CANADA STOCKS-TSX may open higher on commodities, GDP data

April 30 (BestGrowthStock) – Toronto’s main stock index looked set
to open higher on Friday as commodity prices rose and key
domestic economic data came in line with expectations.

Canada’s economy grew by 0.3 percent in February from
January, the sixth consecutive monthly increase, pushed higher
by stronger manufacturing and the Olympics, Statistics Canada
said on Friday.

Wall Street also looked set for a higher start as investors
await a deal to bail out debt-ridden Greece. [.N]

Oil-related companies will be in the spotlight as massive
oil spill in Gulf of Mexico could affect petroleum shipments
and delay plans to open up coastal waters to more drilling.

European stocks turned negative as banks pared gains and
pharmaceutical shares fall. Asian equities rose with Nikkei
average up 1.2 percent.

Here is some news that could affect stock prices:

OIL UP

Oil rose on Friday, heading for a third straight monthly
gain, driven by expectations of global economic recovery and
hopes of a bailout package to help Greece avoid debt default.
[O/R]

COPPER RISES

Copper prices rose on Friday as the dollar slipped against
the euro and expectations of stronger global economic growth
and demand gathered pace. [MET/L]

GOLD HITS HIGH

Gold hit a 2010 high above $1,170 an ounce in Europe on
Friday, fuelled by euro strength and investors continuing to
embrace the metal’s safe-haven properties on unease over euro
zone sovereign debt levels. [GOL/]

C$ RISES VS US$

The Canadian dollar rose slightly against its U.S.
counterpart on Friday as commodity prices strengthened and
expectations Greece will soon receive emergency aid helped to
ease fears about how Athens will pay its debts. [CAD/]

CANADIAN OIL SANDS PRODUCERS PROFIT RISES

Profit at Canada’s big oil sands producers like Cenovus
Energy Inc (CVE.TO: ), Imperial Oil Ltd (IMO.TO: ) and Canadian Oil
Sands Trust (COS_u.TO: ) climbed in the first quarter as prices
surged for oil, especially the heavier grades, allowing the
industry to shake off the effects of economic meltdown.
[ID:nN2997957]

FORTIS PROFIT RISES

Utility company Fortis Inc (FTS.TO: ) said on Friday its
first-quarter earnings rose, driven primarily by its Terasen
Gas subsidiary. [ID:nN30264253]

TECK MULLS MINE REOPENING

Teck Resources (TCKb.TO: ) said on Thursday it will study the
possibility of reopening its Quintette coal mine in British
Columbia, due to the strong outlook for coal used in the
steelmaking process. [ID:nN29117215]

DOMTAR POSTS PROFIT

Forestry firm Domtar Corp (UFS.TO: ) (UFS.N: ) posted a
first-quarter profit (Read more your timing to make a profit.), aided by price increases and higher pulp,
paper and wood shipments. [ID:nSGE63J0HV]

COGECO CORUS’ RADIO STATIONS

Cable and telecommunications company Cogeco Inc (CGO.TO: )
said on Friday it plans to buy 11 Quebec radio stations from
Corus Entertainment Inc (CJRb.TO: ) in a cash deal worth C$80
million ($79.6 million). [ID:nN30264307]

AGNICO-EAGLE REVENUE DOUBLES

Foreign exchange and stock compensation charges trimmed net
profit for Agnico-Eagle Mines (AEM.TO: ) in the first quarter,
but revenue jumped on stronger gold prices and a doubling of
production, the company said on Thursday. [ID:nN29117432]

HIGHLAND GOLD SWINGS TO PROFIT

Russia’s Highland Gold Mining (HGM.L: ), part-owned by
Canadian miner Barrick Gold Corp (ABX.TO: ) swung to a net profit
of $78.8 million last year after cutting costs and boosting
production at a time of record-high gold prices, and is looking
to acquire another asset in 2010. [ID:nLDE63T0BV]

PENN WEST RENEWS FACILITY

Penn West Energy Trust (PWT_u.TO: ) said it renewed its
revolving bank facility for a three-year term to April 30,
2013. [ID:nSGE63T0EQ]

OPEN TEXT RESULTS

Business software maker Open Text Corp (OTC.TO: ) (OTEX.O: ) on
Thursday posted quarterly earnings that missed estimates, hurt
by higher costs. [ID:nSGE63S0M6]

SIERRA WIRELESS LOSS NARROWS

Sierra Wireless Inc (SW.TO: ) (SWIR.O: ) on Thursday narrowed
its quarterly loss as revenue from its machine-to-machine
communications segment nearly tripled. [ID:nN28192380]

SAMUEL MANU-TECH LOSS NARROWS

Steel and plastic distributor Samuel Manu-Tech Inc (SMT.TO: )
on Thursday said its first-quarter loss narrowed, and that it
sees a modest return to profitability in the second quarter.
[ID:nSGE63S0LN]

FAIRFAX FINANCIAL POSTS PROFIT

Fairfax Financial Holdings Ltd (FFH.TO: ), which deals in
property and casualty insurance and reinsurance, on Thursday
posted a quarterly profit, helped mainly by net investment
gains. [ID:nN29260072]

RESEARCH ROUNDUP

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

Note: All values in Canadian currency, unless otherwise
stated.

* Mullen Group (MTL.TO: ) price target cut to $16 from
$17.50; rating market perform at Raymond James. Rating cut to
market weight from overweight at Thomas Weisel

* Platinum Group Metals (PTM.TO: ) rating cut to market
perform from outperform; price target to $3 from $2.50 at
Raymond James

Investment

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

CANADA STOCKS-TSX may open higher on commodities, GDP data