CANADA STOCKS-TSX set to open higher on strong metal, oil prices

April 6 (Reuters) – Toronto’s resource-heavy main stock
index looked set to open higher on Wednesday, with the mining
sector in the spotlight after gold rallied to a record high and
copper prices rose to the highest in about a week.

FACTORS TO WATCH

* Canadian equity futures (0#SXF:: Quote, Profile, Research) pointed to a higher
open.

* Futures on the S&P 500 hit their highest level in more
than a month as investors bet the upcoming earnings season and
more merger activity will continue to lift equities higher.
[.N]

* European equities drifted lower after hitting four-week
highs, with EDF (EDF.PA: Quote, Profile, Research) dragging down utilities following a
target price cut, while banks fell on worries about the euro
zone’s debt crisis. [.EU]

* Asian markets were mixed with Shanghai breaching the key
3000 resistance level while the Nikkei fell to a one-week
closing low, losing ground for a second straight day as
concerns grew about mounting production losses for quake-hit
manufacturers.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index (.CRB: Quote, Profile, Research), a global
commodities benchmark, rose 0.98 percent in early trade.

* Oil prices stayed near a 2-year peak supported by
widespread unrest in the Middle East and North Africa and
dollar weakness ahead of Europe’s central bank rate decision on
Thursday. [O/R]

* Gold rallied to a second consecutive record high, powered
by a slide in the dollar and by investor demand for safe-haven
assets, while silver hit fresh 31-year peaks. [GOL/]

* Copper rose to its highest in about a week, as the euro
scaled multi-month highs against the dollar and on prospects of
better commodity imports data from top consumer China. [MET/L]

CANADIAN STOCKS TO WATCH

* Sandvine Corp. (SVC.TO: Quote, Profile, Research): The company reported a
first-quarter loss on a 9 percent rise in expenses.
[ID:nL3E7F61TV].

* Bank of Montreal (BMO.TO: Quote, Profile, Research): The lender said Mark Furlong
will become the CEO of BMO Harris Bank N.A. and Ellen Costello
would continue as the CEO of the firm’s American bank holding
company, BMO Financial Corp. [ID:nL3E7F538K]

* Valeant Pharmaceuticals (VRX.TO: Quote, Profile, Research): Cephalon Inc on Tuesday
rejected an unsolicited, $5.7 billion acquisition bid by
Valeant and Valeant sought to replace the U.S.
biopharmaceutical company’s board of directors.
[ID:nN05162826]

* Alamos Gold Inc. (AGI.TO: Quote, Profile, Research); The company’s quarterly gold
production fell 10 percent due to lower output at its flagship
Mulatos mine in Mexico. [ID:nL3E7F61KX].

* Extract Resources (EXT.TO: Quote, Profile, Research): The company chairman Steve
Galloway said on Wednesday that its key Husab uranium project
in Namibia should generate $1 billion a year and it should come
online in the first quarter of 2014. [ID:nLDE7350TP].

* Forzani Group Ltd. (FGL.TO: Quote, Profile, Research): The retailer posted a higher
fourth-quarter profit, as cold weather boosted sales of winter
products, but the company said same-store sales are down so far
this quarter. [ID:nL3E7F539G].

ANALYST RECOMMENDATIONS

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

* Anderson Energy (AXL.TO: Quote, Profile, Research) price target cut to C$1.25 from
C$1.30 at National Bank

* Angle Energy (NGL.TO: Quote, Profile, Research) price target raised to C$12.25 from
C$11.25 at National Bank

* Artek Exploration Ltd (RTK.TO: Quote, Profile, Research) price target raised to
C$3.75 from C$3; rating outperform at National Bank

* Bellamont Exploration Ltd (BMXa.TO: Quote, Profile, Research) price target cut to
C$0.85 from C$0.90 at National Bank

* Bellatrix Exploration Ltd (BXE.TO: Quote, Profile, Research) price target cut to
C$7.50 from C$8 at National Bank

* Birchcliff Energy Ltd (BIR.TO: Quote, Profile, Research) price target cut to
C$12.75 from C$13.25 at National Bank

* Celtic Exploration Ltd (CLT.TO: Quote, Profile, Research) price target cut to
C$24.75 from C$25 at National Bank

* Cequence Energy Ltd (CQE.TO: Quote, Profile, Research) price target cut to C$4.25
from C$4.50 at National Bank

* Crew Energy (CR.TO: Quote, Profile, Research) price target cut to C$23.75 from C$25
at National Bank

* Delphi Energy (DEE.TO: Quote, Profile, Research) price target cut to C$2.60 from
C$2.75 at National Bank

* Insignia Energy Ltd (ISN.TO: Quote, Profile, Research) price target cut to C$2.50
from C$2.55 at National Bank

* Nuvista Energy (NVA.TO: Quote, Profile, Research) price target cut to C$11 from
C$11.50 at National Bank

* Sulliden Exploration (SUE.TO: Quote, Profile, Research) price target cut to C$3.20
from C$3.30 at Raymond James

($1= $0.96 Canadian)
(Reporting by Kishan Nair, editing by Jeffrey Hodgson)

CANADA STOCKS-TSX set to open higher on strong metal, oil prices