Feb 14 Toronto's main stock index looked set to
open lower on Thursday, as economic data showing the euro zone's
recession deepened threw a first quarter recovery into doubt and
rattled European shares.
* The euro zone slipped deeper into recession in the last
three months of 2012 after its largest economies, Germany and
France, shrank markedly at the end of the year.
* Barrick Gold reported a quarterly loss, after
booking a $3.8 billion impairment charge to write down the value
of its Lumwana copper asset. Even so, its shares were slightly
higher in pre-market trading.
* Rio Tinto's new chief signaled he would slash costs, focus
on selling weak assets and spend more carefully after the
world's no.3 miner reported a $3 billion full-year loss, its
* Cenovus Energy Inc reported a fourth-quarter
operating loss as it wrote down the value of its natural gas
assets in southeast Alberta, and said it expects more pressure
on costs this year due to higher fuel and power prices.
* Encana Corp, Canada's largest natural gas
producer, posted a 28 percent rise in fourth-quarter operating
profit, helped by its hedging program.
* Pepsico reported a higher quarterly profit, helped by
increases in sales volume and prices.
* Canada stock futures traded down 0.40 percent
* U.S. stock futures , , were down
around 0.26 percent to 0.44 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 301.0247;
fell 0.01 percent
* Gold futures : $1,646.8; rose 0.16 percent
* US crude : $97.14; rose 0.13 percent
* Brent crude : $117.44; fell 0.37 percent
* LME 3-month copper : $8,243; rose 0.21 percent
CANADIAN STOCKS TO WATCH
* Agnico-Eagle Mines Ltd : The gold miner produced a
record 1 million ounces of gold in 2012, but its fourth-quarter
adjusted earnings fell short of analysts' expectations as higher
costs squeezed margins.
* Kinross Gold Corp : The gold miner reported on
Wednesday a fourth-quarter net loss as an impairment charge
related primarily to its Tasiast gold mine in West Africa
outweighed a boost in revenue.
* Niko Resources Ltd : The oil and gas producer
doubled its third-quarter loss due to declining gas output from
the Krishna Godavari D6 block off India's east coast.
* Penn West Petroleum Ltd : The conventional oil and
gas producer posted a smaller fourth-quarter loss on gains from
* Precision Drilling Corp : The oil and gas drilling
contractor posted a fourth-quarter loss, its first in nine
quarters, as it recorded charges related to decommissioning of
some of its less-efficient rigs.
* Sun Life Financial Inc : The insurer said on
Wednesday it rebounded to a stronger-than-expected fourth
quarter profit from a year-earlier loss on the back of strong
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Enbridge Income Fund Holdings Inc : CIBC cuts to
sector performer from sector outperformer on relative valuation
and near-term headwinds from possible lower returns on invested
capital and raises price target to C$26.50 from C$25.75 on the
company's potential drop-down assets.
* Orbit Garant Drilling Inc : CIBC cuts to sector
underperformer from sector performer and price target to C$2
from C$3.25, citing challenges from past acquisitions, poor
performance of the company's international business and its
susceptibility to volatile market conditions.
* CAE Inc : CIBC cuts to sector performer from
sector outperformer, says the company's share price is up 13
percent and near-term headwinds continue to persist.
* Russel Metals Inc : CIBC raises target price to
C$32 from C$28.75 to reflect full-year benefits from Apex and
improvements in volumes and pricing.
* Sun Life Financial Inc : CIBC raises price target
to C$32 from C$28 after the company reported strong
ON THE CALENDAR
* No major Canadian economic data scheduled for release
* Major U.S. events and data includes initial claims and