May 9, 2011 / 12:48 PM / 8 years ago

CANADA STOCKS-TSX may open higher on strong commodity recovery

May 9 (Reuters) - Toronto’s main stock index looked set to open higher on Monday as commodity prices recovered from the last week’s hefty losses, which should boost shares of mining and energy companies.


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

* U.S. stock index futures rose as commodities and the euro bounced back from last week’s hefty losses. [.N]

* European shares fell after top euro zone finance officials discussed the need for new adjustments to Greece’s aid program, with fund managers advising caution on the euro zone peripheries. [.EU]

* Markets in Asia were largely up except Nikkei, which fell after Prime Minister Naoto Kan called for the closure of Chubu Electric’s nuclear plant due to worries that a large earthquake could trigger another nuclear crisis.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 1.41 percent in early trade.

* Oil rebounded by more than $3, helped by a weaker dollar as the euro strengthened and bargain hunting by traders and investors after Brent crude lost over $16 last week. [O/R]

* Gold climbed back above $1,500 an ounce as a retreat in the dollar and a rebound in oil prices helped the precious metal recover from its biggest weekly loss since early 2009, while beleaguered silver also rose. [GOL/]

* Copper rose as a weaker dollar and upbeat U.S. employment data helped lure investors back after the commodities sell-off last week. [MET/L]


* Silver Wheaton Corp. SLW.TO: The company’s first-quarter profit jumped 142 percent, helped by strong silver prices, and it said it expects increased silver deliveries throughout 2011. [ID:nL3E7G91OY]

* First Quantum Minerals (FM.TO): The Africa-focused copper and gold miner posted a 37 percent rise in quarterly profit on higher copper prices. [ID:nL3E7G91LP]

* Ensign Energy Services Inc (ESI.TO): The oilfield services company’s first-quarter profit doubled, helped by higher drilling activity in crude oil and liquids-rich natural gas resource plays. [ID:nL3E7G91KD]

* Teck Resources TCKb.TO: The diversified miner reached a deal with employees at its Fording River coal mine in British Columbia. [ID:nL3E7G90DK]

* Thompson Creek Metals TCM.TO: The molybdenum miner reported a higher quarterly profit above market expectations helped by higher molybdenum prices and a rise in production. [ID:nL3E7G63RI]


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

* Pengrowth Energy Corp (PGF.TO) price target raised to C$15.50 from C$15; rating sector performer at CIBC

* Royal Host RYL.TO rating raised to sector perform from underperform at RBC

* Vermilion Energy Inc (VET.TO) price target cut to C$56.50 from C$58.50; rating sector performer at CIBC

$1= $0.96 Canadian Reporting by Kishan Nair; editing by Jeffrey Hodgson

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