February 21, 2012 / 1:32 PM / 7 years ago

CANADA STOCKS-TSX to edge higher as Greece seals deal

Feb 21 (Reuters) - Toronto’s main stock index was set for a slightly higher open on Tuesday, after debt-laden Greece finally secured a second bailout that would help resolve its immediate financing needs.

Investors, however, were still cautious about the plan’s viability as tough austerity measures kick in later in the year.


* Canadian equity futures pointed to a higher open.

* U.S. stock index futures advanced after euro zone finance ministers secured a deal that will enable Greece to avoid a March default.

* European stocks fell, retreating from near-seven month highs, as investors booked recent profits following a long-awaited deal over a new bailout for Greece that failed to dispel concerns over the outlook for the troubled country.


* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, rose 0.46 percent in early trade.

* Oil stayed within sight of $120 a barrel as world consumers grappled with supply disruptions ranging from Iran to Sudan to the North Sea.

* Gold rose for a second day, taking its cue from a brief rally in the euro after euro zone finance ministers struck a deal with Greece on its emergency funding, while silver shrugged off data that showed a steep drop in Chinese imports.

* Copper rose as the euro gained after the single-currency zone’s finance ministers sealed a bailout package for Greece, which also increased investors’ appetite for assets perceived as risky such as industrial metals.


* Fortis Inc : The company said it will acquire CH Energy Group Inc for about $1 billion.

* Flint Energy Services : The U.S. engineering company will buy the oilfield services company for C$1.25 billion in cash, to expand its presence in the oil and gas sector.

* Kinross Gold Corp : At least four U.S.-based law firms said they are investigating the gold miner, after the company failed to disclose that low-grade ore had been found at its Tasiast property in West Africa.

* Bank of Montreal : The bank said it will buy a 19.99 percent stake in China’s COFCO Trust Co, a unit of state-owned COFCO Group, to expand its offerings to the Asian country’s high net worth and institutional clients.

* Quadra FNX : Shareholders of the miner approved a C$3 billion takeover offer from KGHM on Monday, the tie-up is set to geographically diversify the Polish miner’s asset base and boost its copper output.

* Metro Inc : The grocer said its CFO Richard Dufresne has resigned to accept a position with another organization and also added it will announce Dufresne’s successor at a later date.

* Onex Corp : The company and Apollo Global Management LLC are expected to submit final bids next week for the $2.2 billion U.S unit of Australia’s Brambles Ltd, people familiar with the matter said on Friday.


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

* Agnico Eagle : CIBC cuts rating to sector underperformer

* Chemtrade : NBF raises price target to C$17.50 from C$15.50, rating outperform

* Encana : Canaccord Genuity raises rating to hold

* Fairfax Financial : CIBC cuts price target to C$425 from C$450

* Flint Energy : CIBC raises price target to C$25 from C$19

* Industrial Alliance : CIBC cuts price target to C$28 from C$31

* Penn West : CIBC raises price target to C$31 from C$30

* Petrobakken : CIBC raises price target to C$23 from C$22

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