July 26, 2012 / 12:21 PM / 7 years ago

CANADA STOCKS-ECB comments might push TSX higher

July 26 (Reuters) - Toronto’s main stock index looked set to open higher on Thursday, after European Central Bank President Mario Draghi said the central bank will do whatever is necessary to protect the euro, triggering speculation that some major central banks will move to boost the slowing world economy.


* European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, including acting to lower unreasonably high government borrowing costs.

* Barrick Gold Corp, the world’s largest gold miner, on Thursday reported a 35 percent decline in second-quarter profit and warned capital costs on one of its biggest growth projects will be much higher than previously forecast.

* Potash Corp, the world’s largest fertilizer maker, reported a 38 percent drop in second-quarter profit on Thursday, mainly due to one-time charges and weaker results from its phosphate business.

* MEG Energy Corp, a Canadian oil sands company, reported a 70 percent fall in quarterly operating profit on lower bitumen prices.

* U.S. Silver Corp, which has agreed to be bought by RX Gold & Silver Inc, said it was evaluating a hostile offer from Hecla Mining Co.

* Weaker oil and gas prices took their toll on Royal Dutch Shell’s second-quarter profits while extra maintenance costs on high-margin U.S. Gulf production drove earnings below analysts’ expectations.


* Canada stock futures were up 0.83 percent

* U.S. stock futures , , were up around 0.93-1.2 percent

* European shares, were firmer


* Thomson Reuters-Jefferies CRB Index : 298.86; rose 0.55 percent

* Gold futures : $1,608; was unchanged 0 percent

* US crude : $89.74; rose 0.87 percent

* Brent crude : $105.39; rose 0.97 percent

* LME 3-month copper : $7,524.25; rose 1.05 percent


* Alamos Gold : The gold miner reported a 59 percent jump in quarterly profit as production rose and costs fell, but said it expects full-year production at the lower end of its forecast range.

* Lundin Mining Corp. : The base metals miner reported a fall in second-quarter profit, citing lower metal prices and higher costs.

* Mullen Group Ltd. : The trucking and logistics company reported a 40 percent fall in second-quarter profit on foreign exchange losses.

* Exco Technologies Ltd. : The auto parts maker posted a profit for the third straight quarter on higher demand and strong performance across all segments.

* Canadian National Railway Ltd. : The railroad will soon shelve plans to build a C$5 billion rail line to northern Quebec unless more miners sign deals with the rail operator to ship iron ore from the isolated region to port, the company’s chief executive said on Wednesday.

* Agnico-Eagle Mines Ltd. : The gold miner reported a 15 percent drop in its second-quarter adjusted profit on Wednesday, largely due to higher average cash costs at its mines.

* Norbord Inc. : The wood panels maker second-quarter profit rose on improved prices for oriented strand board. Norbord’s April-June profit rose to $6 million, or 14 cents per share, from $1 million, or 3 cents per share, a year earlier.

* Imax Corp : The giant movie screen maker reported a six-fold jump in second-quarter profit mainly on strong box office revenue. Net income rose to $11.1 million, or 16 cents per share, from $1.8 million, or 3 cents per share, a year earlier.


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

* Alliance Grain Traders : Canaccord Genuity raises target to C$17.50 from C$13.50, raises to buy from hold, expects increased demand for Canadian pulses to brighten the company’s earnings outlook heading into 2013

* Canadian National Railway Co : CIBC raises price target to C$93 from C$92, after it reported a solid second quarter, in line with expectations

* CGI Group : Canaccord Genuity raises price target to C$25 from C$23, rates hold on the expected closure of the Logica acquisition

* Genworth MI Canada Inc : CIBC cuts price target to C$30.75 from C$33.75 on expectation of solid earnings in the second quarter

* Teck Resources : RBC cuts price target to C$41 from C$45, rates outperform; Canaccord Genuity cuts target price to C$39 from C$46, on weaker-than-expected second quarter results.


* Major U.S. events and data includes durable goods, initial claims, pending home sales and building permits data are due

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