April 11, 2011 / 12:43 PM / 8 years ago

CANADA STOCKS-TSX may open slightly lower on softer oil price

April 11 (Reuters) - Toronto’s main stock index looked set to open slightly lower open on Monday, weighed down by softer prices for oil and other commodities.


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

* U.S. stock index futures edged up as hopes for a strong earnings season offset some concerns about another earthquake in Japan. [.N]

* European shares slipped ahead of the first quarter earnings season in the United States as jitters resurfaced that high raw material prices could further strain corporate margins. [.EU]

* Asian stocks were mostly in red with Indian shares closing 1.1 percent lower after industrial output grew at a slower-than-expected pace in February.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.33 percent in early trade.

* Brent crude oil fell over $1 to dip below $125 and U.S. crude futures slipped to below $112 on prospects of a Libyan peace agreement, and giving back some ground after Friday’s strong rally. [O/R]

* Gold hit record highs and silver a 31-year peak, lifted partly by a weaker dollar, amid expectations the Federal Reserve will lag other central banks in tightening monetary policy. [GOL/]

* Copper hit five-week highs as a weaker dollar and robust imports by top consumer China boosted investor appetite for the metal, but prices then slipped after news of another strong earthquake in Japan. [MET/L]


* TimberWest Forest Corp. TWF_u.TO: The company said it agreed to be bought by two Canadian pension funds for about C$703 million in cash. [ID:nL3E7FB24R]

* Telus Corp (T.TO): The telecoms company said it has reached a “tentative collective agreement” with the Telecommunications Workers Union. [ID:nL3E7FB1U1]

* Endeavour Silver Corp (EDR.TO): The company’s first-quarter revenue nearly doubled as production rose and bullion prices climbed sharply. [ID:nL3E7FB1QX]


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

* Cogeco Cable (CCA.TO) price target raised to C$46 from C$45 at CIBC

* Cogeco Inc (CGO.TO) price target raised to C$42 from C$39 at CIBC

* Innergex Renewable Energy Inc (INE.TO) price target raised to C$9.75 from C$9.50 at CIBC

* Newalta (NAL.TO) price target raised to C$16.50 from C$16; rating outperform at National Bank

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

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