May 6, 2011 / 12:52 PM / in 7 years

CANADA STOCKS-TSX set to open higher after strong jobs data

May 6 (Reuters) - Toronto’s main stock index looked set to open higher on Friday after stronger-than-expected Canadian and U.S. jobs data helped boost investor sentiment.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a higher open.

* Canada’s dollar jumped to a session high against the U.S. dollar after each of the jobs reports. [CAD/]

* U.S. stock index futures extended gains following the U.S. jobs data after four consecutive days of losses. [.N]

* Markets in Asia remained largely low but with an exception to Indian shares, which provisionally closed 1.7 percent higher, with financials leading the rise, as cooling oil prices helped them snap a nine-session losing streak.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was down 0.16 percent in early trade.

* Oil prices briefly turned positive following the U.S. jobs report. [O/R]

* Gold prices slipped following the strong U.S. jobs data. [GOL/]

CANADIAN STOCKS TO WATCH

* Bombardier (BBDb.TO): A consortium including Bombardier won a tender to build and operate a A$1 billion light rail system in Queensland state. [ID:nL3E7G60MK]

* GMP Capital Inc. (GMP.TO): The company posted a first-quarter profit helped by strength in its capital markets business and raised its quarterly dividend by 25 percent. [ID:nL3E7G61Q1]

* Eldorado Gold (ELD.TO): The gold miner reported a slight rise in first-quarter profit on Thursday, as higher bullion prices made up for lower production. [ID:nN0580534]

* Pengrowth Energy Corp PGF.TO: The oil and gas explorer’s quarterly production fell 3 percent, hurt by a pipeline rupture at its Alberta project. [ID:nL3E7G54NZ]

* Canadian Natural Resources Ltd. (CNQ.TO): The independent oil explorer’s first-quarter profit sank 94 percent as a fire halted production at its oil sands project and a tax increase hit its North Sea operations. [ID:nN05288931]

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Boralex Inc (BLX.TO) price target cut to C$11.50 from C$13.50; rating outperform at National Bank

* Calfrac Well Services Ltd (CFW.TO) price target raised to C$47 from C$40; rating outperform at RBC

* DragonWave DWI.TO rating cut to underperform from sector perform at National Bank

* Lake Shore Gold Corp LSG.TO price target raised to C$5.25 from C$5; rating outperform at National Bank

* Manulife Financial Corp (MFC.TO) rating raised to outperform from sector perform at National Bank

* Yellow Media Inc YLO.TO price target cut to C$5 from C$5.70; rating sector perform at National Bank

$1= $0.96 Canadian Reporting by Shrutee Sarkar; editing by Jeffrey Hodgson

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