September 15, 2010 / 12:41 PM / 8 years ago

CANADA STOCKS-TSX set to open lower as resources drag

TORONTO, Sept 15 (Reuters) - Toronto’s main stock index looked set to open lower on Wednesday after three days of gains, as commodity prices slipped on worries about demand from top resource consumer China.


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

* U.S. stock index futures were modestly lower on Wednesday as investors looked set to consolidate recent gains. [.N]

* European shares were lower by midday on Wednesday, with drugmakers falling with AstraZeneca slipping as its heart drug Brilinta faced a delay in getting U.S. approval. [.EU]

* Markets in Asia were broadly up with the Nikkei jumping 2.3 percent to a one-month closing high after Japan intervened to weaken the yen for the first time in six years. [nTOE68E02W]


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.64 percent in early trade.

* Oil fell for a second day on Wednesday as pipeline operator Enbridge prepared to reopen the biggest Canada-U.S. crude line, which analysts said could limit the drainage of record-high inventories. [O/R]

* Spot gold traded flat on Wednesday, hovering near record highs hit in the previous session, as investor buying and lingering doubts about the global economy offset a firm dollar. [GOL/]

* Copper prices lurched lower on Wednesday as the market worried about demand from top consumer China on talk of higher capital adequacy ratios for the country’s banks. [MET/L]


* Potash Corp POT.TO: China’s state-owned Sinochem Corp appears unwilling to make a bid for Potash, even as Beijing voiced concern over BHP Billiton’s (BHP.AX) $39 billion bid for the Canadian firm on Wednesday. [ID:nSGE68E0AG]

* First Quantum Minerals (FM.TO): First Quantum Minerals is suing units of Eurasian Natural Resources Corp ENRC.L which bought rights to Kolwezi, a disputed copper project, after Democratic Republic of Congo withdrew First Quantum’s licence. [ID:nLDE68E05M]

* MDS MDS.TO: The world’s biggest suppliers of medical isotopes on Tuesday reported third-quarter loss from continued operations of $18 million or 27 cents per share, compared with a profit of $9 million or 8 cents a share, a year ago. [ID:nN14266985]

* Enbridge Inc (ENB.TO): The U.S. government will allow Enbridge to restart a key oil pipeline that sends Canadian crude to refineries in the Midwest by this weekend, Bloomberg News reported on Wednesday, citing a federal official. [nSGE68E00T] [ID:nN14265233]

* 20-20 Technologies Inc TWT.TO: The software maker for the interior design industry on Tuesday posted third-quarter earnings that met estimates, but revenue fell, hurt by weak performance in home and office segments. [ID:nSGE68D0LI]

* Zenn Motor Co Inc. ZNN.V: The company’s commitment to energy storage developer EEStor remains unwavering despite its recent revelation that it is working on other projects, Zenn’s CEO said on Tuesday. [ID:nN1492707]


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

* Dollarama Inc (DOL.TO) target price cut to C$30 from C$31; rating outperform at Raymond James. Price target raised to C$31 from C$29; rating buy at Versant Partners.

* Pacific Rubiales Energy PRE.TO target price raised to C$34 from C$33; rating strong buy at Raymond James

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

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