In an S&P/TSX Index Watch report Thursday, UBS strategist Garry Cooper said he believes European Goldfields Ltd. (EGU.T), Aurelian Resources Inc. (ARU.T), Timminco Ltd. (TIM.T), Canadian Hydro Developers Inc. (KHD.T) and Mercator Minerals Ltd. (ML.T) may satisfy the criteria for inclusion.

Lower-probability additions include Franco-Nevada Corp. (FNV.T), Jaguar Mining Inc. (JAG.T), Birchcliff Energy Ltd. (BIR.T), Taseko Mines Ltd. (TGB), Great Basin Gold Ltd. (GBN), Aurizon Mines Ltd. (AZK), Aquiline Resources Inc. (AQI.T) and Crew Energy Inc. (CR.T), Cooper said.

UBS expects the results of S&P's quarterly review to be announced on about March 13, with changes expected to be effective after the close on March 20. He noted that the index changes will become effective one day earlier than usual since markets will be closed March 21 for the Good Friday holiday.

S&P reviews index constituents quarterly to ensure adequate market capitalization and liquidity.

Cooper also identified Cott Corp. (COT) and Connors Bros. Income Fund (CBF.UN.T) as being vulnerable to deletion from the composite index. According to the S&P Web site, companies that no longer meet the criteria for index maintenance and companies involved in mergers, acquisitions or significant restructuring may be considered for index deletion.

As reported, Cott said earlier Thursday it will delay filing its Form 10-K for the year ended Dec. 29 and earlier this week said it could lose a sizeable chunk of its sales at its largest customer, Wal-Mart Stores Inc. (WMT).

Connors Bros. has undertaken a strategic review of its meat products and brands and will consider selling the assets.

Cooper said lower-probability deletions include Ballard Power Systems Inc. (BLDP), Synenco Energy Inc. (SYN.T), Calfrac Well Services Ltd. (CFW.T), Fairborne Energy Ltd. (FEL.T) and Aastra Technologies Ltd. (AAH.T).

Cooper doesn't own securities in any of the companies mentioned in the report, nor does UBS have an investment-banking relationship with any of the mentioned companies.