May 28, 2010 / 12:50 PM / 7 years ago

CANADA STOCKS-Commodity prices may help TSX open higher

May 28 (Reuters) - Toronto’s main stock index is expected to open higher on Friday, supported by rising commodity prices and gains in global equity markets as recent fears about euro zone debt problems recede.

Wall Street also looked set to open up as beaten-down shares continue to entice investors. [.N]

European stocks rose, with pharmaceuticals among the top gainers. Asian shares posted their third straight day of gains after China’s pledge to remain invested in Europe boosted confidence.

Here is some news that could affect stock prices:

OIL HITS 2-WEEK HIGH

Oil hit a two-week high above $75 on Friday, heading for its first weekly gain in almost a month on rallying stock markets and expectations of rising U.S. oil consumption. [O/R]

COPPER UP

Copper hit a two-week high on Friday in a rally that encompassed equity markets, but concerns about economic growth and demand in the second half of the year were expected to cap gains. [MET/L]

GOLD RISES

Gold rose on Friday, but the return of risk appetite in global markets curbed its safe-haven appeal, while boosting palladium to its highest in over a week. [GOL/]

C$ GAINS

The Canadian dollar climbed to a fresh one-week high against the U.S. currency on Friday, supported by firm oil and equity prices as investors’ fears about euro zone debt concerns eased. [CAD/]

NATIONAL BANK PROFIT RISES

Profit at National Bank of Canada (NA.TO) rose 8.3 percent in the second quarter, as high loan volumes pushed branch banking revenues higher, overcoming the impact of narrowing interest rate margins, the regional bank said on Thursday. [ID:nN26214056]

ZARLINK POSTS BIGGER PROFIT

Zarlink Semiconductor Inc ZL.TO posted bigger than forecast sales and earnings on Thursday, and said revenue would grow between 3 percent and 5 percent in the upcoming first quarter. [ID:nN27106454]

ENBRIDGE FILES GATEWAY PIPELINE PLAN

Enbridge Inc (ENB.TO) asked Canadian regulators on Thursday for permission to build its controversial Northern Gateway pipeline, which would carry crude from Alberta’s oil sands to the Pacific Coast. [ID:nN27126603]

HEROUX-DEVTEK PROFIT FALLS

Aerospace and industrial manufacturer Heroux-Devtek Inc HRX.TO on Friday reported a 32 percent fall in quarterly profit, hurt mainly by a decline in sales at its industrial segment, and said recovery in the commercial aerospace market remains fragile. [ID:nSGE64R0B7]

THERATECHNOLOGIES UPDATE

An experimental drug from Theratechnologies Inc (TH.TO) to reduce abdominal fat in HIV patients should be approved, a U.S. advisory panel unanimously said on Thursday. [ID:nN27124675]

RESEARCH ROUNDUP

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

Note: All values in RESEARCH ROUNDUP in Canadian currency, unless otherwise stated.

* Detour Gold Corp (DGC.TO) price target raised to $28 from $27.50; rating buy at UBS

* Duluth Metals Ltd DM.TO started with strong buy rating and price target of $4.50 at Raymond James

* Petromanas Energy Inc PMI.V started with outperform rating and price target of $1.25 Raymond James

* Precision Drilling Trust PD_u.TO rating raised to outperform from market perform at Raymond James

* RBC (RY.TO) rating cut to neutral from outperform at Macquarie

* Transglobe Energy Corp TGL.TO started with outperform rating and price target of $10 at Macquarie

$1=$1.04 Canadian Reporting by Bangalore newsroom, editing by Jeffrey Hodgson

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