CANADA STOCKS-TSX may open lower on U.S. fiscal cliff concerns

Wed Nov 28, 2012 8:43am EST

Nov 28 (Reuters) - Toronto's main stock index looked set to open lower on Wednesday, tracking its biggest trading partner, as concerns over U.S. lawmakers' lack of progress in dealing with the U.S. fiscal cliff dented investor sentiment.

TOP STORIES

* Euro zone central banks may decide to roll over their holdings of Greek debt to reduce by 5.6 billion euros the amount governments will need to provide Athens by 2016, according to a document obtained by Reuters.

* Abu Dhabi National Energy Co will buy a number of BP's North Sea assets for over $1.3 billion in a sign relations between Britain and the Gulf emirate are on the mend.

* President Barack Obama on Tuesday launched a public relations push for his bid to raise taxes on wealthy Americans, but U.S. lawmakers remained deadlocked over dramatic, year-end tax increases and spending cuts known as the "fiscal cliff."

* Canadian IT services company CGI Group Inc reported a fourth-quarter loss due to costs associated with its acquisition of Logica.

* Canada's Research In Motion Ltd has lost a contract dispute over the use of Nokia patents in a case which could halt sales of its BlackBerry phones if it does not reach a deal to pay royalties to the Finnish company.

* China's state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc have withdrawn and resubmitted an application for U.S. approval of their $15.1 billion deal, as Canada gets close to its decision on whether to approve the transaction.

MARKET SNAPSHOT

* Canada stock futures traded down 0.36 percent

* U.S. stock futures , , were down around 0.25 - 0.36 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 296.7829; fell 0.48 percent

* Gold futures : $1,739.8; fell 0.14 percent

* US crude : $86.44; fell 0.85 percent

* Brent crude : $109.33; fell 0.49 percent

* LME 3-month copper : $7,751.25; fell 0.71 percent

ANALYST RECOMMENDATIONS

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

* Alimentation Couche-Tard Inc. : CIBC cuts price target to C$50 from C$52 after the company reported weak second-quarter results.

* CGI Group Inc. : SocGen raises price target to C$25 from C$24 on valuation after factoring in the contribution from Logica, the company's recent acquisition.

* Franco-Nevada Corp. : CIBC raises price target to C$62 from C$58 on the company's Weyburn royalty acquisition.

* Major Drilling Group International Inc. : CIBC cuts price target to C$14 from C$15 citing the company's lower-than-expected second-quarter results.

ON THE CALENDAR

* No major Canadian economic data due to be released

* Major U.S. events and data includes new home sales and Fed's Beige Book