Make Kitco Your Homepage

Market News

CANADA STOCKS-TSX futures up on higher oil prices

Reuters

Kitco News

March 11 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Monday, buoyed by a rise in oil prices.

A statement by Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June lifted oil prices, while a report showed a fall in U.S. drilling activity.

March futures on the S&P/TSX index were up 0.31 percent at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX ended 60.30 points, or 0.38 percent, lower to 15,996.21 on Friday.

Dow Jones Industrial Average e-mini futures were down 0.63 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.1 percent and Nasdaq 100 e-mini futures were up 0.24 percent.

TOP STORIES

Canadian IT consultancy CGI Inc. said it had made a 4.32 billion Swedish crown ($459 million) cash offer for Swedish peer Acando.

Australian gold miner Newcrest Mining Ltd has the firepower for more acquisitions, its chief executive said, after the company announced a deal to buy a copper and gold mine in Canada for $806.5 million.

North American energy traders are reluctant to take up long-term positions on Canadian crude price moves, preferring to stick to spot deals, as uncertainty around government intervention in the market grows following delays to Enbridge’s Line 3 oil pipeline project.

ANALYST RESEARCH HIGHLIGHTS

Hudbay Minerals Inc: Credit Suisse raises rating to “outperform” from “neutral”

OceanaGold Corp: Desjardins raises rating to “buy” from “hold”

Yangarra Resources Ltd: CIBC cuts to “neutral” rating

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,296.2; -0.24 pct

US crude: $56.5; +0.77 pct

Brent crude: $66.24; +0.76 pct

U.S. ECONOMIC DATA DUE ON MONDAY

0830 Retail sales ex-autos mm for Jan: Expected 0.2 pct; Prior -1.8 pct

0830 Retail sales mm for Jan: Expected -0.1 pct; Prior -1.2 pct

0830 Retail ex gas/autos for Jan: Prior -1.4 pct

0830 Retail control for Jan: Expected 0.6 pct; Prior -1.7 pct

0830 Retail sales YoY for Jan: Prior 2.27 pct

1000 Business inventories mm for Dec: Expected 0.6 pct; Prior -0.1 pct

1000 Retail inventories ex-auto rev for Dec: Prior 1.0 pct

1000 Employment Trends for Feb: Prior 109.6

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 Hrithik Kiran Bagade in Bengaluru Editing by Saumyadeb Chakrabarty)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.