February 13, 2012 / 2:17 PM / 7 years ago

CANADA STOCKS-TSX to open up as Greece approves deal

Feb 13 (Reuters) - Toronto’s main stock index looked set to open higher on Monday, in line with global markets, after Greece’s parliament finally approved a deeply unpopular austerity bill to secure a second bailout from the EU/IMF to avoid bankruptcy and a broader financial crisis.

Greek government was under pressure to convince a sceptical euro zone that it would stick to the terms of a multi-billion-euro rescue package endorsed by lawmakers despite violent protests.


* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures rose, indicating the S&P 500 would rebound from its biggest loss of the year as Greece’s parliament approved strict financial reforms needed to obtain its latest bailout package.

* European share prices rose after Greece’s parliament approved the deeply unpopular austerity bill needed to secure the next EU/IMF rescue package.

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* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, rose 0.47 percent in early trade.

* Crude oil prices rose, back towards six-month highs as demand sensitive assets were boosted after Greece approved an austerity bill to secure a second bailout.

* Gold prices climbed in Europe as news that Greece’s parliament had approved an austerity bill needed to release a second round of bailout funds lifted the euro, while platinum rose back towards a three-month high as supply issues flared up.

* Copper prices rose as the euro edged up after Greece’s parliament approved austerity measures to secure a much-needed bailout, though worries over slack demand in China limited gains.


* Barrick Gold : The gold producer plans to sell its more than 20 percent stake in Russian miner Highland Gold, pulling out of the emerging gold producer after more than eight years.

* Bombardier : Garuda Indonesia plans to buy 18 regional passenger jets from Bombardier, the Indonesian flag carrier’s CEO Emirsyah Satar said.

* Air Canada : Canada’s airline said on Sunday it had reached a tentative agreement with the union representing its Toronto flight dispatchers, the second deal for the airline in two days.

* Canacol Energy Ltd. : The oil company posted a narrower second-quarter loss, helped by a jump in average daily sales volume.

* Grand Cache Coal Corp. : Winsway Coking Coal Holdings Ltd said it received regulatory approval to seek a shareholders’ meeting on a proposed purchase of Grand Cache, moving closer to the nearly $1 billion takeover.

* Angle Energy Inc. : The oil and gas company expects 2012 production to rise 20 percent and forecast funds from operations to increase 15 percent.

* Avion Gold Corp. : The West Africa-focused company said production has started at its newly developed underground mine at the Tabakoto gold deposit in Mali, West Africa.


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

* Bank of Montreal : Barclays ups target to C$59 from C$58; rating equal weight

* Bank of Nova Scotia : Barclays ups target to C$51 from C$50; rating underweight

* Cameco Corp : CIBC cuts price target to C$37 from C$39

* Claude Resources : NBF cuts price target to C$2.50 from C$2.90; rating outperform; CIBC cuts price target to C$2 from C$2.20

* IGM Financial : CIBC raises price target to C$51 from C$48.50

* National Bank of Canada : Barclays raises price target to C$74 from C$72

* RBC : Barclays raises price target to C$52 from C$51; rating equal weight

* TD Bank : Barclays raises price target to C$83 from C$80; rating overweight

* Telus : NBF cuts price target to C$60 from C$61; rating outperform

* Yellow Media : NBF cuts price target to C$0.01 from C$0.25; rating underperform

$1= $0.99 Canadian Reporting by Kishan Nair; Editing by Jeffrey Hodgson

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