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CANADA STOCKS-TSX set to open higher, central bank hopes support
May 30, 2013 / 12:57 PM / 4 years ago

CANADA STOCKS-TSX set to open higher, central bank hopes support

May 30 (Reuters) - Canada’s main stock index looked set to reverse previous session’s losses on Thursday after U.S. economic data reduced fears that the U.S. Federal Reserve will soon scale down its bond-buying program.

TOP STORIES

* Confidence in the euro zone economy grew by more than expected in May, with hope that the worst of the crisis may be over spreading to countries that have been on its frontline.

* A Berkshire Hathaway Inc unit will pay $5.6 billion for NV Energy Inc, the electric utility serving Las Vegas and its power-hungry casinos, in yet another large energy deal for Warren Buffett in the western United States.

* RBC profit rises 26 percent on stronger lending Royal Bank of Canada said that its quarterly profit rose 26 percent on stronger lending volumes and lower loan-loss provisions.

* Canadian Imperial Bank of Commerce reported an 8 percent rise in quarterly profit, due largely to lower provisions for bad loans and higher wholesale banking income.

* Samsung Electronics Co unveiled a stripped down version of its flagship Galaxy S4 smartphone, aiming to grab a bigger share in the mid-tier segment as growth in the high-end market slows.

MARKET SNAPSHOT

* Canada stock futures traded up 0.19 percent

* U.S. stock futures , , were up around 0.28 - 0.32 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 284.13; fell 0.23 percent

* Gold futures : $1,398.7; rose 0.53 percent

* US crude : $92.47; fell 0.71 percent

* Brent crude : $101.74; fell 0.67 percent

* LME 3-month copper : $7,285.4; rose 0.36 percent

ANALYSTS’ RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Canadian Pacific Railway : Canaccord raises to hold, raises target to C$137 from C$111 to reflect the strong share price appreciation potential over the next two to three years, believes the company has a good chance of achieving its goals.

* Bank of Montreal : KBW cuts target price by C$1 to C$62 after the company posted lower-than-expected second-quarter results on weak operating leverage in domestic retail.

* Silvercrest Mines : Stonecap Securities cuts target price to C$2.75 from C$3 citing a decrease in open-pit grade and lower-than-expected leach pad grade after the company reported an updated resource estimate.

ON THE CALENDAR

* Major Canadian economic data includes current account, producer prices and raw material prices data

* Major U.S. events and data includes growth data, corporate profits, initial claims and pending home sales data

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