CANADA STOCKS-TSX may open higher on robust U.S. earnings

Thu Jan 17, 2013 8:25am EST

Jan 17 (Reuters) - Canada's main stock index looked set to open higher on Thursday, as encouraging corporate earnings from major Wall Street companies buoyed investor sentiment.


* UnitedHealth Group Inc, the largest U.S. health insurer, said that fourth-quarter profit rose from a year earlier, exceeding the outlook it gave in November, and also backed its previous forecast for earnings and revenue in 2013.

* Rio Tinto sacked chief executive Tom Albanese and revealed a $14 billion writedown in connection with his two most significant acquisitions, the Alcan aluminium group and Mozambican coal.

* Sun Life Financial Inc and Malaysian state investor Khazanah will buy 98 percent of Aviva Plc's Malaysian insurance joint venture with lender CIMB for C$586 million.

* Improved investor sentiment toward struggling southern European economies helped Spain cut debt costs at an auction, allowing it to reach nearly 9 percent of the year's longer term borrowing needs.

* Airlines scrambled to rearrange flights as Europe, Japan, Qatar and India joined the United States in grounding Boeing Co's 787 Dreamliner passenger jets while battery-related problems are investigated.


* Canada stock futures traded up 0.14 percent

* U.S. stock futures , , were up around 0.06 percent and 0.21 percent

* European shares, were up


* Thomson Reuters-Jefferies CRB Index : 299.553; rose 0.3 percent

* Gold futures : $1,679.8; fell 0.17 percent

* US crude : $94.76; rose 0.55 percent

* Brent crude : $110.14; rose 0.42 percent

* LME 3-month copper : $7,959.75; rose 0.22 percent


* Bank of Nova Scotia : ING Direct Canada will cease selling mortgages through brokers next month due to overlap with the larger broker-sourced mortgage business of its parent company, a bank spokesman said on Wednesday.

* Barrick Gold Corp. : Tanzania-focused gold company African Barrick Gold posted a 9 percent drop in annual production despite a pick-up in mining in the fourth-quarter.


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

* CML HealthCare Inc. : RBC cuts price target to C$7.25 from C$7.50 on valuation, says the shares had a run recently and the divestment announcement and dividend cut was in line with expectations.

* Denison Mines Corp. : RBC raises price target to C$2.25 from C$2 after the company said it has entered into a friendly deal with Fission Energy whereby Denison will acquire Fission and spin out certain assets and cash into NewCo.


* Major Canadian economic data includes Canadian and foreign securities

* Major U.S. events and data includes jobless claims, housing starts and Philadelphia Federal Reserve business activity survey

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.