April 18, 2011 / 12:39 PM / 8 years ago

CANADA STOCKS-TSX may open lower on oil, euro zone concerns

April 18 (Reuters) - Toronto’s main stock index looked set to open lower on Monday, as weak oil and commodity prices, Greek debt concerns, and China’s decision to raise banks’ required reserves weighed on investor sentiment.


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

* U.S. stock index futures fell before a raft of corporate earnings, including Citigroup, while Greek debt concerns continued to cloud the global economic picture. [.N]

* Resurfacing euro zone debt concerns hit European shares, with recent falls nudging a key index into negative territory for the year, from which it is unlikely to significantly rebound in the near-term. [.EU]

* Stocks in Asia ex-Japan remained flat, with investors unconvinced that China’s latest moves to cool its economy would hurt the global recovery.


* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.52 percent in early trade.

* Oil prices fell more than $1 a barrel to less than $123 after top exporter Saudi Arabia cut output because it lacked buyers. [O/R]

* Gold held near record highs as worries over the outlook for the euro lifted interest in the metal as a haven from risk and as a fresh hike in China’s reserve requirements highlighted concerns over inflation. [GOL/]

* Copper fell, on track for its sixth straight session of losses, after equities dropped, the dollar rose and top world metals consumer China raised banks’ required reserves. [MET/L]


* Suncor Energy Inc. (SU.TO): The company has been fined C$275,000 after pleading guilty to charges that it failed to manage storm water at an oil sands construction site, Alberta’s Environment Ministry said on Friday. [ID:nN15280203]

* TransCanada Corp. (TRP.TO): The U.S. State Department on Friday issued additional environmental analysis of the $7 billion pipeline project slated to bring crude from Canadian oil sands to the Gulf Coast, but green groups quickly dismissed the assessment. [ID:nN15298301]

* Research In Motion RIM.TO: The Blackberry maker may attempt to top Google Inc’s $900 million bid for Nortel Networks Corp.’s wireless technology patents, according to a Bloomberg report citing two people familiar with the plans. [ID:nN17133547]

Separately, the United Arab Emirates will stop individuals and small businesses accessing the most private data services offered by BlackBerry, a UAE newspaper said, but the government said no services would be disrupted to any subscribers. [ID:nLDE73F07U]

* Capstone Mining (CS.TO): The company said on Sunday it has agreed to acquire exploration company Far West Mining FWM.TO in a cash-and-stock deal worth C$685 million, as it moves to expand its copper resources and future output. [ID:nN17179534]

* Magma Energy MXY.TO: The company said it plans to sell a fourth of its stake in geothermal power company HS Orka to a group of Icelandic pension funds for about $71.5 million. [ID:nL3E7FI1K3]


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

* Belo Sun Mining Corp BSX.V price target raised to C$2.05 from C$1.90; rating outperform at National Bank

* Davis + Henderson DH.TO coverage resumed with sector perform rating; C$21.50 target price at National Bank

* Grande Cache Coal GCE.TO price target cut to C$10 from C$10.30; keeps sector performer rating at CIBC

* Trinidad Drilling TDG.TO price target raised to C$12.50 from C$12; keeps sector outperformer rating at CIBC

$1= $0.96 Canadian Reporting by Shrutee Sarkar; editing by Jeffrey Hodgson

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