April 13, 2011 / 12:36 PM / 8 years ago

CANADA STOCKS-TSX may open higher after commodity prices recover

Apr 13 (Reuters) - Toronto’s main stock index looked set to open higher on Wednesday as commodity prices edged up and with financial stocks expected to gain after JPMorgan’s quarterly results beat forecasts.


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

* U.S. stock index futures rose, rebounding from the previous day’s decline, after results from JPMorgan Chase beat expectations and spurred bets that other bank earnings will be strong. [.N]

* European shares extended gains, with banks rising after results at JPMorgan Chase (JPM.N) beat forecasts. [.EU]

* Asian stocks rose with investors looking for fresh opportunities to bet on risky assets after a sharp drop in oil the previous day caused an unwinding of positions.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.27 percent in early trade.

* Oil crept back above $121, partly reversing a deep sell-off as foreign ministers met for talks on Libya’s future and the market awaited U.S. inventory data for possible signs of demand attrition. [O/R]

* Gold rose in Europe, recovering after its biggest one-day drop in nearly a month as the dollar retreated amid expectations the U.S. Federal Reserve will maintain its accommodative monetary policy for now. [GOL/]

* Copper steadied as a round of global risk aversion abated and focus switched to earnings reports for new light on the global economic recovery, while reports of declining output continued to cushion prices. [MET/L]


* MacDonald, Dettwiler and Associates Ltd. MDA.TO: The satellite and data distribution company has signed a contract in excess of C$40 million with a confidential customer to provide technology support for a satellite communications and information service, the company said. [ID:nL3E7FD0DU]

* Lundin Mining (LUN.TO): The company said on Tuesday it continues to explore strategic alternatives, and repeated that shareholders should reject the unsolicited C$4.7 billion bid from rival Equinox Minerals EQN.TO. [ID:nN12197494]

* Nexen Exploration NXY.TO: The company drilled a dry well in the Norwegian Sea some seven kilometres southeast of the Heidrun field in production license 434, Norway’s petroleum directorate said. [ID:nOSN005144]

* Harry Winston Diamond Corp HW.TO: The company said its quarterly diamond production from its Diavik mine fell sequentially, hurt partly by maintenance at a processing plant. [ID:nL3E7FD1TR]

* Northgate Minerals Corp. NGX.TO: The gold miner expects production at its Young-Davidson gold mine in Northern Ontario to start in late first-quarter of 2012. [ID:nL3E7FD1WR]

* WesternZagros Resources WZR.V: The oil and gas explorer’s fourth-quarterly loss almost doubled as a result of a rise in expenses. [ID:nL3E7FC2S3]

* Win-Eldrich Mines Ltd. WEX.V: Precious metals miner said quarterly production at its Ashdown molybdenum mine in Nevada was at peak levels last achieved in 2008, before lower prices forced the mine into maintenance. [ID:nL3E7FC2Y5]


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

* Ag Growth International (AFN.TO) price target cut to C$50 from C$53; rating sector performer at CIBC

* Altus Group (AIF.TO) rating cut to sector performer from sector outperformer at CIBC

* Black Diamond Group Ltd (BDI.TO) target price raised to C$31 from C$28 at Raymond James

* Creston Moly CMS.V rating downgraded to market perform from outperform; target price to C$0.60 from C$1 at Raymond James

* Geologix Explorations Inc GIX.TO coverage started with outperform rating and C$1.10 price target at Raymond James

* Mercator Minerals Ltd ML.TO rating cut to neutral from outperform at Macquarie

$1= $0.96 Canadian Reporting by Karan Khemani; editing by Jeffrey Hodgson

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