May 15, 2012 / 12:57 PM / 7 years ago

CANADA STOCKS-TSX may open higher on solid German data

May 15 (Reuters) - Toronto’s main stock index looked set to bounce off recent 2012 lows on Tuesday on strong German growth, but gains may be capped as euro zone uncertainty kept investors cautious.


* Germany’s economy confounded expectations by posting robust growth in the first quarter of the year while France could summon up none at all and Italy slid further into recession, data showed.

* Jamie Dimon faces growing calls to give up the chairmanship of JPMorgan Chase & Co when shareholders of the bank convene, days after it revealed losses of billions of dollars in trades that were supposed to protect it from risk.

* Facebook Inc has increased the price range in Silicon Valley’s biggest-ever initial public offering to raise more than $12 billion, giving the No.1 social network a valuation potentially exceeding $100 billion.

* Fragrance company Coty Inc withdrew its $10.7 billion takeover bid for Avon Products Inc on Monday, saying the world’s largest cosmetics direct seller had missed a deadline to start discussing a deal that Coty first proposed in March.

* South America-focused oil and gas producer Canacol Energy Ltd reported a quarterly profit on higher average daily sales volume. [ID: nL4E8GF69L]


* Canada stock futures traded up 0.51 percent

* U.S. stock futures , , were up around 0.4-0.74 percent

* European shares, were mixed


* Thomson Reuters-Jeffries CRB Index : 289.08; rose 0.22 percent

* Gold Futures : $1557.6; fell 0.19 percent

* US Crude : $94.93; rose 0.15 percent

* Brent Crude : $112.33; rose 0.68 percent

* LME 3-month Copper : $7818.25; fell 0.28 percent


* SouthGobi Resources : The coal miner expects coal sales volumes to be weak due to customer concerns that Mongolia may suspend the company’s mining license and its proposed new majority owner, China’s Chalco, may take most of the mine’s supply.

* Calvalley Petroleum Inc. : Securities regulators have charged the CEO of the oil explorer with insider trading, expanding a case that began last year involving company’s former president.

* Canadian Natural Resources Ltd. : The Alberta government said on Monday it has charged the independent oil explorer with releasing poisonous hydrogen sulfide gas from its Horizon oil sands plant two years ago and failing to report the incident.


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

* Chorus Aviation : National Bank Financial raises to sector perform from underperform; cuts target to C$3.05 from C$3.25

* Claude Resources Inc : CIBC cuts price target to C$1.50 from C$1.70; says 2012 production outlook will be a “stretch target”

* IBI Group Inc : Canaccord Genuity cuts price target to C$12 after weaker-than-expected 1st-quarter results

* Southgobi Resources : CIBC cuts target to C$11 from C$13 to reflect rising political uncertainties; sector outperformer

* Valener : National Bank Financial raises to sector perform from underperform on valuation


* Major U.S. events and data includes consumer prices, retail sales and real earnings

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