November 12, 2012 / 1:37 PM / 6 years ago

CANADA STOCKS-TSX may open higher on upbeat China export data

Nov 12 (Reuters) - Canada’s main stock index looked set to open higher on Monday, after data showed that China’s export growth climbed to a five-month high above 11 percent, beating expectations and adding to recent data suggesting an economic growth recovery.


* Comments by China’s two top banking officials playing down the risks of bad debt in the banking system provided the latest upbeat signal from Beijing suggesting seven straight quarters of slowing growth have ended.

* Research In Motion Ltd said that it planned to introduce its long-delayed BlackBerry 10 platform and devices on Jan. 30.

* The investment company Leucadia National Corp said it will buy Jefferies Group Inc, in a deal that values the investment bank at about $3.6 billion.

* The euro zone will not release a new loan tranche to Greece despite the country’s tough 2013 budget as there is no agreement yet on how to make its debt sustainable, but Athens is set to get two more years to cut debt, officials said.

* Gold prices may hit $2,000 an ounce in 2013 as rising costs and production constraints hold supply in check, while demand from central banks and Chinese consumers keeps climbing, Barrick Gold Corp, the world’s biggest gold producer, said.


* Canada stock futures traded up 0.1 percent

* U.S. stock futures , , were up around 0.28 percent to 0.54 percent

* European shares, were mixed


* Thomson Reuters-Jefferies CRB Index : 290.88; rose 0.08 percent

* Gold futures : $1,734.9; rose 0.17 percent

* US crude : $85.74; fell 0.38 percent

* Brent crude : $109.18; fell 0.2 percent

* LME 3-month copper : $7,632.5; rose 0.83 percent


* Husky Energy Inc. : The Offshore rig group Seadrill has signed a $1.18 billion five-year deal with the company to provide a newly built harsh environment rig for operations in Canada and Greenland.

* Ensign Energy Services Inc. : The oil field services provider’s third-quarter profit fell 30 percent as it was hurt by reduced demand for its services in North America and higher costs.

* Celtic Exploration Ltd. : The oil and gas producer which is being acquired by Exxon Mobil Corp, reported a wider third-quarter loss due to lower natural gas prices.


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

* Autocanada Inc. : Canaccord Genuity raises target price to C$16.50 from C$15.50 after the company reported stronger-than-expected third-quarter results on higher new vehicle sales.

* Enerplus Corp. : National Bank Financial cuts target price to C$17.50 from C$19 on disappointing third-quarter results driven by lower production and higher costs.

* Niko Resources Ltd. : Canaccord Genuity cuts to hold from buy and cuts price target to C$15 from C$21 to reflect the increased uncertainty surrounding the company’s fiscal plans given the unsuccessful Jayarani-1 exploration.

* Stella-Jones Inc. : RBC raises target price to C$83 from C$70 on better-than-expected third-quarter results and company’s successful acquisition track record.

* TMX Group Ltd. : National Bank Financial cuts price target to C$54 from C$57 after the company reported weak third-quarter operating profit on lower-than-expected listing fees.


* No major Canadian economic data scheduled for release

* No major U.S. events and data includes scheduled for release

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