November 7, 2012 / 1:47 PM / 6 years ago

CANADA STOCKS-TSX may open lower after Obama win

Nov 7 (Reuters) - Canada’s main stock index looked set to open lower on Wednesday, as focus shifted from Barack Obama’s presidential win to the “fiscal cliff” that might derail the world’s largest economy.


* Emboldened by a resounding election victory, President Barack Obama immediately pledged to reach across America’s political divide and seek deals on stubborn issues that dogged his first term.

* Greece’s ruling coalition hopes to overcome its own divisions and defy protesters to push through an austerity package needed to secure aid and avert bankruptcy.

* Bombardier reported a 10 percent rise in third-quarter profit and said it would delay by about six months the first flight of its C-Series jetliner and cut about 1,200 jobs in its train manufacturing division.

* Enbridge reported a third-quarter profit as losses on financial derivatives fell and it carried more oil and natural gas on some of its pipelines.

* Agrium reported lower quarterly profit due to downtime at its potash mine and dragged-out contract talks with China and India, the company said.

* WestJet reported a 80 percent rise in third-quarter profit as it flew more passengers.


* Canada stock futures traded down 0.73 percent

* U.S. stock futures , , were down around 0.86 percent to 0.94 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 295.92; fell 0.56 percent

* Gold futures : $1,718.1; rose 0.23 percent

* US crude : $87.47; fell 1.4 percent

* Brent crude : $110.02; fell 0.95 percent

* LME 3-month copper : $7,626.75; fell 0.95 percent


* Franco-Nevada Corp : The company said it will buy an 11.7 percent net royalty interest in an oil field in Saskatchewan from Penn West Petroleum Ltd for C$400 million in cash.

* Pembina Pipeline Corp : The company said it will spend C$670 million on a 108,000 barrel per day expansion of its Western Canadian pipeline systems.


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

* Cathedral Energy Services Ltd. : National Bank Financial cuts target to C$8 from C$9 and RBC cuts target to C$6 from C$6.50 after the company reported worse-than-expected third-quarter results.

* CI Financial Corp. : Canaccord Genuity cuts price target to C$25.75 from C$26.25 to reflect lower management fees for the company’s changing product mix.

* Dundee REIT : CIBC cuts target price to C$40 from C$42 on the company’s lower-than-expected third-quarters results.

* Pilot Gold Inc. : CIBC raises target price to C$2.25 from C$1.85 as a result of an increased cash balance and strong economics for its Halilaga project in Turkey.

* Uranium One Inc. : CIBC cuts price target to C$5 from C$5.80 and Canaccord Genuity cuts target to C$3.20 from C$3.50 citing the company’s lower-than-expected third-quarter results, its lowered guidance.


* No major Canadian economic data scheduled for release

* Major U.S. events and data includes mortgage and refinancing index and consumer credit

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