May 14 (Reuters) - Toronto’s main stock index could open lower on Friday as oil prices fell to a three-month low, dragged by swollen U.S. crude inventories and concerns that the European debt crisis will curb future energy demand growth.
European equities extended early losses pressured by banks, miners and commodity-linked stocks.
U.S. stock index futures were down as investors awaited a round of data, including retail sales and consumer sentiment, which will provide a picture on the strength the economic recovery. [.N]
Most Asian markets fell with Nikkei shedding more than a percent after Sony forecast profits that were not as strong as some had hoped.
Here is some news that could affect stock prices:
OIL AT 3-MONTH LOW
U.S. crude oil fell more than $1 to a three-month low near $73 a barrel on Friday, dragged down by swollen U.S. crude inventories and worries that the European debt crisis will curb demand growth. [O/R]
Copper slipped on Friday, as euro zone sovereign debt worries and a firm dollar dragged industrial metals lower, while concerns of further fiscal tightening in number one metals consumer China added to the negative sentiment. [MET/L]
Gold hit record highs near $1,250 an ounce in Europe on Friday as investors bought the metal to protect against sovereign risk in the euro zone and instability in the foreign exchange markets. [GOL/]
Mega Brands Inc MB.TO returned to a first-quarter profit on Friday as the Canadian toymaker benefited from a gain related to its recent recapitalization plan. [ID:nN14102025]
Finning International (FTT.TO), the world’s largest Caterpillar (CAT.N) equipment dealer, said on Thursday its quarterly profit fell 55 percent as market weakness in Canada and Britain outweighed strength in its South American operations. [ID:nN13197879]
INTERNATIONAL TOWER HILL MINES ASSETS SPIN-OFF
Oil and natural gas company Petrobank Energy and Resources Ltd PBG.TO posted a quarterly profit on Friday that handily topped market estimates, primarily helped by higher production. [ID:nSGE64D0GG]
JAZZ AIR’S PROFIT FALLS Jazz Air Income Fund’s JAZ_u.TO first-quarter profit fell 69 percent on Thursday, hurt by lower billable block hours, less traffic and unfavourable foreign exchange rates. [ID:nSGE64C0M4]
Chartwell Seniors Housing Real Estate Investment Trust (CSH_u.TO) on Thursday posted higher quarterly funds from operations (FFO), helped by a rise in same-property net operating income. [ID:nSGE64A0LP]
Oil and gas company Bankers Petroleum Ltd BNK.TO posted a first-quarter profit on Friday, helped by an increase in production and oil prices. [ID:nSGE64D0FB]
Silver producer First Majestic Silver Corp’s (FR.TO) said on Thursday that its quarterly profit more than tripled on higher shipments. [ID:nSGE64C0LR]
Provident Energy Trust PVE_u.TO reported lower first-quarter results on Thursday, hurt by softer seasonal propane demand and lower natural gas volumes. [ID:nSGE64C0MA]
Gold miner Crystallex International Corp’s KRY.TO said on Thursday that it would not have enough cash to fund its obligations through 12 months “without further measure,” and posted a wider first-quarter loss. [ID:nSGE64C0M9]
CVTech Group Inc CVT.TO, an electrical services provider, posted a nearly seven-fold jump in quarterly earnings on Friday, as energy segment revenue soared, helped by winter storms that hit the northeast United States. [ID:nSGE64D0GV]
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.
* Advantage Oil and Gas (AAV.TO) price target raised to $9 from $8.75; rating outperform at Raymond James
* Cequence Energy (CQE.TO) price target cut to $3.25 from $3.50; rating outperform at Raymond James
* Cominar REIT (CUF_u.TO) price target raised to $21 from $20.25; rating outperform at Raymond James
* Crocotta Energy CTA.TO price target raised to $2 from $1.80; rating outperform at Raymond James
* McCoy Corp (MCB.TO) price target raised to $3.25 from $2.50; rating strong buy at Raymond James
* Neo Material Technologies NEM.TO price target raised to $6 from $5; rating outperform at Raymond James
* Stantec Inc (STN.TO) price target cut to $27 from $29; rating market perform at Raymond James
* Stoneham Drilling Trust SDG_u.TO price target raised to $8 from $6.50; rating outperform at Raymond James
* Trinidad Drilling TDG.TO price target cut by $0.50 to $8.50; rating strong buy at Raymond James
* ZCL Composites (ZCL.TO) rating cut to market perform from outperform at Raymond James
$1=$1.03 Canadian Reporting by Bangalore newsroom, editing by Savio D'Souza and Jeffrey Hodgson