November 15, 2010 / 1:50 PM / in 7 years

CANADA STOCKS-TSX set to edge higher at open, commodities firm

Nov 15 (Reuters) - Toronto’s main stock index looked set to open slightly higher on Monday, helped by firmer commodity prices, but investors remain vigilant after BHP Billiton scrapped its $39 billion bid for Potash Corp.

FACTORS TO WATCH

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

* U.S. stock index futures trimmed gains on Monday after data showed October retail sales were stronger than forecast but manufacturing growth in New York declined in November. [.N]

* European shares edged higher as strong euro zone export growth overshadowed worries over the euro zone periphery’s ability to manage its debt, with miners recovering from earlier losses. [.EU]

COMMODITY PRICE MOVES

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

* Oil rebounded towards $86 a barrel after falling sharply from a more than two-year high last week as risk appetite improved and investors looked beyond Irish debt worries to signs of rising fuel demand. [O/R]

* Gold held near $1,365 an ounce in Europe, steadying after its biggest one-day fall since July 1 in the previous session, as concerns over euro zone sovereign debt levels offset strength in the dollar. [GOL/]

* Base metals eased, weighed by a firmer dollar and worries about the possibility of monetary tightening in top metals consumer China. [MET/L]

CANADIAN STOCKS TO WATCH

* Potash Corp POT.N: Top global miner BHP Billiton (BLT.L) scrapped its $39 billion bid for Canada’s Potash Corp, the world’s biggest deal this year, after rejection by regulators and bowed to calls from investors to return cash. [ID:nSGE6AD04O]

* Uranium One UUU.TO: The uranium miner reported on Monday a narrower quarterly loss, helped by an increase in production, and forecast higher production in 2011. [ID:nSGE6AE0WC]

* First Uranium Corp. FIU.TO: Gold and uranium producer reported on Monday a wider-than-expected quarterly loss hurt by foreign exchange translation and certain expenses. [ID:nSGE6AE0WN]

* Vecima Networks’ VCM.TO: The communications equipment maker reported on Friday first-quarter income which beat estimates, as a ramp up in production of new products boosted margins. [ID:nSGE6AB0KR]

* Intermap Technologies’ IMP.TO: The digital mapper reported on Friday third-quarter loss which was wider-than-expected, hurt by plummeting revenues at its contract services and multi-client data license segments. [ID:nSGE6AB0K0]

* Akela Pharma Inc. AKL.TO. The company reported third-quarter profit as restructuring helped the painkiller developer cut costs. [ID:nSGE6AE0XY]

ANALYST RECOMMENDATIONS

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

* Enerplus Resources Fund ERF_u.TO target price raised to C$27 from C$26.50; keeps market perform rating at Raymond James

* Northern Property REIT NPR_u.TO target price raised to C$28.50 from C$28; keeps outperform rating at Raymond James

* TeraGo Inc (TGO.TO) price target raised to C$9 from C$8; keeps buy rating at Canaccord Genuity

$1=$1.01 Canadian Reporting by Bangalore Newsroom; editing by Jeffrey Hodgson

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