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CANADA STOCKS-TSX futures gain as oil prices rise
April 24, 2017 / 12:00 PM / 8 months ago

CANADA STOCKS-TSX futures gain as oil prices rise

April 24 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Monday as oil prices rose driven by expectations that OPEC will extend output cuts till the end of 2017.

June futures on the S&P TSX index were up 0.9 percent at 7:15 a.m. ET.

Canadian wholesale trade is due at 8:30 a.m. ET.

Canada’s main stock index ended barely lower on Friday as bank stocks pulled back with lower bond yields after weak inflation data and energy stocks shrugged off an oil slide to notch gains.

An OPEC and non-OPEC technical committee recommended on Friday that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said.

Canadian National Railway, Canada’s largest railroad company, is expected to report a rise in quarterly revenue as it moves higher volumes of Canadian grains and U.S. soybeans, refined petroleum products and petroleum coke. The company is scheduled to report quarterly results after the closing bell on Monday.

Dow Jones Industrial Average e-mini futures were up 1.01 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 1.15 percent and Nasdaq 100 e-mini futures were up 1.06 percent.

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TOP STORIES

Canadian rig contractor Precision Drilling Corp, reported a smaller-than-expected rise in revenue as the rates customers paid to hire rigs fell despite increased demand.

Canada’s Cenovus Energy Inc has said it may sell parts of the Deep Basin natural gas assets it recently bought from Houston-based ConocoPhillips, Royal Bank of Canada analysts wrote in a research note on Sunday.

Canadian engineering and construction company SNC-Lavalin Group Inc won a contract from Saudi Aramco for initial engineering and design work to expand the gas-oil separation plant of the Berri oilfield, industry sources said.

ANALYST RESEARCH HIGHLIGHTS

IGM Financial Inc: RBC raises target price to C$47 from C$42

Mullen Group Ltd: Raymond James cuts target price to C$16.25 from C$18.50

Vermilion Energy Inc: Barclays cuts target price to C$64 from C$66

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1271.3; -1.25 percent

US crude: $50.05; +0.87 percent

Brent crude: $52.39; +0.83 percent

LME 3-month copper: $5654; +0.55 percent

U.S. ECONOMIC DATA DUE ON MONDAY

0830 National Activity Index for Mar: Prior 0.34

1030 Dallas Fed Manufacturing Business Index for Apr: Prior 16.90

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Shounak Dasgupta)

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