May 6 (Reuters) - Canada’s main stock index futures gained on Wednesday, as easing coronavirus lockdowns lifted oil prices even as signs of a supply glut persisted.
Oil rose above $31 a barrel as hopes for a recovery in demand due to several countries easing lockdowns offset a report showing a higher-than-expected rise in U.S. inventories.
June futures on the S&P/TSX index were up 0.58% at 7:05 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index rose 0.45% to 14,811.56 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.77% at 7:05 a.m. ET, while S&P 500 e-mini futures were up 0.79% and Nasdaq 100 e-mini futures were up 0.73%.
Suncor Energy Inc deepened its spending cuts, suspended its share repurchase program and cut its quarterly dividend by 55%, hit by a historic plunge in oil prices caused by a feud between Saudi Arabia and Russia and the COVID-19 pandemic.
Life insurers face a challenging year as rising unemployment from the coronavirus pandemic reduces group benefit and retirement plan enrollment, and market declines and credit deterioration weigh on asset-management earnings, Sun Life Financial Inc’s CEO said on Tuesday.
Imperial Oil on Tuesday said 50 birds died after landing on tailings ponds near its Kearl Lake oilsands site in Alberta.
Canadian miner Barrick Gold Corp reported a nearly 55% rise in quarterly adjusted profit on Wednesday, benefiting from a surge in gold prices and higher copper production.
Canadian e-commerce company Shopify Inc beat revenue estimates on Wednesday as more users visited its platform after coronavirus-driven lockdowns led merchants to move their businesses online.
ANALYST RESEARCH HIGHLIGHTS
Air Canada: Cormark Securities cuts rating to market perform from buy
Canadian Imperial Bank of Commerce: Citigroup raises rating to buy from neutral
Royal Bank of Canada: Citigroup raises rating to buy from neutral
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1707; -0.21%
US crude: $25.41; +3.46%
Brent crude: $31.66; +2.23%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 (approx.) ADP national employment for Apr: Expected -20,050,000; Prior -27,000
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.40) (Reporting by Nachiket Tekawade in Bengaluru; Editing by Maju Samuel)