CANADA STOCKS-TSX may open lower after US jobs data

July 2 (BestGrowthStock) – Toronto’s main stock index could open
lower on Friday after U.S. jobs data came in lighter than
expected, signaling persistent weakness in the economy of
Canada’s biggest trade partner.

U.S. employment fell for the first time this year in June
as thousands of temporary census jobs ended and private hiring
grew less than expected, dealing a blow to President Barack
Obama who has identified job creation as a key priority.

Mining issues may come under the spotlight in Toronto as
Australia dumped its proposed “super profits” tax on the sector
for a lower resource rent tax. Higher copper and gold prices
could benefit shares in the sector.

European shares rose, with miners and banks among the top

Asian markets were mixed, with Nikkei closing just above a
key retracement support level.

Here is some news that could affect stock prices:


Oil inched up to above $73 a barrel on Friday, bouncing
from about a three-week low hit on Thrusday, but the market
remained preoccupied by concerns over the global economy.


Copper prices rallied on Friday, rising 2 percent in
Shanghai and 2.5 percent in London, bouncing off the previous
session’s two-week low but still on track for a 4 percent
weekly loss. Prices of zinc on the London Metal Exchange rose
more than 4 percent on Friday on growing expectations of
stronger demand from steel makers. [MET/L]


Gold rebounded 1 percent in Europe on Friday as physical
buyers in particular took advantage of the previous day’s price
fall to buy into the market, with traders now looking ahead to
a key U.S. jobs report due later. [GOL/]


Northgate Minerals Corp (NGX.TO: ) said on Friday regulators
will allow it to begin construction and development of the
Young-Davidson gold mine in northern Ontario. [ID:nN02194215]


Algeria has put on hold a big construction contract it had
earmarked for Canada’s SNC-Lavalin (SNC.TO: ), the firm said on
Thursday, as part of a major overhaul of the state energy
firm’s dealings with contractors. [ID:nLDE66022V]


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

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

* Nimin Energy Corp (NNN.TO: ) coverage started with
overweight rating and price target of $2.50 at Thomas Weisel

* Shaw Communications (SJRb.TO: ) price target cut to $23
from $24 at RBC

($1=$1.05 Canadian)

(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Frank McGurty)

CANADA STOCKS-TSX may open lower after US jobs data