CANADA STOCKS-TSX may open higher on rise in oil, commodities


CANADA STOCKS-TSX may open higher on rise in oil, commodities 
March 9 (Reuters) - Toronto's main stock index looked set to open higher on Wednesday, rebounding after declining the previous two sessions, boosted by a rise in commodity prices, including oil.

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a higher open.

* U.S. stock index futures edged higher. [.N]

* European stocks rose on earnings and deal news on Wednesday, although oil price and euro zone debt concerns, after Portugal's latest debt auction, acted to cap gains and was set to weigh further on sentiment. [.EU]

* Markets in Asia were little changed, but Nikkei average broke above key technical level, gaining for a second day.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.19 percent in early trade.

* Oil rose over $1 to trade at more than $114 a barrel as fighting intensified in Libya, and an OPEC delegate said it saw no need to hold an emergency meeting to ease supply fears. [O/R] 
Gold priced in Japanese yen rose to its highest since at least 1983 on Tuesday as bullion prices were lifted by simmering tensions in the Middle East and North Africa, and as the yen eased versus the dollar JPY=. [GOL/]

* Copper rose, rebounding from a recent decline as risk appetite crept back in, but strength in crude oil prices kept investors worried that inflationary pressures could hit economic growth and demand. [MET/L]

CANADIAN STOCKS TO WATCH

* Research In Motion (RIM.TO: Quote): The Blackberry-maker will release its long-awaited PlayBook tablet computer with Britain's 7digital music store, the companies said . [ID:nLDE7280B3]

* Teck Resources (TCKb.TO: Quote) said it would sell its 34 percent stake in the Carrapateena deposit, one of Australia's largest undeveloped copper and gold projects, to an affiliate of OZ Minerals Ltd for about $134 million. [ID:nL3E7E82KP]

* Quantum Energy (CQM.V: Quote): The company expects to start production at its first well at the liquids-rich Bigoray Play in Alberta by April 15. [ID:nL3E7E91GF]

* Sandvine Corp. (SVC.TO: Quote): The network equipment maker, which is scheduled to report its first-quarter results in early April, said it is disappointed with its revenue in the quarter. [ID:nL3E7E91KB]

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA] 
Bank Of Nova Scotia (BNS.TO: Quote) price target raised to C$63 from C$60; rating sector perform at National Bank

* Canyon Services Group Inc (FRC.TO: Quote) price target raised to C$16 from C$13; rating outperform at RBC

* HOMEQ Corp (HEQ.TO: Quote) price target raised to C$8 from C$7; rating sector perform at National Bank

* Pace Oil and Gas (PCE.TO: Quote) price target raised to C$13.25 from C$12.50; rating outperform at National Bank

* PHX Energy Services (PHX.TO: Quote) rating cut to sector perform from outperform at RBC

* Quebecor Inc (QBRb.TO: Quote) price target cut to C$45 from C$48; rating outperform at National Bank

* Rocky Mountain Dealerships Inc (RME.TO: Quote) target price raised to C$12.50 from C$12; keeps buy rating at Canaccord

* Waldron Energy (WDN.TO: Quote) price target raised to C$4.75 from C$4.25; rating outperform at National Bank

($1= $0.97 Canadian) (Reporting by Shrutee Sarkar; editing by Jeffrey Hodgson)

Comments