July 27 (Reuters) - Toronto’s resource-heavy index could open higher Tuesday on strong corporate results from Talisman Energy Inc TLM.TO and strength in commodity prices.
Canadian equity futures pointed to a higher open. <0#SXF:>. while the Reuters-Jefferies CRB index .CRB, a global commodities benchmark, also rose 0.29 percent in early trade.
Wall Street is also poised for a higher start ahead of housing and consumer sentiment data. [.N]
European shares hit a five-week intraday high, with banks buoyed by stronger-than-expected results from UBS UBSN.VX and as the Basel Committee said they will scale back many of the proposals to beef up bank capital and liquidity rules. Less strigent capital rules could boost bank profits.
China’s key stock index down as investors booked profits after six straight sessions of gains, wary about whether the battered market can make a sustained break higher.
Here is some news that could affect stock prices:
Oil prices were steady near $79 a barrel on Tuesday as the fading Tropical Depression Bonnie brought more output back online in the Gulf of Mexico, dampening otherwise buoyant sentiment following positive U.S. macroeconomic data. [O/R]
Copper eased around 1 percent on Tuesday, after hitting 10-week highs in the previous session, as Chinese stocks markets weighed and investors paused ahead of a flurry of economic data in the United States. [MET/L]
Gold held below $1,185 an ounce in Europe on Tuesday, supported by physical demand after this month’s slip and a softer dollar, but with a dip in holdings of the largest gold exchange-traded fund undermining sentiment. [GOL/]
Canadian stocks to watch include:
ROGERS COMMUNICATIONS INC (RCIb.TO)
Rogers Communications Inc said on Tuesday that second-quarter earnings rose 21 percent, as the communications company’s key wireless and cable operations divisions boosted profits. [ID:nN23152160]
African Barrick Gold ABGL.L, which launched an IPO in London in March, cut its full-year production guidance due to delays in accessing higher grade ores from its new Buzwagi mine in Tanzania. [ID:nLDE66P05U]
Talisman Energy Inc on Tuesday reported second-quarter profit above estimates and the No.4 independent oil and gas producer in Canada said it expects underlying production volumes to rise through the second half of 2010. [ID:nSGE66Q0GR]
CGI Group Inc, Canada’s biggest technology outsourcing and consulting company, reported a 12 percent increase in third-quarter profit on Tuesday, helped by improved margins. [ID:nN23151635]
Pharmaceuticals company QLT Inc swung to a second-quarter loss on Tuesday and said it now expects sales of its key eye treatment, Visudyne, for the full year to be near the bottom end of its prior forecast. [ID:nN26201406]
TRANSCANADA CORP (TRP.TO)
The U.S. State Department said on Monday it extended the amount of time federal agencies will have to comment on TransCanada’s (TRP.TO) proposed Keystone XL pipeline, delaying the construction schedule. [ID:nN26227827]
Big-screen movie company IMAX Corp signed an agreement with Cinema Park, an exhibition chain owned by Russia’s Profmedia Holding, to install up to 14 IMAX theatre systems throughout Russia. [ID:nSGE66Q0HL]
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 $26.25; rating outperform at Raymond James
Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Frank McGurty