CANADA STOCKS-TSX may open lower on Europe fears, Suncor results

Wed Feb 6, 2013 8:44am EST

Feb 6 (Reuters) - Canada's main stock index looked set to open lower on Wednesday, hurt by renewed concerns about the health of the euro zone's economy and weaker-than-expected results from Suncor Energy Inc, the country's biggest oil company.

TOP STORIES

* Suncor posted a fourth-quarter loss as it wrote down the value of its Voyageur oil sands upgrading project just weeks before it is due to make a final decision on whether to build the facility.

* TMX Group Ltd reported a profit for the first full quarter since the operator of the Toronto Stock Exchange was bought by a financial consortium last year.

* Husky Energy Inc, Canada's No.3 oil producer and refiner, reported a 16 percent rise in fourth-quarter net profit, helped by a higher refining margin.

* Canadian property and casualty insurer Intact Financial Corp said fourth-quarter profit more than doubled, helped by higher investment gains.

* John Malone's Liberty Global struck a deal on Tuesday to buy British cable group Virgin Media for about $15.75 billion in stock and cash, a move that would put the U.S. billionaire up against old rival Rupert Murdoch.

* ArcelorMittal forecast improving demand and earnings this year after a wretched 2012 in which sliding European consumption and a Chinese slowdown drove it to a deep net loss.

MARKET SNAPSHOT

* Canada stock futures traded down 0.03 percent.

* U.S. stock futures , , were mixed around -0.18 percent to 0.3 percent.

* European shares, were mixed.

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 303.4437; fell 0.39 percent.

* Gold futures : $1,673.8; rose 0.08 percent.

* US crude : $95.31; fell 1.38 percent.

* Brent crude : $115.77; fell 0.64 percent.

* LME 3-month copper : $8,233; fell 0.45 percent.

CANADIAN STOCKS TO WATCH

* WestJet Airlines Ltd : Canada's second-largest airline, reported a rise in fourth-quarter profit on higher traffic and record load factor in December

ANALYST RECOMMENDATIONS

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

* New Gold Inc : RBC cuts target price to C$14 from C$15 on valuation changes after incorporating the company's updated reserves and modifying assumptions.

* New Flyer Industries Inc : CIBC raises target price by C$0.50 to C$10.50 citing the company's growing after-market opportunities.

* Orezone Gold Corp : CIBC cuts target price to C$3.50 from C$4 to reflect market concerns stemming from regional instability in West Africa.

* Primaris Retail REIT : National Bank Financial ups target to C$27.70 from C$27.33, expects the company's unit-holders to approve the updated bid from H&R REIT and Kingsett Capital.

* Ridgeline Energy Services Inc : National Bank Financial cuts target price to C$0.60 from C$0.80 on the company's lack of visibility on cost and performance.

ON THE CALENDAR

* Major Canadian economic data includes Ivey PMI

* No major U.S. events and data scheduled for release

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