February 7, 2011 / 1:45 PM / 8 years ago

CANADA STOCKS-TSX set to open higher as metals, oil rise

Feb 7 (Reuters) - Canadian stocks looked set to open higher on Monday, helped by gains in commodities, including stronger metal prices and a rise in oil above $100 a barrel.


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

* U.S. stock index futures rose, tracking gains in European stocks, as metal prices advanced on bets of a stronger global economy. [.N]

* Strong earnings helped lift European shares to a 29-month high, while oil and mining stocks also provided support on rising commodity prices. [.EU]

* Asian stocks pushed towards a near three-year peak on Monday as the U.S. job market showed further signs of recovery, highlighting a brighter economic outlook.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.30 percent in early trade.

* North Sea Brent crude oil futures jumped back above $100 a barrel on worries unrest in Egypt could spread to other parts of the Middle East and north Africa, disrupting energy supplies. [O/R]

* Gold held near $1,350 an ounce in Europe after the metal’s first weekly rise this year supported investor confidence in the metal and some Asian demand returned as the Lunar New Year holiday approached its end. [GOL/]

* Copper hit a new record on concerns about supply, especially from top producer Chile, and a stream of positive economic data recently boosted the outlook for industrial metals demand. [MET/L]


* Pacific Northern Gas Ltd. PNG.TO: The company on Monday said it has agreed to sell its 50 percent interest in the Pacific Trail Pipelines Ltd partnership to Apache Canada Ltd and EOG Resources Canada Inc for C$50 million. [ID:nSGE716092]

* Crystallex International Corp. KRY.TO: The gold miner said that a state-owned Venezuelan company unilaterally decided to end their contract on Las Cristinas project, its largest asset. [ID:nN06170934]


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

* Aecon (ARE) price target cut to C$11.25 from C$12; rating hold at Canaccord Genuity

$1= $0.98 Canadian Reporting by Kishan Nair and Bangalore Newsroom; editing by Jeffrey Hodgson

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