June 10 (Reuters) - Toronto’s main stock index could open higher on Thursday, led by mining shares, after China reported a surge in exports, lifting the demand outlook.
Data released on Thursday morning offered a mixed reading on the Canadian economy. Canada recorded a smaller-than-execpted trade surplus in April as the value of both exports and imports fell. Statistics Canada also reported that new home prices in Canada rose for the 10th consecutive month.
Stocks in Europe rose after the European Central Bank and the Bank of England kept their main interest rates unchanged, as widely expected, and as the head of China’s national pension fund said the euro would weather Europe’s debt crisis.
Here is some news that could affect stock prices:
Oil climbed above $74 per barrel on Thursday after Chinese data showed a surge in exports in May and as the IEA revised up its estimate of global oil demand growth for this year. [O/R]
Copper steadied on Thursday supported by a stronger euro and equity markets while a drop in copper imports from China, the world’s top consumer, capped further gains. [MET/L]
Gold eased below $1,225 an ounce in Europe on Thursday as stock markets rose and the euro climbed against the dollar, reflecting sharper appetite for assets seen as higher risk, at bullion’s expense. [GOL/]
Lululemon Athletica Inc LLL.TO (LULU.O) said on Thursday its fiscal first quarter profit more than tripled, as demand for its yoga and workout wear rose sharply. [ID:nN10186339]
Transat A.T. Inc TRZb.TO on Thursday reported an 85 percent drop in quarterly profit, as lower selling prices and strengthening Canadian dollar hurt the holiday travel company. [ID:nSGE6590GK]
Dollarama Inc’s (DOL.TO) quarterly profit more than doubled on Thursday, helped by addition of new stores. [ID:nSGE6590GI]
ARC Energy Trust AET_u.TO on Thursday said it agreed to pay about C$680 million ($652 million) to buy Storm Exploration Inc SEO.TO, which has assets near ARC’s Dawson field, identified as the lowest cost unconventional gas play in Canada. [ID:nSGE65904D]
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.
* Mediagrif Interactive (MDF.TO) raised to $9.70 from $8; rating buy at Acumen Capital
* ADF Group Inc (DRX.TO) cut to $3 from $3.50; rating outperform at Raymond James
* Forzani Group FGL.TO raised to $20 from $19; rating outperform at RBC
* Kirkland Lake Gold Inc KGI.TO started with market perform rating; price target $9 at Raymond James
* Le Chateau Inc CTUa.TO cut to $17 from $18; rating buy at Versant
* Viterra Inc VT.TO raised to outperform from market perform at BMO ($1=$1.043 Canadian) (Reporting by Bangalore newsroom, editing by Ashutosh Joshi and Frank McGurty)