May 19 (Reuters) - Canada’s main stock index futures rose 2% on Tuesday, after a long holiday weekend, as sentiment was lifted by positive data from an early-stage study testing a coronavirus vaccine.
Wall Street rallied on Monday after drugmaker Moderna Inc’s experimental COVID-19 vaccine appeared safe and showed promise in a small group of healthy volunteers, according to very early data.
June futures on the S&P/TSX index were up 2.07% at 7:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.89 percent higher at 14,638.90 on Friday.
Dow Jones Industrial Average e-mini futures were down 0.15% at 7:00 a.m. ET. S&P 500 e-mini futures were down 0.25% and Nasdaq 100 e-mini futures were flat.
A Papua New Guinea court is set to rule next month on whether Barrick Gold Corp can proceed with a legal challenge over the government’s refusal to extend its lease on the Porgera gold mine, the head of the country’s mining regulator said.
Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic.
Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries to save cash amid the COVID-19 pandemic and adjust to a lower level of traffic.
ANALYST RESEARCH HIGHLIGHTS
Aurora Cannabis Inc: Canaccord Genuity cuts target price to C$24 from C$27
Chorus Aviation Inc: RBC cuts target price to C$4.50 from C$6
Equinox Gold Corp: National Bank of Canada raises target price to C$18.50 from C$17.50
Onex Corp: Canaccord Genuity raises price target to C$75 from C$72
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,735.6; +0.07%
US crude: $32.55; +2.29%
Brent crude: $34.8; -0.03%
U.S. ECONOMIC DATA DUE ON TUESDAY
0830 Building permits number for Apr: Expected 1.0 mln; Prior 1.350 mln
0830 Build permits change mm for Apr: Prior -7.0%
0830 Housing starts number for Apr: Expected 0.927 mln; Prior 1.216 mln
0830 House starts mm change for Apr: Prior -22.3%
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$1.39)
Reporting by Priyanka Das in Bengaluru; Editing by Amy Caren Daniel