CANADA STOCKS-TSX may extend rally, helped by data

Sept 2 (BestGrowthStock) – Toronto’s main stock index could open
higher on Thursday, a day after the index notched its highest
close in more than 15 weeks, helped by a U.S. report that new
claims for unemployment benefits fell last week,

FACTORS TO WATCH

* Canadian equity futures (0#SXF:: ) pointed to a higher
open.

* New U.S. claims for unemployment benefits fell last week,
government data showed on Thursday, but were still too high to
signal a change in fortunes for the troubled labor market.
[ID:nN02194957]

* U.S. stock index futures edged higher on Thursday after
Wall Street’s best day in eight weeks. [.N]

* European equities edged lower after the previous
session’s jump, though auto shares were buoyed by sales data.
[.EU]

* Asian stocks hit a two-week high, with Japan’s Nikkei
briefly rising more than 2 percent, with tech shares among the
gainers.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, fell 0.04 percent in early trade.

* Oil fell further below $74 a barrel on Thursday, weighed
by record high inventories in top consumer the United States
and investor caution ahead of U.S. employment reports. [O/R]

* Gold rose in Europe on Thursday as investors remained
cautious about riskier assets ahead of key U.S. data, while a
rise in holdings of the main gold exchange-traded fund
demonstrated an appetite for bullion. [GOL/]

* Copper rose to its highest in more than four months as
recent macroeconomic data from the world’s two largest
economies, the United States and China, brightened the outlook
for metals demand. [MET/L]

CANADIAN STOCKS TO WATCH

* Toronto-Dominion Bank (TD.TO: ): Canada’s No. 2 bank said
on Thursday its third-quarter profit (Read more your timing to make a profit.) rose 29 percent, as better
credit quality and a strong retail bank performance
overshadowed lower wholesale banking income. [ID:nN01158442]

* Husky Energy Inc (HSE.TO: ): The company, which is
controlled by Hong Kong billionaire Li Ka-shing, is buying
Alberta natural gas properties from Talisman Energy Inc
(TLM.TO: ) for an undisclosed sum as a way to get better use out
of one its gas plants, it said on Wednesday. [ID:nN01113781]

* Enbridge Inc (ENB.TO: ): The restart of the Enbridge Inc
oil pipeline that ruptured in July, wreaking havoc on both the
environment and energy markets, is in the hands of U.S.
regulators now that the company has completed all required
testing, executives said on Wednesday. [ID:nN01156182]

* Canadian Western Bank (CWB.TO: ): The bank said on
Wednesday its third-quarter profit (Read more your timing to make a profit.) surged 47 percent, as
interest margins were helped by the February acquisition of
equipment lender National Leasing. [ID:nN01159401]

* Merck & Co (MRK.N: ) and Canada’s Cardiome Pharma Corp
(COM.TO: ) said they have been granted marketing approval for the
intravenous formulation of their heart drug Brinavess in the
European Union, Iceland and Norway. [ID:nSGE6800LJ]

* Harry Winston Diamond Corp (HW.TO: ): The Canadian diamond
miner and retailer posted a stronger than expected profit on
Wednesday, as robust diamond sales in both its mining and
retail segments boosted second-quarter results. [ID:nN01149743]

ANALYST RECOMMENDATIONS

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

* Harry Winston (HW.TO: ) rating raised to buy from neutral
at UBS

($1=$1.05 Canadian)
(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Jeffrey Hodgson)

CANADA STOCKS-TSX may extend rally, helped by data