March 29, 2011 / 12:48 PM / in 7 years

CANADA STOCKS-TSX set for flat open, commodities to weigh

March 29 (Reuters) - Toronto’s main stock index looked set to open little changed on Tuesday after Monday 1.04 percent drop, with falling commodity prices still likely to weigh on shares of resource companies.

FACTORS TO WATCH

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

* U.S. stock index futures were flat on Tuesday near the quarter’s end as investors took a wait-and-see stance, unsure about the impact of global crises. [.N]

* Falls in peripheral banks led European shares lower after Italian lender UBI Banca UBI.MI announced a capital hike, though analysts said the deal could help restore longer-term confidence in the sector. [.EU]

* Markets in Asia were mixed with Indian Sensex closing almost a percent up as investors picked up stocks ahead of the quarter end.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.53 percent in early trade.

* Oil prices fell around a dollar in a third day of declines as expectations mounted of a relatively swift restoration of supplies from OPEC member Libya. [O/R]

* Gold eased in Europe as expectations that interest rates may rise in key countries undermined confidence in the metal, with investors remaining cautious after its failure to build on last week’s record high. [GOL/]

* Copper fell on concerns over high inventories and slack demand from top consumer China, exacerbated by talks of further monetary tightening there, but a weaker dollar lent support. [MET/L]

CANADIAN STOCKS TO WATCH

* Lululemon Athletica LLL.TO: The company said on Monday it would split both its common shares and its special voting shares on a two-for-one basis, subject to shareholder approval at its annual meeting on June 8. [ID:nN28207842]

* Agnico-Eagle Mines AEM.TO: The gold producer said it expects to produce less gold this year after a fire at its Meadowbank mine in the Nunavut Territory destroyed the kitchen and crippled the mine’s staffing levels. [ID:nL3E7ES3FF]

Separately, Miranda Gold Corp agreed to give Agnico an option to own up to a 70 percent stake in its Alaska gold project for about $15 million in a multi-year deal. [ID:nL3E7ET1KM]

* Arise Technologies Corp. APV.TO: The solar technology company posted a narrower fourth-quarter loss on Tuesday, helped by higher shipments of its photovoltaic cells. [ID:nL3E7ET1US]

* Hydrogenics Corp. HYG.TO: The fuel-cell maker reported fourth-quarter net loss of $1.9 million, or 34 cents a share, compared with a profit of $6.1 million, or $1.64 per share, a year ago. [ID:nL3E7ET1QC]

ANALYST RECOMMENDATIONS

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

* Belo Sun Mining BSX.V price target raised to C$1.90 from C$1.60; rating outperform at National Bank

$1= $0.97 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