May 2, 2012 / 12:37 PM / 7 years ago

CANADA STOCKS-TSX may open lower on weak EU data, results eyed

May 2 (Reuters) - Canada’s resource heavy main stock index looked set for a lower open on Wednesday, as weak euro zone manufacturing data offset optimism from recent corporate results and signs of strength in U.S factories.


* The euro zone’s manufacturing sector slipped further into decline last month as a downturn that started in the periphery appears to be taking root among core members France and Germany, a survey showed.

* Barrick Gold said its first-quarter profit rose, driven by a surge in bullion prices, and the world’s largest gold miner raised its quarterly dividend 33 percent.

* Canadian utility Fortis Inc’s quarterly profit rose 4 percent partly on lower tax.

* Yamana Gold Inc said on Tuesday its quarterly profit rose 15 percent as revenue was boosted by higher production and stronger gold prices.

* Open Text Corp. : The business software company said on Tuesday it agreed to acquire EasyLink Services, a provider of cloud-based messaging services, for $232 million, in an attempt to tap business in the growing Cloud and mobile environments.


* Canada stock futures traded down 0.54 percent

* U.S. stock futures , , were down around 0.20 percent

* European shares, were down


* Thomson Reuters-Jeffries CRB Index : 306.95; fell 0.32 percent

* Gold Futures : $1649.6; fell 0.73 percent

* US Crude : $105.77; fell 0.37 percent

* Brent Crude : $119.19; fell 0.39 percent

* LME 3-month Copper : $8321.5; fell 1.4 percent


* Pason Systems Inc. : The oil field services provider’s profit beat estimates, driven by increased oil drilling in North America, but the company expects growth to moderate this year as gas drilling rates decline.

* Intact Financial : The property and casualty insurer said its first-quarter operating profit rose 75 percent, topping estimates, as insurance premiums rose due to last year’s acquisition of French insurer AXA’s Canadian assets.

* Fairfax Financial : The property and casualty insurer run by investor Prem Watsa, reported a smaller than expected quarterly loss because of stronger underwriting results and lower investment losses.

* MacDonald, Dettwiler and Associates Ltd. : The surveillance and satellite imaging company posted an 18 percent rise in first-quarter profit, helped in part by a foreign exchange gain.

* Genworth MI Canada Inc. : The residential mortgage insurer’s quarterly profit rose, helped in part by higher net gains on investments.

* Ivanhoe Mines : The miner appointed a new CEO to replace founder Robert Friedland, who was ousted last month when the company’s majority owner, global miner Rio Tinto, took control over management.


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

* Brookfield Canada Office Properties : CIBC raises price target to C$29 from C$27.50 on strong 1st-qtr results

* Thomson Reuters : National Bank Financial raises to sector perform from underperform after quarterly results beat analysts’ estimates

* Sprott Power : Canaccord Genuity starts with buy rating and price target of C$1.30; says company well positioned for rapid growth

* Westjet Airlines : CIBC raises price target to C$18.50 from C$17.50 on solid 1st-qtr results and strong valuations


* Major U.S. events and data includes ADP employment report and factory orders

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below