CANADA STOCKS-TSX set to open lower on euro zone debt worries

Nov 29 (BestGrowthStock) – Toronto’s main stock index looked set to
open lower on Monday after initial enthusiasm over Ireland’s
bailout faded and investors fretted about other European
countries being next in the queue.

FACTORS TO WATCH

* Canadian equity futures (0#SXF:: ) pointed to a lower
open.

* U.S. stock index futures fell as worries lingered about
Europe’s ability to contain a credit crisis despite a bailout
for Ireland over the weekend. [.N]

* European shares hit a session low on concerns other
peripheral euro zone countries may need a bailout, after
European Union finance ministers backed an 85 billion euro
($112.6 billion) package for Ireland. [.EU]

* Asian stocks were mixed with Japan’s Nikkei rising 0.9
percent to its highest close in five months as the yen softened
against the dollar, but the gains were capped by profit-taking
and concerns over North Korea.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, rose 0.47 percent in early trade.

* Oil rose to a two-week high above $85 after the European
Union approved a rescue for Ireland and outlined a permanent
system to resolve the euro zone’s debt crisis. [O/R]

* Gold eased below $1,360 an ounce in Europe, surrendering
earlier gains, as the dollar hit a fresh two-month high versus
the euro amid concerns over debt levels in some parts of the
euro zone. [GOL/]

* Copper steadied, with an earlier rally running out of
steam as equities and the euro also weakened on concerns an 85
billion euro bailout for Ireland could herald more debt
problems. [MET/L]

CANADIAN STOCKS TO WATCH

* TransGlobe Energy Corp. (TGL.TO: ): The oil and gas company
said it expects 2011 production to be about 33 percent more
than the estimated current year volumes, and set a higher
capital budget for next year. [ID:nSGE6AS0D3]

* Capstone Mining Corp. (CS.TO: ): The copper producer said
it suspended mining operations at its Cozamin mine in Mexico
following the death of a miner in an accident. [ID:nN28174437]

* Enbridge Inc. (ENB.TO: ): The company’s 670,000 bpd Line 6A
oil pipeline in the U.S. Midwest is expected to run at reduced
rates until early next week, creating another costly bottleneck
for Canadian crude exports, the company said on Friday.
[ID:nN26122553]

ANALYST RECOMMENDATIONS

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

* McCoy Corp (MCB.TO: ) rating cut to outperform from strong
buy at Raymond James

* Parex Resources (PXT.V: ) rating cut to market perform from
outperform at Raymond James

* Stoneham Drilling Trust (SDG_u.TO: ) rating raised to
outperform from market perform at Raymond James

($1= $1.02 Canadian)
(Reporting by Kishan Nair and Bangalore Newsroom. Editing by
Jeffrey Hodgson)

CANADA STOCKS-TSX set to open lower on euro zone debt worries