November 14, 2012 / 1:52 PM / 6 years ago

CANADA STOCKS-TSX may open higher, tracking Wall Street gains

Nov 14 (Reuters) - Canada’s main stock index looked set to open higher on Wednesday after slipping to a two-month low in the previous session, as U.S. stock futures rose following some positive company results.

Stock market gains might be capped by persistent worries about the U.S. “fiscal cliff” and the protracted Greek debt crisis.


* Corporate America is raising the volume of its plea that the U.S. government avert a year-end “fiscal cliff” that could send the nation back into recession, but chief executives aren’t pushing the panic button just yet.

* Police and protesters clashed in Spain as millions of workers went on strike across Europe to protest spending cuts they say have made the economic crisis worse.

* Metro Inc reported higher earnings as sales rose, helped by an extra week in the quarter and a recent acquisition.

* Telecoms group Vimpelcom, with assets in Russia, Italy and various emerging markets, said its third-quarter net profit nearly tripled, year-on-year, due to higher operating profit and forex gains, beating expectations.

* Output from euro zone factories in September took its steepest fall since January 2009, dragged down by German industry’s loss of resilience after three years of crisis in Europe.


* Canada stock futures traded up 0.12 percent

* U.S. stock futures , , were up around 0.23 percent to 0.45 percent

* European shares, were down


* Thomson Reuters-Jefferies CRB Index : 291.21; rose 0.22 percent

* Gold futures : $1,722; fell 0.13 percent

* US crude : $85.3; fell 0.09 percent

* Brent crude : $108.28; rose 0.02 percent

* LME 3-month copper : $7,644.25; fell 0.47 percent


* Excellon Resources Inc : The miner cut its fourth-quarter silver production forecast due to a blockade at its La Platosa mine in Mexico that halted production.

* Hemisphere GPS Inc : The navigation systems maker said it will exit non-agriculture-related business and cut 38 percent of workforce.

* Iamgold Corp : The gold miner reported a 56 percent rise in quarterly profit, helped by higher derivative gains, and also cut its 2012 capital expenditure forecast on delays in expansion at two of its mines in Africa.


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

* AuRico Gold Inc : Canaccord Genuity raises target price to $11 from $9.50 after the miner posted better-than-expected third-quarter results and indicated that its Young Davidson mine is ramping up ahead of schedule.

* Potash Corp : Canaccord Genuity cuts to hold from buy and cut price target to $43 from $48, says the potash market will continue to struggle in the near term creating volatility for buyers and investors.

* Quebecor Inc : National Bank Financial raises target price to C$43 from C$41, RBC raises target price to C$45 from C$43 and CIBC raises target price to C$43 from C$41 on strong third-quarter results.

* SouthGobi Resources Ltd : CIBC cuts price target to C$6 from C$6.50 as the company reported higher-than-expected third-quarter loss and weak coal markets.

* Surge Energy Inc : CIBC cuts price target to C$9.50 from C$10.50 citing the company’s weak third-quarter production results and its lowered production guidance for 2012


* No major Canadian economic data scheduled for release

* Major U.S. events and data includes retail sales, ex autos, producer prices, PPI and business inventories and FOMC minutes

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