June 13, 2011 / 12:48 PM / 7 years ago

CANADA STOCKS-TSX may open firmer even as growth fears weigh

June 13 (Reuters) - Toronto’s main stock index was set to open firmer on Monday, with some investors looking to buy back into the market after it hit a six-month low on Friday, even as concerns lingered about the outlook for the global economy.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a slightly firmer open

* U.S. stock index futures edged higher after six weeks of declines for the S&P 500 left equities at more attractive levels. [.N]

* European shares stabilized after the previous session’s sharp sell-off, as analysts said global growth worries and the Greek debt crisis would continue to weigh on the market. [.EU]

* Markets in Asia were largely mixed with Hong Kong shares snapping a seven-day losing streak as banks led a late rally, setting up the benchmark for a possible bounce from oversold conditions if inflation data from China on Tuesday comes in better than expected.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.32 percent in early trade.

* Oil futures dipped as increasing signs of global economic slowdown prompted risk aversion, with the increase in speculators’ short positions in U.S. crude further deepening its discount to North Sea Brent. [O/R]

* Gold fell as the euro eased against the dollar, but concerns about the euro zone debt crisis sustained investor interest in the precious metal as a safe store of value. [GOL/]

* Copper dropped half a percent to a three-week low, dragged down by signs of cooling in top consumer China amid holiday-thinned trade, but prospects for a demand pick-up in the second half kept sellers at bay. [MET/L]

CANADIAN STOCKS TO WATCH

* TMX Group X.TO: Maple Group launched a C$3.7 billion hostile bid for the exchange operator, an all-Canadian challenge to the London Stock Exchange’s agreed bid. [ID:nN13101866]

* Valeant Pharmaceuticals International VRX.TO: The U.S. Food and Drug Administration gave its limited approval for GlaxoSmithKline’s and Valeant’s new epilepsy drug Potiga. [ID:nLDE75C05U]

* First Quantum Minerals FM.TO: The miner said it plans to list its shares on the Zambian bourse by July, as part of its strategy to target expansion in the fast-growing African country. [ID:nLDE75C09I]

* Air Canada Inc. ACa.TOACb.TO: The union representing customer service and ticket sales agents at the carrier on Friday gave the airline 72 hours notice of a strike after negotiators failed to agree on a new labor contract. [ID:nN09246936]

ANALYST RECOMMENDATIONS

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

* Capital Power CPX.TO price target raised to C$25.50 from C$24.50; rating sector perform at National Bank Financial

* Nexen NXY.TO rating cut to sell from hold at Socgen

* Osisko Mining OSK.TO price target cut to C$23 from C$25; rating sector outperformer at CIBC

* Toromont Industries TIH.TO rating cut to sector performer from sector outperformer at CIBC

$1= $0.98 Canadian Reporting by Kishan Nair; 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