March 7, 2012 / 1:27 PM / 7 years ago

CANADA STOCKS-TSX set to rebound after sell-off, Greece eyed

March 7 (Reuters) - Canadian stocks looked set to open higher on Wednesday, after falling about 1.8 percent in the previous session, on investor hopes that Greece will muddle through its debt woes and global growth will hold up relatively well.


* Canadian equity futures pointed to a higher open.

* U.S. stock index futures rose, a day after Wall Street suffered its worst selloff in three months and ahead of a private employment report expected to show the U.S. economy added jobs in February.

* European shares were higher, led by banks as jittery investors awaited a deal on Greece’s debt swap and a key U.S. jobs report later this week.


* The Thomson Reuters-Jefferies CRB index, a global commodities benchmark, was little changed in early trade.

* Brent crude gained after China said it would boost energy imports this year, though the marker oil held well below a near four-year high set last week as Iran’s offer of talks with major powers eased concerns about supply disruption.

* Gold prices snapped three days of losses to rise in Europe, helped by a recovery in the euro versus the dollar, which eased negative currency effects on the precious metal, and by demand for physical gold at lower prices from Asia.

* Copper steadied following the previous day’s sharp falls, bouncing off near three-week lows as the euro gained, but the metal remained near the bottom of its recent trading range on lingering uncertainty about demand from top consumer China.


* PetroBakken Energy Ltd : The oil firm’s fourth-quarter production rose about 16 percent, helped by increased output from its Cardium unit and it raised its 2012 exit production forecast.

* Wi-LAN Inc. : The patent licensing firm hiked its quarterly dividend and said it would buy back shares this year, even as it forecast lower first-quarter revenue.

* First Quantum Minerals Ltd. : The miner’s fourth-quarter net earnings fell about 83 percent, hurt by lower copper volumes and prices and the company expects to produce 270,000 to 290,000 tonnes of copper and 170,000 to 190,000 ounces of gold this year.

* Enbridge Inc. : The company said it had restarted a segment of a key oil pipeline that supplies 318,000 barrels per day of Canadian crude to the Midwest after a fire forced it to shutdown over the weekend.

* Air Canada : The airliner said a union representing mechanics, baggage handlers and cargo agents in Canada have decided to go on a strike from March 12.

* Linamar Corp. : The auto parts maker reported a 26 percent jump in quarterly earnings on Tuesday on the back of increased consumer demand in the United States and higher sales from new and expanded facilities in Europe and Mexico.

* Nordion Inc. : The medical isotope provider said on Tuesday that its quarterly performance had been “lower than expected,” as it reported a net loss and lower earnings on an adjusted basis.

* SunOpta Inc. : The organic food processor posted a quarterly loss, as it took a write-downs charge on some of its assets and inventories.

* Sandvine Corp. : The network equipment maker adopted a shareholder rights plan with a 20 percent trigger, but said it was not aware of any takeover proposal.


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

* Aecon Group Inc. : CIBC raises price target to C$15 from C$13.50; Canaccord Genuity raises target price to C$15 from C$14

* Bank of Nova Scotia : CIBC raises price target to C$60 from C$59

* Cathedral Energy : CIBC raises price target to C$9 from C$8.50

* Crew Energy : Canaccord Genuity raises target price to C$24.25 from C$21.75

* Eastern Platinum : Barclays raises price target to C$0.60 from C$0.58

* Evertz : Canaccord Genuity cuts price target to C$15.50 from C$16

* Hemisphere GPS : Canaccord Genuity cuts target to C$1.40 from C$1.50, rating buy

* Uranium One : Canaccord Genuity cuts price target to C$3.50 from C$3.60

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