June 27, 2011 / 12:51 PM / in 6 years

CANADA STOCKS-TSX may open lower, focus on Greek vote

June 27 (Reuters) - Toronto’s main stock index looked set to open slightly lower on Monday, with softer commodity prices and concern about an upcoming Greek austerity vote weighing on sentiment.

Greek lawmakers will begin debating a 28 billion euro ($40 billion) package of measures to increase taxes and cut fiscal spending that is critical to winning a new round of international funding to keep it afloat. [ID:nLDE75P0BM]

FACTORS TO WATCH

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

* U.S. stock index futures rose, putting a Wall Street rebound on track after three days of losses, although investors remained cautious about Greece’s fiscal future. [.N]

* European shares edged up, after falling for eight straight weeks, with beaten-down banks ticking up and some strategists saying the worst-case scenario for heavily-indebted Greece is already priced in. [.EU]

* Asian stocks fell with Japan’s Nikkei dropping more than a percent on euro zone debt worries. Indian shares however jumped almost a percent with state-run oil companies rallying after the government raised state-controlled fuel prices, which would boost their earnings.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.47 percent in early trade.

* Brent crude futures fell to around $104 a barrel ahead of a key vote in Greece to approve an unpopular austerity plan. [O/R]

* Gold held near $1,500 an ounce as concerns over heavily indebted Greece helped the precious metal recover from its lowest in nearly six weeks, which it hit earlier amid broad-based selling of commodities. [GOL/]

* Copper inched down as investors remained cautious over continuing uncertainty about the debt crisis in Greece and U.S. monetary policy.[MET/L]

CANADIAN STOCKS TO WATCH

* Compton Petroleum Corp. CMT.TO: The gas-focused company said it continues to secure support agreements from note holders for its plan to convert notes into equity and its lenders extended the maturity date of its C$150 million ($152 million) credit facility. [ID:nL3E7HR1FO]

* Niko Resources Ltd. NKO.TO: The oil and gas producer was fined C$9.5 million and given three years’ probation after pleading guilty to charges that it bribed a Bangladeshi official. [ID:nN1E75N02B]

ANALYST RECOMMENDATIONS

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

* Canaccord Financial Inc CF.TO price target cut to C$20 from C$22; rating outperform at KBW

* Genivar Inc GNV.TO price target cut to C$31 from C$32.50; rating sector outperformer at CIBC

$1= $0.99 Canadian Reporting by Anil Kumar; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below