Futures indicated a modestly higher opening for Canada stocks on Monday after U.S. Federal Reserve Chair Janet Yellen suggested a rate hike in the coming months, but gains were limited as Canadian oil production was set to restart after huge wildfires.
The S&P/TSX Composite Index advanced 56.03 points to close Friday and the week at 14,105.23, finishing with a 1.3% weekly gain, its best in a month. June futures squeezed up 0.1%.
The Canadian dollar dipped 0.08 cents to 76.68 cents early Monday
Suncor Energy's facilities north of Fort McMurray, Alberta, were expected to restart partially by the end of the week, the latest sign Canadian oil sands producers are coming back online after a massive wildfire.
Raymond James raises price target on First Majestic Silver to $8.00 with an underperform rating
Raymond James then raised the price target Fortuna Silver Mines to $8.25, with an outperform rating
On the economic front, Statistics Canada says its industrial product price index declined 0.5% in April, led by lower prices for motorized and recreational vehicles, while higher prices for energy and petroleum products helped moderate the fall.
The agency’s raw materials price index increased 0.7%, during the same month, led by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange tumbled 11.39 points Friday to 668.54.
ON WALLSTREET
U.S. markets are shuttered for Memorial Day, to resume business on Tuesday.
