CANADA STOCKS-TSX looks set for lower open on weak commodities

April 22 (BestGrowthStock) – Toronto’s main stock exchange looked
set to open lower on Thursday after the European Union said
Greece’s budget deficit was worse than was first believed,
sending commodity prices sliding.

Markets in Europe turned sharply negative led by banks. The
world’s top cellphone maker Nokia (NOK1V.HE: ) cut the profit
outlook for its key phone unit sending its shares lower by more
than 14 percent. Asian stocks were down with Nikkei shedding
more than a percent pressured by tech shares.

U.S. stock futures also indicate a negative start on Wall
Street. Amid a flurry of corporate results, investors will also
be closely watching President Barack Obama’s speech on
financial reforms where he will urge sweeping new rules for
Wall Street. [.N]

Investors will also be closely watching the Bank of
Canada’s Monetary Policy Report, due to be released later
today. The report is expected to throw more light on the
tightening bias the central bank disclosed this week.

Here is some news that could affect stock prices:

OIL SLIPS

Oil fell to around $83 per barrel after higher U.S.
inventories signalled demand in the world’s top oil consumer
was lagging the recovery in the global economy. [O/R]

COPPER DIPS ON CHINA

Copper turned negative weighed by persistent worries of
further monetary tightening from China, the world’s top metals
consumer, and a firmer dollar. [MET/L]

GOLD DIPS

Gold fell in Europe as the dollar rose against the euro,
with persistent fears over Greece pressuring the single
currency, while platinum group metals retreated from earlier
multi-month highs. [GOL/]

PLATINUM RISES

Spot platinum (XPT=: ) rose above $1,739 per ounce, its
highest since August 2008, exceeding the previous high marked a
day earlier as the precious metal maintained its momentum on
expectations of economic recovery.

CELESTICA PROFIT UP

Contract electronics maker Celestica Inc (CLS.TO: ) (CLS.N: )
posted a 28 percent rise in adjusted quarterly earnings on
Thursday due mainly to new wins from existing customers and an
improving economic environment. [ID:nSGE63L0FU]

BANKERS STARTS OIL SALES TO ALBANIA

Bankers Petroleum Ltd (BNK.TO: ) resumed oil sales to the
Albanian refineries operated by Albanian Refining & Marketing
of Oil Sh.A. [ID:nWNAB0824]

BOMBARDIER PLANE ORDER

Swiss-based VistaJet said it plans to place an order worth
US$200 million for seven new business jets from Bombardier Inc
(BBDb.TO: ). [ID:nWEB1515]

PRECISION DRILLING PROFIT RISES

Precision Drilling Trust (PD_u.TO: ), Canada’s No.1
oilwell-drilling company, posted an 8 percent rise in quarterly
profit, helped by an increase in drilling activity in the
country. [ID:nSGE63L0G7]

WEST 49 PROFIT FALLS

Canadian teenage clothing retailer West 49 Inc (WXX.TO: )
posted a lower fourth-quarter profit (Read more your timing to make a profit.), hurt a fall in product
margins. [ID:nSGE63L0I0]

SIMON REVISES GENERAL GROWTH OFFER

Simon Property Group Inc (SPG.N: ) gave General Growth
Properties Inc (GGP.N: ) a revised recapitalization offer ahead
of a presentation before its rival’s board on Thursday. Simon
would make a pitch to persuade General Growth’s board to choose
it over Brookfield Asset Management Inc (BAMa.TO: ) as the key
investor in a plan to exit bankruptcy protection.
[ID:nN2120216]

HUSKY ASIA SPIN OFF

Husky Energy Inc’s (HSE.TO: ) proposed spinoff of its Asian
oil and gas operations should be complete by the end of 2010,
assuming the plan hits no regulatory or tax roadblocks, the
company’s outgoing chief executive said on Wednesday.
[ID:nN21226652]

NEW GOLD’S SALES UP

New Gold Inc (NGD.TO: ) on Wednesday said gold sales
increased 44 percent in the first-quarter and reaffirmed 2010
production outlook. [ID:nWNAB0597]

ALGONQUIN STARTS PROJECT

Algonquin Power and Utilities Corp (AQN.TO: ) announced the
commencement of construction of the 26.4 MW Phase I Red Lily
Wind Project in south-eastern Saskatchewan. [ID:nWNAB0579]

RESEARCH ROUNDUP

Following is a summary of research actions on Canadian
companies reported by Reuters on Thursday. [RCH/CA]

* GMP Capital (GMP.TO: ) price target cut to C$12.50 from
C$13; rating neutral at Macquarie

* Metro Inc (MRUa.TO: ) price target raised to C$45 from
C$42; rating neutral at UBS

* Reliable Energy (REL.V: ) rating started with outperform;
price target of 60 Canadian cents at Raymond James

* Russel Metals (RUS.TO: ) price target raised to C$20 from
C$18; rating market perform at Raymond James

* Teck Resources (TCKb.TO: ) price target cut to C$52 from
C$53.50; rating buy at UBS

Stock Market

(Reporting by Bangalore newsroom, editing by Savio D’Souza
and Jeffrey Hodgson)

CANADA STOCKS-TSX looks set for lower open on weak commodities