May 1, 2012 / 12:53 PM / 6 years ago

CANADA STOCKS-TSX may open higher, results in focus

May 1 (Reuters) - Toronto’s main stock index looked set to edge up at the open on Tuesday, extending gains from the previous session, with investors expected to focus on results from companies including Cameco Corp.

Toronto’s main stock index finished at its highest level in nearly a month on Monday and closed above its 200-day moving average, which is typically seen as a bullish signal.

TOP STORIES

* Canada’s largest oil producer and refiner, Suncor Energy , posted higher-than-expected first-quarter earnings and raised its dividend.

* Thomson Reuters Corp reported a higher-than-expected profit for the first quarter on strong sales in its tax and accounting division, and the company affirmed its outlook for the year.

* Canadian oil and gas producer Talisman Energy Inc reported a first-quarter profit on higher production of liquids from Southeast Asia and North American shales, but it cut capital spending plans again as gas prices remain weak.

* TMX Group : The consortium of Canadian financial institutions bidding for the operator of the Toronto Stock Exchange extended its offer for a seventh time on Monday and announced two deals.

* WestJet Airlines Ltd, Canada’s second-largest airline, reported a 42 percent rise in first-quarter earnings as it flew more passengers despite fare increases.

MARKET SNAPSHOT

* Canada stock futures traded up 0.09 percent

* U.S. stock futures , , were up around 0.10 percent

* European shares were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 306.02; rose 0.02 percent

* Gold Futures : $1662.3; fell -0.07 percent

* US Crude : $104.72; fell -0.14 percent

* Brent Crude : $119.11; fell -0.3 percent

* LME 3-month Copper : $8385; fell -0.18 percent

CANADIAN STOCKS TO WATCH

* Canadian miner Alamos Gold reported a 65 percent jump in first-quarter profit mainly on robust gold prices and a tax gain.

* Canadian Oil Sands Ltd. : Quarterly profit at the oil sands operator fell slightly as production dropped due to unplanned maintenance on a major processing unit, the company said.

* West Fraser Timber Co Ltd. : The softwood lumber producer posted a first-quarter loss from continuing operations, hurt by higher costs and lower lumber and pulp prices.

* Alamos Gold Inc. : The miner reported a 65 percent jump in first-quarter profit mainly on robust gold prices and a tax gain. [ID: nL4E8G157Q]

* Bombardier Inc. : WestJet said it has selected to supply aircraft for its new regional airline, expected to launch in the second half of 2013.

ANALYST RECOMMENDATIONS

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

* Autocanada : Canaccord Genuity starts with buy rating and C$13.50 target price; sees ample room to continue raising dividend

* Cervus Equipment : National Bank Financial cuts to sector perform on valuation, prospect of more downside for grain prices by H2 of 2012

* Canfor Pulp Products : CIBC cuts to sector performer from sector outperformer on cautious outlook on pulp markets

* Fortress Paper : Canaccord Genuity cuts price target to C$50 from C$55 on bleak outlook; keeps buy rating

* North Sea Energy : Northland Capital Partners starts with buy rating; says shares offer good value at current levels

ON THE CALENDAR

* Major Canadian economic data include RBC manufacturing PMI

* Major U.S. events and data includes ISM, Construction spending and Auto Sales

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