May 7, 2012 / 1:07 PM / 6 years ago

CANADA STOCKS-TSX set to open lower on Greek, French elections

May 7 (Reuters) - Canada’s resource heavy main stock index was set to open lower on Monday, tracking global markets, after Greek and French election results hurt investors’ appetite for riskier assets.

TOP STORIES

* Short party for Hollande after French election win: Francois Hollande’s honeymoon after his election as France’s first centre-left president in 17 years was cut short on Monday by jittery financial markets eager for signals on his policies and how hard he will push back against German-led austerity.

* Greek conservatives begin hunt for governing partners: Greece plunged into turmoil on Monday after shock election results rejected a painful international bailout and left a big question mark over how the country could find a new government and stay in the euro.

* TransGlobe’s profit rises on output, oil price: The oil and gas company’s quarterly profit rose nearly four times on increased production and higher oil prices.

* Ithaca Energy sets deadline for bids: The oil and gas producer said it remained in dialogue with interested parties and has set a bid deadline after a newspaper reported that Kuwait’s national oil company was no longer in talks to buy the Canadian company.

MARKET SNAPSHOT

* Canada stock futures traded down 0.45 percent

* U.S. stock futures , , were down around 0.43 percent

* European shares, traded lower

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 296.81; fell 0.11 percent

* Gold Futures : $1,639.2; fell 0.37 percent

* US Crude : $97.72; fell 0.78 percent

* Brent Crude : $112.96; fell 0.19 percent

* LME 3-month Copper : $8,175.25; fell 0.43 percent

CANADIAN STOCKS TO WATCH

* Nexen Inc. : The company said the Kakuna exploratory well in the Gulf of Mexico is being plugged and abandoned as it did not find oil or natural gas that had commercial viability.

* Ensign Energy Services Inc. The oilfield services provider reported a 32 percent rise in first-quarter profit on strong drilling activity in North America.

* Viterra Inc. : Glencore International Plc said on Friday that Canada’s Competition Bureau will not stand in the way of its C$6.1-billion takeover bid for the grain handler.

* Gran Tierra Energy Inc. : The oil exploration and production company reported a quarterly loss, hurt by higher costs and foreign exchange losses.

ANALYST RECOMMENDATIONS

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

* Air Canada : Canaccord Genuity cuts price target to C$4.75 from C$6.50 on slower margin recovery

* National Bank of Canada : Barclays cuts price target to C$78 from C$79; says cautious on a pullback in trading revenues

* Vermilion Energy : Barclays raises target price to C$51 from C$50, says the company has a solid growth outlook, strong management, and excellent financial position

* Suncor Energy Inc : Canaccord Genuity raises price target by C$2 to C$46, and said it continues to expect the company to increase dividend

* Mercator Minerals : Canaccord Genuity downgrades to speculative buy from buy after the company cut its 2012 copper production view

ON THE CALENDAR

* Major Canadian economic data due to be released include building permits

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