RTRS: TSX seen opening firmer as oil boosts energy shrs
Feb 24 (Reuters) - Toronto's main stock index looked set to open higher on Thursday, with rising oil prices likely to lift energy shares, offsetting investor fears that rising oil could derail global economic growth.
FACTORS TO WATCH
* Canadian equity futures <0#SXF:> pointed to a higher open.
* U.S. stock index futures fell, signaling another down day on Wall Street, as oil continued to rally on turmoil in Libya, denting investor sentiment. [.N]
* European shares extended this week's losses as the lingering crisis in Libya sparked an $8-per-barrel jump in Brent crude, fanning further concern about its impact on inflation and growth. [.EU]
* Major markets in Asia were in red, while China's main stock index ended up as coal shares rose on expectations that surging oil price may lift demand for alternative energy sources.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, rose 0.94 percent in early trade.
* Oil surged more than 7.5 percent to its highest since August 2008 on concern unrest in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia. [O/R]
* Gold steadied near seven-week highs, as investor fears over inflation stemming from the spike in crude oil were partially offset by pockets of profit-taking after the market's 6 percent rise this month. [GOL/]
* Copper fell on concerns that higher oil prices driven by violence in the Middle East may slow economic growth and cripple demand for industrial metals, and as plentiful copper supply also weighed on prices. [MET/L]
CANADIAN STOCKS TO WATCH
* Canadian Imperial Bank of Commerce (CM.TO): Canada's No. 5 bank said on Thursday that quarterly earnings rose a higher-than-expected 22.5 percent due to loan growth and lower provisions for credit losses. [ID:nN24207641]
* National Bank of Canada (NA.TO). The bank said on Thursday its first-quarter profit rose 45 percent, as stronger consumer and business loan growth more than offset a decline in trading income. [ID:nN23168967]
* Loblaw Cos Ltd. (L.TO). Canada's No. 1 grocer said on Thursday its quarterly profit fell as it invested more in information technology and food and drugstore sales dropped. [ID:nN23175194]
* Magna International Inc. (MG.TO): The world's No.3 auto parts maker returned to a quarterly profit and hiked its dividend but earnings fell short of expectations on higher input costs and as losses deepened at its electric car unit. [ID:nN18301743]
