CANADA STOCKS-TSX may open higher as tensions over Ukraine abate

March 4 Tue Mar 4, 2014 8:31am EST

March 4 (Reuters) - Canadian stock index futures pointed to a higher open on Tuesday as Russian President Vladimir Putin ordered troops in military exercises on the border with Ukraine to return to their bases, calming worries over a possible war in the region.

TOP STORIES

* President Vladimir Putin said that Russia saw no need to use military force in the Crimea region of Ukraine for now, easing East-West tension over fears of war in the former Soviet republic. [ID: nL6N0M10DO]

* A steep fall in energy costs brought down euro zone producer prices faster than expected in January, data showed on Tuesday, underlining deflationary risks ahead of a European Central Bank policy meeting.

* Bank of Nova Scotia reported a 6 percent rise in quarterly profit on the back of recent acquisitions and higher lending volumes, and hiked its quarterly dividend.

* Autozone Inc reported a 9.4 percent increase in second-quarter profit as an unseasonably cold winter drove up sales.

MARKET SNAPSHOT

* Canada stock futures traded up 0.37 percent

* U.S. stock futures , , were up more than 1 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 305.0202; fell 0.49 percent

* Gold futures : $1,333.3; fell 1.24 percent

* US crude : $103.78; fell 1.09 percent

* Brent crude : $109.67; fell 1.38 percent

* LME 3-month copper : $6,996; rose 0.4 percent

CANADIAN STOCKS TO WATCH

* Enbridge Inc : The pipeline company said it would undertake a C$7 billion replacement program in the mainline system running between Edmonton and Superior, Wisconsin.

* TMX Group Ltd : Santiago will host a new exchange designed to raise capital for early-stage businesses in the mining sector, joint venture partners the Santiago Stock Exchange and Canada exchange operator TMX Group Ltd said on Monday.

ANALYSTS' RECOMMENDATIONS

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

* Artis Real Estate Investment Trust : CIBC raises price target to C$17 from C$16.50 based on the company's largely in-line fourth-quarter results

* Magna International Inc : CIBC raises target price to $110 from $100 citing the company's strong fourth-quarter results

* Major Drilling Group International Inc : CIBC raises target price to C$9.50 from C$8.50 considering that the company reported an increase in inquiries from gold customers which could result in higher activity levels in the second half of 2014

* Teranga Gold Corp : CIBC raises target price to C$1.50 from C$1.30 on the company's new combined mine plan which is expected to generate higher average production

ON THE CALENDAR

* No major Canadian economic data scheduled for release

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

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