CANADA STOCKS-TSX may open higher on positive jobs data

May 7 (BestGrowthStock) – Toronto’s main stock index could open
higher on Friday after data showed a historic rise in domestic
jobs growth in April.

Statistics Canada said the economy added 108,700 jobs, the
highest since Statscan began tracking the data and exceeding
even the most upbeat estimate in a Reuters poll, which yielded
a median forecast of 25,000 new jobs. [ID:nN0793308]

The Canadian dollar rallied to a high of $1.0338 to the
U.S. dollar as the data added pressure on the Bank of Canada to
raise rates soon. [CAD/]

Wall Street looked set for a firmer open after U.S. nonfarm
payrolls grew at the fastest pace in four years in April as
private sector employers ramped up hiring. [.N]

European markets slipped, extending their three-week
sell-off to 11 percent. Asian stocks were hammered, with Nikkei
shedding more than 3 percent.

Here is some news that could affect stock prices:

OIL UP

Oil rose toward $78 a barrel, trimming an 11 percent loss
from a 19-month high hit earlier this week, as international
leaders prepared to meet to try to contain Greece’s debt
crisis. [O/R]

COPPER FALLS

Copper fell about 1 percent as hefty sell-offs in global
equities and persistent euro zone debt worries combined to dent
sentiment. [MET/L]

GOLD EASES

Gold eased below $1,200 an ounce in Europe as investors
cashed in some gains after the previous session’s rally to
five-month highs, but underlying safe-haven demand is still
firmly underpinning prices. [GOL/]

CGI GROUP TO BUY STANLEY

Canadian technology outsourcing and consulting company CGI
Group Inc (GIBa.TO: ) said it agreed to buy rival IT services
provider Stanley Inc (SXE.N: ) for about $900 million in cash to
expand its U.S. footprint. [ID:nSGE6460G2]

SIMON UPS GENERAL GROWTH BID

Simon Property Group Inc (SPG.N: ) raised its bid for General
Growth Properties Inc (GGP.N: ) on Thursday in a last-ditch
attempt to persuade the No. 2 U.S. mall owner to favor its deal
over a rival offer led by Brookfield Asset Management Inc
(BAMa.TO: ). [ID:nN06101794]

GENERAL GROWTH SEEN TO BACK BROOKFIELD OFFER

General Growth Properties Inc (GGP.N: ) is expected to ask a
bankruptcy court on Friday to approve an investment led by
Brookfield Asset Management Inc (BAMa.TO: ), after reducing a
warrants package by 14 percent, a source familiar with the
situation said. [ID:nN07122004]

BROOKFIELD UNIT’S IPO PLAN

Brookfield Asset Management Inc (BAMa.TO: ), a global
investor in property, power and other infrastructure assets,
said on Thursday it had no plans to list its Australian office
portfolio on the public market. [ID:nN06127062]

BROOKFIELD, CALLOWAY WARY ON GROWTH VIEW

Two big Canadian real estate companies — Brookfield
Properties (BPO.TO: ) and Calloway Real Estate Investment Trust
(CWT_u.TO: )– said they have emerged from recession with higher
occupancy rates and rising rental income, but their chief
executives showed only muted optimism on Thursday about
near-term prospects. [ID:nN06231433]

ENCANA BUYS LAND

EnCana Corp (ECA.TO: ), Canada’s largest natural gas
producer, said it acquired about 250,000 net acres of land on
the Collingwood shale play at an average cost of about $150 an
acre. [ID:nSGE6460F1]

MI DEVELOPMENTS FFO FALLS

MI Developments (MIMa.TO: ), the real estate arm of Canadian
auto parts maker Magna International (MGa.TO: ), reported a 26
percent drop in funds from operations due to reduced interest
and other income from Magna Entertainment. [ID:nSGE6460HE]

CANADIAN NATURAL PROFIT UP

First-quarter profit (Read more your timing to make a profit.) at Canadian Natural Resources Ltd
(CNQ.TO: ), the country’s biggest independent oil explorer, more
than doubled on higher oil production and stronger prices, the
company said on Thursday. [ID:nN0598066]

EQUINOX MINERALS’ ZAMBIA OUTPUT

Equinox Minerals (EQN.TO: ) reported a $32.5 million net
profit for the first quarter on Thursday, compared with a
year-before loss, as its Lumwana copper mine in Zambia reached
commercial production in 2009. [ID:nN06168517]

ENERPLUS RESOURCES PROFIT RISES

Enerplus Resources Fund’s (ERF_u.TO: ), the No. 4 Canadian
energy trust, quarterly profit rose 54 percent on the back of
stronger oil and gas prices, and said it is converting into a
corporation by 2011. [ID:nSGE6460FA]

CRYPTOLOGIC LOSS WIDENS

Internet casino and branded gaming software company
CryptoLogic Ltd (CRY.TO: ) posted a wider quarterly loss hurt by
subdued wagering activity, but forecast second-quarter revenue
ahead of the same period last year. [ID:nSGE6460ES]

RESEARCH ROUNDUP

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

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

* Air Canada (ACa.TO: ) price target raised to $4.50 from $4;
rating buy at Salman Partners. Price target cut to $3.75 from
$5; rating strong buy at Raymond James. Price target raised to
$10.75 from $9.75; rating buy at Genuity

* Alamos Gold (AGI.TO: ) price target raised to $17 from
$16.35; rating buy at Salman Partners

* Armtec Infrastructure Income Fund (ARF_u.TO: ) rating
raised to outperform from market perform at Raymond James

* BCE Inc (BCE.TO: ) price target raised to $31 from $28;
rating hold at Genuity

* Calloway REIT (CWT_u.TO: ) price target raised to $22 from
$21; rating outperform at RBC. Price target raised to $22 from
$21; rating market perform at Raymond James

* Cathedral Energy Services Income Trust (CET.TO: ) price
target raised to $9.50 from $8; rating overweight at Thomas
Weisel

* Delphi Energy (DEE.TO: ) price target raised to $3.75 from
$3.50; rating buy at Genuity

* Dorel Industries (DIIb.TO: ) price target raised $47 from
$41; rating overweight at Thomas Weisel

* Magna International (MGa.TO: ) price target raised to $102
from $79; rating buy at Genuity

* Morguard REIT (MRT_u.TO: ) price target raised to $14 from
$13.75; rating outperform at RBC

* Pristine Power (PPX.TO: ) rating cut to hold from buy at
Salman Partners

Stock Investing

($1=$1.03 Canadian)
(Reporting by Bangalore newsroom, editing by Savio D’Souza and
Jeffrey Hodgson)

CANADA STOCKS-TSX may open higher on positive jobs data