Equities in Canada’s greatest market were set to start higher on Wednesday, with oil prices rising, after the Organization of the Petroleum Exporting Countries reaffirmed its commitment to erode a glut that has dogged markets since 2014.
The S&P/TSX Composite Index sagged 62.32 points to close Tuesday at 15,622.57. June futures improved 0.2% Wednesday
The Canadian dollar plummeted 0.32 cents to 74.39 cents U.S. early Wednesday.
U.S. oil giant Chevron Corp has sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp, a marketer of petroleum products, for $1.46 billion
TD Securities cut the rating on Dollarama to hold from buy
Desjardins raised the target price on Rogers Communications to $62.50 from $59.00
Raymond James raised the target price on Russel Metals to $30.00 from $26.00
ON BAYSTREET
The TSX Venture Exchange retreated 4.56 points Tuesday to 825.14.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday a day after Goldman Sachs shocked Wall Street by missing earnings estimates.
Ahead of the opening bell, futures for the Dow Jones Industrials strengthened 39 points, or 0.2%, to 20,472. Futures for the S&P 500 gained 7.75 points, or 0.3%, to 2,345. NASDAQ futures took on 20.5 points, or 0.4%, to 5,409.75
Among companies reporting earnings today, Morgan Stanley posted first-quarter results that easily beat expectations as its fixed income trading revenue doubled year over year. Then, American Express, eBay, Qualcomm and CSX are all due to report after the market close.
On matters economic, Wednesday will see the Federal Reserve issue the Beige Book of economic conditions at around 2 p.m. ET.
Internationally, European stocks were stronger by noon on the continent, while in Asia, Japan’s Nikkei 225 inched up 0.1%, while the CSI 300 in Shanghai sagged 0.5%.
Oil prices gained two cents to $52.43 U.S. per barrel.
Gold prices nine dollars to $1,285.10 U.S. an ounce.
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