Futures pointed to a higher opening for Canadian stocks on Monday as brent crude oil prices rose, lifted by a hike in the Canadian dollar that could spur demand just as attacks on Nigerian oil infrastructure tighten supplies.
The S&P/TSX Composite Index hiked 89.79 points to end Friday and the week at 14,226.78. The TSX is up over 20% from its Jan. 20 low, fulfilling the definition of a bull market. The index also secured its fourth weekly rally, the longest stretch since November 2014.
June futures improved 0.3% early Monday.
The Canadian dollar added 0.16 cents to 77.45 cents early Monday
Bombardier is stepping up efforts to woo the airline industry with its more efficient new CSeries jet, hoping to win new orders without falling under the spell of prolonged discounting on price.
Real estate-focused private equity firm KingSett Capital is set to acquire 50% of Scotia Plaza, Canada's second tallest office building, from Dream Office REIT and H&R REIT, according to two sources familiar with the situation.
Raymond James raised the target price on Husky Energy to $18.00 from $16.00
Raymond James also raised the target price on Imperial Oil to $51.00 from $48.00
Raymond James cut the target price on Keyera Corp. to $46.00 from $47.00
ON BAYSTREET
The TSX Venture Exchange triumphed 15.38 points, or 2.3%, Friday to 693.71
ON WALLSTREET
U.S. stock futures are nudging higher Monday.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted higher 59 points, or 0.3%, to 17,859, while futures for the S&P 500 added 5.75 points, or 0.3%, to 2,103.50. NASDAQ futures hiked 11.25 points, or 0.3% to 4,520.25.
Investors are still bearish on the retail industry. Nordstrom stock dipped nearly 3% after hours on Friday, bringing its year-to-date loss to 20%.
Telecommunications company Century Link has fallen sharply in pre-market trading.
U.S. Federal Reserve Chief Janet Yellen will speak in Philadelphia late Monday afternoon. Analysts will be watching the speech closely for any hints on a rate hike.
While Fed officials have hinted in recent weeks that they may raise interest rates in June after a slew of positive economic data, the jobs report on Friday made a June hike look very unlikely. Hiring in the U.S. slowed sharply in May to the lowest level since 2010.
European markets are also gaining. Asian markets ended mixed.
Oil prices gained 94 cents to $49.56 U.S. a barrel
Gold prices fell 51 cents to $1,243.69 U.S. an ounce.
