June 2 (Reuters) - Toronto’s main stock index looked set to opener higher on Thursday, helped by higher oil and gold prices, which benefited from a weaker U.S. dollar.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE tumbled nearly 2 percent on Wednesday, led by financial and energy shares, as disappointing U.S. data fueled fears that North American economic growth is stalling.
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures advanced a day after suffering its biggest losses in nearly a year as investors waited for more clues on the strength of the economy ahead of Friday’s jobs data. [.N]
* European shares fell as disappointing data from the United States prompted concerns over a slowdown in the pace of economic recovery, causing a pull back in appetite for riskier assets. [.EU]
* Asian stocks slid with shares in Hong Kong and China falling, with Shanghai’s main index slumping to a four-month low, on signs that the global economic recovery is losing steam and on fears of more policy tightening in China over the coming long weekend.
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.1 percent in early trade.
* Oil bounced, reversing earlier losses as the dollar fell, although gains were capped by comments from an OPEC delegate that the cartel might increase its supply target in a bid to temper prices. [O/R]
* Gold edged up, after touching a one-month high the day before, as concerns grew about the outlook for the U.S. economy and the dollar weakened. [GOL/]
* Copper slipped, extending losses from the previous session, after U.S. jobs and manufacturing data came in below expectations and raised worries about the health of the global economy. [MET/L]
* Sprott Inc (SII.TO): The asset manager reported a 66 percent jump in first-quarter profit, helped by a rise in assets under management. [ID:nL3E7H21ME]
* Stella-Jones Inc. (SJ.TO): The maker of treated wood products reported a 47 percent rise in first-quarter profit helped mainly by stronger railway tie sales. [ID:nL3E7H21MM]
* Cascades Inc. (CAS.TO): The company’s chairman-controlled firm raised its stake in the packaging and paper products company by about 4 percent for C$3.2 million. [ID:nL3E7H13LA]
* Timminco Ltd. TIM.TO: The company has extended a silicon-supply contract by a year, which will fetch it higher prices in 2011 but limit the scope of further price increases. [ID:nL3E7H13O6]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Bombardier Inc (BBDb.TO) price target raised to C$8.50 from C$8.25 at CIBC
* Trinidad Drilling Ltd (TDG.TO) price target cut to C$12.50 from C$13 at CIBC
$1= $0.98 Canadian Reporting by Karan Khemani; Editing by Jeffrey Hodgson