Jan 14 Toronto's main stock index looked set to
open slightly higher on Monday, with investors cautious ahead of
Federal Reserve Chairman Ben Bernanke's speech later in the day
that might signal prospects for monetary easing.
* Harry Winston Diamond Corp is selling its high-end
watches-to-necklaces division to Swatch, in a $750 million cash
deal that expands the Swiss watchmaker's luxury offering and
lets the Canadian group concentrate on its diamond mines.
* Alamos Gold said it will buy Aurizon Mines Ltd
for about C$780 million in cash and stock to get access
to Aurizon's only operating gold mine, Casa Berardi, in northern
* The U.S. economy is expected to grow by 2.5 percent in
2013, improving to 3.5 percent growth in 2014, top Fed official
Charles Evans said.
* SKF, the world's biggest bearings maker, is cutting 2,500
jobs to cope with weaker demand, underscoring the bleak outlook
for manufacturers as Europe drives through austerity measures to
reduce its debts.
* British Prime Minister David Cameron played down the
prospect of a near-term referendum on Britain's membership of
the European Union, ahead of a long-awaited speech on the issue
he is expected to deliver next week.
* Canada stock futures traded higher
* U.S. stock futures , , were mixed in
the range of -0.61 percent and 0.02 percent
* European shares, were mixed
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 298.3015;
rose 0.4 percent
* Gold futures : $1,665.4; rose 0.33 percent
* US crude : $93.91; rose 0.37 percent
* Brent crude : $111.15; rose 0.46 percent
* LME 3-month copper : $8,068; rose 0.29 percent
CANADIAN STOCKS TO WATCH
* Encana Corp. : The natural-gas producer said on
Friday CEO Randy Eresman will retire immediately, with board
member Clayton Woitas taking over his duties until a permanent
replacement is found.
* First Quantum Minerals : The company's hostile
C$5.1 billion takeover bid for Inmet Mining Corp took a
tense turn on Saturday, as the base metal miner delivered a
letter to its rival suggesting Inmet may be trying to scuttle
the bid, which is now in the hands of shareholders.
Separately, the mining firm plans to invest $275 million in
a new nickel mine in Zambia, a company official said on
* Nevsun Resources Ltd. : A human rights group will
issue a report next week detailing workers' claims of abuse at
the Bisha mine owned by the gold miner in the African country of
* Sun Life Financial Inc. : A consortium of Sun Life
Financial Inc and Malaysian state investor Khazanah Nasional Bhd
has agreed to buy British insurer Aviva plc's Malaysian
insurance joint venture with CIMB Group for about 1.7 billion
ringgit, sources said on Sunday, helping the company to expand
its Asian foot print.
* Uranium One Inc. : The uranium producer said it
has entered into an agreement with Russia's JSC Atomredmetzoloto
and its affiliate, Effective Energy N.V., collectively termed
ARMZ, to go private in a deal that values the company at C$2.74
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Bombardier Inc. : CIBC raises target price to
C$5.25 from C$4.75 citing positive catalysts in the year
including continued recovery in business jets, new orders and
more rail infrastructure spending.
* Canadian Utilities Ltd. : Canaccord Genuity cuts to
hold from buy due to the recent strength of the company's share
* Canadian Insurance: CIBC raises Manulife Financial Corp
target price to C$15 from C$13 and Sun Life Financial
Inc to C$28 from C$26, expects headline numbers for the
fourth quarter to be closer to core numbers than they have been
in some time.
* Westshore Terminals Investment Corp. : CIBC raises
to sector performer, says the company is being viewed more as an
infrastructure investment given its strategic location for
ON THE CALENDAR
* No major Canadian economic data scheduled for release
* No major U.S. events and data scheduled for release