September 13, 2010 / 12:56 PM / 7 years ago

CANADA STOCKS-TSX seen higher on upbeat China data

TORONTO, Sept 13 (Reuters) - Toronto’s resource-heavy index looked set to open higher on Monday after economic data released over the weekend showed factories ramped up production in August in China, the biggest consumer of resources.

FACTORS TO WATCH

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

* U.S. stock index futures pointed to a higher open for Wall Street on Monday, with stocks expected to be boosted by upbeat Chinese factory data and a deal on global bank rules. [.N]

* European shares extended gains in morning trade on Monday, led higher by financials on investor relief after the new “Basel III” bank capital rules were introduced. [.EU]

* Asian markets were also up after economic data released over the weekend showed Chinese factories ramped up production in August and money growth easily topped expectations. [ID:nTOE68A00H]

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.31 percent in early trade.

* Oil rose to a one-month high on Monday, spurred higher by strong Chinese demand growth and industrial output, while an extended shutdown of a major Canada-U.S. crude pipeline tightened supply. [O/R]

* Gold held largely steady on Monday, within about 1.3 percent of record highs, as improving consumer demand helped cushion the impact of upbeat Chinese economic data on investor desire for safe-haven assets. [GOL/]

* Copper rallied on Monday as upbeat data from China, the world’s top metals consumer, boosted hopes for demand and overshadowed concerns over lackluster growth prospects in developed economies. [MET/L]

CANADIAN STOCKS TO WATCH

* Enbridge Inc ENB.TO, Canada’s No. 2 pipeline company, said on Monday it had cleaned up most of the oil leaked by the largest crude pipeline connecting the United States and Canada, but had no estimate for when shipments would resume. [ID:nSGE68C07T]

* Magna International Inc MG.TO MGa.TO said one of its co-CEOs, Siegfried Wolf, resigned to join Russian automaker GAZ leaving Donald Walker as the sole CEO of the automaker. [ID:nSGE68C0F5]

* Alimentation Couche-Tard Inc ATDb.TO is willing to consider raising its $2 billion bid for Casey’s General Stores CASY.O, countering a higher offer from 7-Eleven, if the process is fair, the Canadian-based convenience store operator said on Friday.[ID:nN10123865]

* Research in Motion Ltd RIM.TO: JPMorgan Chase & Co and UBS are considering allowing employees to access corporate email using Apple iPhones or other alternatives to their standard-issue RIM BlackBerry. [ID:nN10276294]

* Athabasca Oil Sands Corp ATH.TO said on Monday it will acquire Excelsior Energy Ltd (ELE) for C$144 million, to expand its presence in oil sands at Hangingstone and West Surmont near Alberta. [ID:nSGE68C0F8]

* Centamin Egypt Ltd CEY.L CEE.TO said it cut its gold output guidance for 2010 by 15-20 percent due to a number of production problems at its Sukari operation. The company expects to produce 160-170,000 ounces of gold, revised down from the original target of 200,000 ounces. [ID:nLDE68C0GV]

* Intermap Technologies Corp IMP.TO: The Canadian 3D map maker’s CFO resigned on Friday, just over a month after its CEO stepped down, leaving the company without any permanent top-rung executives. The company did not name an interim CFO. [ID:nSGE68909G]

* Quadra FNX Mining Ltd QUX.TO plans to complete its financing study at its Sierra Gorda copper project in Chile later this year and hopes to finalize a deal with a partner to develop the project during the first quarter of 2011, said a company executive on Friday. [ID:nN10119529]

* Sears Canada Inc SCC.TO said on Friday a special dividend of C$3.50 a share to be paid Sept. 24 on all common shares. The company also said its board of directors approved a C$800 million senior secured credit facility, available for five years to help fund capital expenditures, acquisitions and other general corporate needs. [ID:nN10102958]

ANALYST RECOMMENDATIONS

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

* Susquehanna downgrades Research In Motion RIM.TO to negative rating.

$1=$1.03 Canadian Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below