March 28, 2011 / 12:52 PM / 7 years ago

CANADA STOCKS-TSX to open little changed, commodity prices weigh

March 28 (Reuters) - Toronto’s main stock index looked set to open little changed on Monday, with a slide in oil and gold prices likely to weigh on the market.

Canada is set for a May 2 election after the fall of Conservative government on Friday, though the news has had little impact on its stock market so far. [ID:nN25298098]

FACTORS TO WATCH

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

* U.S. stock index futures were little changed as foreign headwinds remained in view following three days of U.S. equities gains, suggesting the recent period of volatility wasn’t over. [.N]

* European shares edged higher, propped up by technology stocks after an upgrade, though the small addition to last week’s rise was expected to be curbed by technical factors. [.EU]

* Asian stocks were mostly in red as uncertainty over Japan and the Middle East tempered gains.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.89 percent in early trade.

* Oil retreated with Brent slipping to around $115 after Libyan rebels regained control of key oil towns, and unrest over the weekend was limited to minor crude exporters Syria and Yemen. [O/R]

* Gold slipped nearly 1 percent, pressured by a firmer dollar after hawkish comments from a Federal Reserve official late last week, and as impetus from violence in the Middle East petered out. [GOL/]

* Copper prices stumbled as renewed worries about Japan’s crisis, unrest in the Middle East and rising stocks persuaded investors to retreat from assets perceived to be risky. [MET/L]

CANADIAN STOCKS TO WATCH

* Vector Aerospace RNO.TO: EADS has ended a three-year acquisition drought in North America with a $637 million agreed cash bid for the overhaul and repair firm by helicopter division Eurocopter. [ID:nLDE72R0R0]

* Canaco Resources Inc. CAN.V: The mineral exploration company said drilling at its fully-owned Handeni gold project in Tanzania has shown there are gold deposits close to the surface. [ID:nL3E7ES1PO]

* Research In Motion RIM.TO: The Blackberry maker said on Saturday it bought Ontario-based startup tinyHippos Inc, creator of Ripple, a cross-platform mobile application development and testing tool. [ID:nN26108759]

Separately, a U.S. trade panel has agreed to review Eastman Kodak Co’s claim that the Blackberry maker and Apple Inc are infringing on its patents in a case that could mean hundreds of millions of dollars in royalties. [ID:nN25292900]

* Western Copper WRN.TO: The company has begun engineering studies to determine whether it can modify plans that pushed regulators to reject its request for a water use license at its Carmacks copper project in Canada’s Yukon Territory. [ID:nN25294085]

ANALYST RECOMMENDATIONS

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

* Yellow Media YLO.TO price target raised to C$5.70 from C$5.50; rating sector perform at National Bank

$1= $0.98 Canadian Reporting by Kishan Nair; 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