TSX may open higher on stimulus hopes

(Reuters) - Canada's resource heavy main stock index looked set to open higher with most commodity prices rising, as disappointing economic data from Asia and Europe led investors to bet on stimulus measures from major central banks.

TOP STORIES

Japan's economy expanded just 0.3 percent in April-June, half the pace expected, raising doubts about the strength of the recovery as a rebound in consumer spending loses momentum and Europe's debt crisis weighs on worldwide demand.

Greece's economy contracted 6.2 percent in the second quarter as belt-tightening to slash deficits continued to take a toll, hampering efforts to meet targets set by the country's international lenders for continued bailout funding.

Research In Motion : The BlackBerry maker is looking to sell cloud services provider NewBay and some of the other minor assets it recently acquired, as part of a strategic review process, according to a source familiar with the matter.

Oilfield services provider Ensign Energy Services Inc reported a 16 percent rise in quarterly net profit on increased drilling in its international and U.S. markets but said it expects activity levels in North America to fall through the rest of the year.

Canadian miner AuRico Gold Inc reported a 10 percent fall in profit on lower gold production.

MARKET SNAPSHOT

Canada stock futures traded up 0.41 percent

U.S. stock futures,, were mixed in the range of -0.04 percent to +0.04 percent <.n/>

European shares <.fteu3>, <.stoxx> were down <.eu/>

COMMODITY PRICE MOVES

Thomson Reuters-Jefferies CRB Index <.crb>: 302.65; rose 0.28 percent

Gold futures: $1,621.1; rose 0.09 percent

US crude: $93.73; rose 0.93 percent

Brent crude: $114.67; rose 1.52 percent

LME 3-month copper: $7,435; fell 0.73 percent

CANADIAN STOCKS TO WATCH

Pengrowth Energy Corp. : The oil and natural gas producer posted a 65 percent fall in second-quarter profit on weak natural gas prices.

SNC-Lavalin : The construction and engineering company caught up in allegations of improper payments, named Robert Card as its new CEO.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

Bank of Nova Scotia : CIBC cuts target to C$58 from C$59, as the brokerage lowered it's estimates citing margin outlook

Calloway REIT : CIBC raises target to C$33 from C$30 after the company reported solid second-quarter results

Franco Nevada Corp : RBC cuts price target to C$55 from C$62 after it reported a lower-than-expected second-quarter results, RBC says further delays in Tasiast and lower production and pricing from its Sudbury PGM stream reduces valuation

SMART Technologies : RBC cuts price target on its U.S.-listed shares to $2 from $5, says budget pressures may continue to constrain its largest markets

TMX Group Inc : CIBC raises price target to C$48 from C$46 on the back of the Maple deal, rates sector performer

ON THE CALENDAR

No major Canadian economic data scheduled for release

No major U.S. events and data scheduled for release

(Reporting By Mohit Malukani; Editing by Jeffrey Hodgson)

Source: http://news.yahoo.com/tsx-may-open-higher-stimulus-hopes-124852092--sector.html

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