CANADA STOCKS-TSX may open lower on weaker metal, oil prices

July 12 (BestGrowthStock) – Toronto’s main stock index could open
lower on Monday, tracking weaker oil and metal prices, after
crude futures fell following a week of gains and weekend data
showed China’s June copper imports fell short of expectations.

Wall Street is also set to open lower as markets take a
breather after posting its best weekly gains in a year, ahead
of Alcoa’s (AA.N: ) results after market close, kicking off the
second-quarter reporting season. [.N]

Canadian equity futures also pointed to a lower start.
(0#SXF:: )

European shares drifted lower, with miners down although
asset disposal reports lifted oil major BP (BP.L: ).

Asian stocks rose as investors largely shrugged off the
chance that Japan may be trapped in a policy gridlock after the
ruling government lost a key poll on Sunday.

Here is some news that could affect stock prices:


U.S. crude oil futures fell to around $75 per barrel on
Monday, consolidating after a week of gains and ahead of
quarterly U.S. company earnings and key macro-economic data.


Copper prices fell more than 1 percent in London on Monday
after the world’s top metals consumer China reported a drop in
copper imports for the third straight month in June, casting
shadows on the demand outlook. [MET/L]


Gold slipped in Europe on Monday, surrendering some of the
previous session’s more than 1 percent gains, as the dollar
firmed and investment flows into the metal dried up as concerns
over euro zone risk receded. [GOL/]


The Canadian dollar extended gains against the greenback on
Monday on heightened expectations that the Bank of Canada will
raise interest rates again this month following last week’s
standout employment report. [CAD/]

Canadian stocks to watch include:


Canada’s Pengrowth Energy Trust (PGF_u.TO: ) said on Monday
it agreed to buy the remaining 82 percent it does not already
own in Monterey Exploration Ltd (MXL.TO: ) for about C$336
million ($325.6 million), to get access to gas reserves in
northeast British Columbia. Pengrowth said it will also assume
C$30 million of Monterey’s net debt as at June 30.


United Steelworkers members at Cameco Corp’s (CCO.TO: )
conversion facility in Port Hope, Ontario, have voted in favor
of new three-year contracts with the uranium producer.


Canada’s largest oil and gas drilling contractor Precision
Drilling Corp (PD.TO: ) Monday named Robert McNally as chief
financial officer, and said its current CFO Doug Strong will
become president of completion and production services.


Research in Motion (RIM.TO: ) (RIMM.O: ), maker of BlackBerry
smartphone, said on Friday it is preparing to launch an
applications store and consumer Internet services in China as
part of its push into the world’s top mobile market.


Canada’s Sernova Corp (SVA.V: ) said on Monday its
experimental glucose-control device showed safety and efficacy
in a pre-clinical study in pigs that were made diabetic.


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

* Churchill (CUQ.TO: ) price target raised to C$26 from C$25;
rating strong buy at Raymond James

* Consolidated Thompson (CLM.TO: ) price target raised to
C$12 from C$10.25; rating outperform at Raymond James

* Gammon Gold Inc (GAM.TO: ) price target cut to C$7.05 from
C$8.40; rating hold at Cannacord Genuity

* Legacy Oil (LEG.TO: ) price target raised to C$16 from
C$15.50; rating strong buy at Raymond James

* Zenn Motor (ZNN.V: ) coverage started with hold rating at

($1=$1.03 Canadian)
(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Jeffrey Hodgson)

CANADA STOCKS-TSX may open lower on weaker metal, oil prices