Dec 10 Toronto's main stock index looked set to
open higher on Monday, supported by a rise in Nexen Inc
and Progress Energy Resources Corp after the Canadian
government approved takeover bids for the energy companies.
An increase in commodity prices after a rise in factory
output in China also boosted investor sentiment.
* Canada approved China's biggest foreign takeover, the
$15.1 billion bid by CNOOC Ltd for energy company Nexen Inc
, but drew a line in the sand against future
acquisitions by foreign state-owned enterprises.
* China's exports growth slowed sharply to a much lower than
expected 2.9 percent in November, a customs report said,
underscoring the global headwinds dragging on an economy showing
otherwise solid signs of a pick up in domestic activity.
* Italian Prime Minister Mario Monti announced on Saturday
that he would resign once the 2013 budget is approved,
potentially bringing forward an election due early next year and
fuelling speculation that he might run.
* Bank of America Merrill Lynch is emerging as one of the
biggest buyers of loans from deleveraging European banks, which
have been selling loan portfolios to raise capital and comply
with stress tests, tidy up their balance sheets and refocus on
their client base.
* American International Group Inc is to sell nearly all of
ILFC, the world's second-largest airplane leasing business, to a
Chinese consortium for up to $4.8 billion, giving the fastest
growing aviation market easier and cheaper access to planes.
* Canada stock futures traded up 0.07 percent
* U.S. stock futures , , were down
around 0.15 percent to 0.23 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 295.7471;
rose 0.21 percent
* Gold futures : $1,713; rose 0.53 percent
* US crude : $86.67; rose 0.86 percent
* Brent crude : $108.26; rose 1.16 percent
* LME 3-month copper : $8,140; rose 1.31 percent
CANADIAN STOCKS TO WATCH
* High River Gold : Russia's Nord Gold will increase
its ownership of Toronto-listed subsidiary High River Gold to
97.9 percent under a share offer that could boost its free float
and take it a step further to a premium London listing.
* Precision Drilling Corp. : The oil and gas drilling
contractor expects capital expenditure to almost halve in 2013
as weak natural gas prices slow drilling activity. The company
forecast capital expenditure of C$485 million for 2013.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Bank of Nova Scotia : Canaccord Genuity raises
target price to C$62 from C$61 after the bank reported
fourth-quarter cash earnings above estimates.
* First Quantum Minerals Ltd. : Canaccord Genuity
cuts target price to C$19 from C$21 after the company reported
lower-than-expected reserves in its Kansanshi and Enterprise
* Veresen Inc. : Canaccord Genuity cuts target price
to C$13.50 from C$15 to reflect continued pressure on natural
gas liquids margins in 2013 outlook.
ON THE CALENDAR
* Major Canadian economic data includes housing starts
* Major U.S. events and data includes Employment index