later in the week.

* Spain’s short-term borrowing costs nearly tripled at auction on Tuesday, underlining the country’s precarious finances as it struggles against recession and juggles with a debt crisis among its newly downgraded banks.

* Consumer morale in Germany unexpectedly edged up going into July on improving income expectations, but worries over the euro zone crisis risk hurting consumption in the months ahead, a survey by GfK market research group showed on Tuesday.


* Canada stock futures traded up 0.03 percent

* U.S. stock futures , , were up 0.17 to 0.42 percent

* European shares, were up


* Thomson Reuters-Jeffries CRB Index : 271.24; rose 0.13 percent

* Gold futures : $1,583.4; unchanged

* US crude : $79.06; fell 0.19 percent

* Brent crude : $91.45; rose 0.48 percent

* LME 3-month copper : $7333.25; fell 0.03 percent


* Nexen Inc. : The oil company said it has taken less time than expected to start producing at a section in its Long Lake project in Alberta, helped by the use of new technologies to ready wells.


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

* Aimia : Canaccord Genuity assumes coverage with buy rating, price target of C$16.20; says company has good cash flow, healthy dividend and a solid balance sheet

* Canadian National Railway : NBF cuts to sector perform from outperform on economic uncertainty; raises price target to C$87 from C$86

* Canadian Pacific Railway : NBF raises price target to C$77 from C$76 on valuation

* Ithaca Energy : CIBC cuts target price to C$2.50 from C$2.75 after the company said that one of its production wells at its Athena field in the North Sea was not flowing due to a suspected blockage in its production tubing

* Poseidon Concepts : CIBC starts with sector performer rating and price target of C$17.50; CIBC sees a growing demand for fluid systems but also a threat from heightened competition


* No major Canadian economic data scheduled for release

* Major U.S. events and data includes April S&P/Case-Shiller home prices data and June consumer confidence

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below