CANADA STOCKS-TSX may rise on resources, optimism

TORONTO, Feb 3 (BestGrowthStock) – Toronto’s main stock index may
head higher on Wednesday, adding to two straight sessions of
gains, as commodity prices firmed and hopes mount that the
global economy will gain momentum.

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) rose on Tuesday, up 0.8 percent at 11,408.34, as U.S.
corporate results and economic data boosted optimism about the
strength of the recovery.

Here is some of the news that may affect the market.

ENBRIDGE

Enbridge Inc (ENB.TO: ), Canada’s No. 2 pipeline company,
said its fourth-quarter profit (Read more your timing to make a profit.) rose, driven mainly by stronger
results from its liquids pipelines business. [ID:nN02111743]

IMPERIAL OIL

Imperial Oil (IMO.TO: ) fourth-quarter profit (Read more your timing to make a profit.) fell a
worse-than-expected 19 percent as weak refining margins weighed
on the bottom line, Canada’s No. 2 oil producer and refiner
said. [ID:nN02120074]

COMMODITY PRICES FIRM

Gold prices rose 1 percent in Europe, while oil touched a
two-week high above $78 a barrel. [GOL/] [O/R]

* See also: INTERVIEW: China favoring Australia, Canada
mining sectors [ID:nLDE6120J6]

* See also: Xstrata Sudbury workers ratify 3-year deal
[ID:nN02101067]

RESEARCH ROUNDUP: CANADIAN NATURAL RESOURCES

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

* Goldman Sachs added Canadian Natural Resources (CNQ.TO: ),
the country’s biggest independent oil explorer, to conviction
buy list. [ID:nSGE6120GM]

* Goldman Sachs removes Suncor Energy (SU.TO: ) from Americas
“conviction buy” list, keeps “buy” rating; RBC and Barclays cut
price target

* Deutsche Bank starts Kinross Gold (K.TO: ) with “buy”
rating, starts Barrick Gold (ABX.TO: ), Goldcorp (G.TO: ) with
“hold”

* UBS cuts price targets on 8 Canadian gold producers
[ID:nWNAB2180]

LABOPHARM

Canadian biotechnology company Labopharm Inc (DDS.TO: ) said
that the U.S. Food and Drug Administration approved its
once-daily antidepressant, clearing the way for its launch on
the market later this year. [ID:nN03136396]

ECONOMIC DATA

The Institute for Supply Management releases its January
non-manufacturing index at 10 a.m. (1500 GMT). Economists look
for a reading of 51.0, indicating an expansion in the services
sector, versus 49.8 in December. (ECON: )

No major Canadian data until Friday when jobs data for
January will be published. [ID:nN01230910] (ECONCA: )

Earlier, a closely-watched survey showed the euro zone’s
dominant service sector expanded at a slower pace in January
than in the previous month but that firms had grown more
optimistic about the year ahead. [ID:nLDE6120D5]

Stock Market Advice

(Reporting by Ka Yan Ng; Editing by Theodore d’Afflisio)

CANADA STOCKS-TSX may rise on resources, optimism