Stock futures pointed to a lower opening for markets in Toronto Monday due to a drop in oil prices as signs of growing U.S. production outweighed optimism over production cuts by many other producers
The S&P/TSX Composite dropped 90.53 points to conclude Friday and the week at 15,496.05. Even so, the market gained 2.5% on a week shortened by New Year’s Day.
The Canadian dollar faded 0.14 cents to 75.38 U.S. early Monday
Sources said Onex Corp. is nearing a deal to acquire Ferrara Candy Co, potentially valuing one of the largest U.S. makers of non-chocolate confectionary at close to $1.3 billion, including debt.
CIBC cuts price target price on Detour Gold to $24.00 from $26.00, saying Detour Lake has consistently fallen behind with its mining rates.
The lower-than-expected mining rates have had a negative impact on both head grade and recovery.
RBC cut the price target on Intact Financial to $107 from $108 to reflect the slightly lower estimated BVPS growth in the near term.
Barclays raised the price target on Penn West Petroleum to $3 from $2.50 after the company announced better-than-expected 2017 forecast.
Canaccord Genuity cut the price target on Yamana Gold to $7.25 from $10.50 reflecting a 10% reduction in its long-term gold price assumption, and also due to a more conservative treatment of the company’s Brio interest and a weaker outlook at El Penon.
ON BAYSTREET
The TSX Venture Exchange gave back 2.82 points Friday to 791.44
ON WALLSTREET
U.S. stock index futures pointed to a mixed open on Monday as traders focused on a potential breakthrough the elusive 20,000-point mark for the Dow Jones industrial average and focused on earnings.
Ahead of the opening bell, futures for the Dow dipped 21 points, or 0.1%, at 19,876. Futures for the S&P 500 fell 1.25 points, or 0.1%, to 2,270.25. NASDAQ futures gained 3.25 points, or 0.1%, at 5,007.25
On the earnings front, Commercial Metals and Global Payments reported quarterly results. Barracuda Networks and WD-40 are both due to report after the market close.
On the data front, Monday will see consumer credit for November released at 3 p.m ET.
European markets were slightly lower Monday afternoon, while, in Asia, the Shanghai Composite in China closed 0.6% higher, while the Nikkei in Japan closed 0.3% lower.
Oil prices slipped $1.05 to $52.94 U.S. a barrel
Gold prices hiked $6.10 to $1,179.50 U.S. an ounce.
