Feb 12 (Reuters) - Canadian stock futures pointed to a slightly higher open on Tuesday as all eyes turn to President Obama’s State of the Union address and after the G7 industrialized nations encouraged countries to refrain from competitive devaluations.
* Canadian oil producer Nexen Inc said that the Committee on Foreign Investment in the United States has approved its $15.1 billion takeover by China’s CNOOC Ltd 0883.HK, removing the final barrier to China’s largest foreign takeover.
* Agrium Inc : The fertilizer maker appointed two independent directors to its board after it could not come to terms with U.S. activist shareholder Jana Partners, which wants to break up the company.
* Group of Seven nations reiterated their commitment to market-determined exchange rates and said fiscal and monetary policies must not be directed at devaluing currencies.
* President Barack Obama will give his State of the Union address with one eye on the political calendar as time ticks down on his bid to advance an agenda that will help shape his White House legacy.
* Coca-Cola reported higher quarterly earnings as sales rose in North America and abroad.
* World oil demand will grow faster than previously thought in 2013, producer group OPEC said, citing signs of a recovery in the world economy.
* Canada stock futures traded up 0.05 percent
* U.S. stock futures , , were down around 0.05 percent
* European shares, were mixed
* Thomson Reuters-Jefferies CRB Index : 301.0323; fell 0.05 percent
* Gold futures : $1,648.4; rose 0.01 percent
* US crude : $97.27; rose 0.25 percent
* Brent crude : $118.58; rose 0.38 percent
* LME 3-month copper : $8,225.75; rose 0.33 percent
Following is a summary of research actions on Canadian companies reported by Reuters.
* Entrec Corp : National Bank Financial raises target price to C$3 from C$2.75 on the company’s impressive growth profile and strengthened balance sheet.
* Hanfeng Evergreen Inc : Canaccord Genuity raises target price to C$2.25 from C$2.20 to reflect the company’s agreement with its CEO, Xinduo Yu, under which he will acquire all of the outstanding shares of the company for C$2.25 per share in cash.
* Kirkland Lake Gold Inc : CIBC cuts price target to C$7.50 from C$9 to reflect lower grades and higher costs.
* San Gold Corp : CIBC cuts to sector underperformer from sector performer, BMO cuts to market perform from outperform, citing concerns on the company’s five-year mine plan, lower grades, limited production growth and minimal reserves.
* Toromont Industries Ltd : Canaccord Genuity raises target price to C$24.50 from C$24 after the company posted better-than-expected fourth-quarter results on a larger installed base of equipment and higher rental fleet utilization.
* No major Canadian economic data scheduled for release
* Major U.S. events and data includes the Federal Budget