Mon Sep 12, 2011 12:14pm GMT
Sept 12 (Reuters) - Toronto's main stock index could open lower, dragged down by falling commodity prices and a sell-off in world equities markets on concern about the Greek debt crisis.
FACTORS TO WATCH
* Canadian equity futures pointed to a lower open.
* U.S. stock index futures fell sharply as fears of a credit rating downgrade of French banks and the lack of a solution to Greece's debt problem heightened concerns about the euro zone's debt crisis.
* European share prices fell to a 26-month low , led by banks and insurers on concerns over a lack of political unity in the euro zone in tackling the debt crisis as worries grow that Greece could default on its debts.
* Markets in Asia were down with Hong Kong shares falling sharply with heavy selling of banks and property counters pushing the benchmark to its biggest single-day drop since a rout on Aug. 9.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index , a global commodities benchmark, fell 0.62 percent in early trade.
* Oil fell on deepening concerns over Europe's sovereign debt crisis and slowing global growth.
* Gold fell as investors sold holdings to raise cash, following last week's rise to record highs, in order to cover losses elsewhere, including European equity markets pummeled by growing fears about the intensifying debt crisis.
* Copper fell to its lowest in almost a month on investor concern about the policymakers' ability to permanently solve Europe's debt crisis and on worries of a slowing economy which clouded the outlook for demand.
CANADIAN STOCKS TO WATCH
* Rainy River Resources Ltd. : The company said drilling in the western area of its northwest Ontario gold project continued to show narrow zones of high-grade gold mineralization and wider zones of low-grade gold mineralization.
* Mosaid Technologies : The company said it is actively exploring a number of alternatives to Wi-Lan Inc's C$480 million buyout offer, as it believes the company is worth more.
* Niko Resources : The oil and gas producer said a unit of Hess Corp will become a partner in one of the company's production sharing contract in Indonesia.
* Talison Lithium : The miner said its quarterly revenue fell 11 percent hurt by the appreciation of the Australian dollar against the U.S. dollar.
* Petrominerales Ltd. : The oil producer said it has been unable to restart production at its Corcel and Guatiquia fields due to protests around its facilities that have shut-in over 30,000 barrels a day.
* Zargon Oil & Gas Ltd. : The company said it reduced its fourth-quarter monthly dividend by about 29 percent to ward off lower oil prices.
ANALYST RECOMMENDATIONS
Following is a summary of research actions on Canadian companies reported by Reuters.
* Le Chateau Inc rating cut to sell from neutral at Versant Partners
* Lundin Mining Corp price target cut to C$7.50 from C$8; rating buy at TD Securities ($1= $0.99 Canadian)
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