Futures pointed to a higher start on Tuesday for stocks in Canada’s largest market, on strengthening oil prices, as the Organization of the Petroleum Exporting Countries aims for deeper output cuts directed at reining in a global fuel supply overhang.
The S&P/TSX Composite dipped 25.54 points to close Friday at 15,838.63, with March futures springing up 0.2%.
The Canadian dollar slipped 0.2 cents to 76.1 cents U.S. early Tuesday.
Stock markets in Toronto were closed Monday for Family Day.
Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is reportedly nearing a deal to acquire Popeyes Louisiana Kitchen Inc.
The Canada Border Services Agency said on Monday it would investigate whether silicon metal from Brazil, Malaysia and five other countries was being sold at unfairly low prices in Canada after a Quebec-based company filed a complaint.
KBW raised the target price on Bank of Montreal to $105.00 from $95.00
CIBC cut the target price on Fairfax Financial Holdings to $600 from $650
KBW raised the target price Royal Bank of Canada to $92.00 from $83.00
On the economic ledger, Statistics Canada reported Monday that wholesale trade rose 0.7% to $57.3 billion in December, a third consecutive gain.
The agency says six of the seven sub-sectors, representing 82% of total wholesale sales, improved, the leaders being the machinery, equipment and supplies sub-sectors, as well as the building material and supplies sub-sector.
ON BAYSTREET
The TSX Venture Exchange eked up 0.6 points Friday to 843.92
ON WALLSTREET
Stock index futures in the U.S. were preparing investors for a higher open on Tuesday as traders digested a deluge of earnings reports on the first trading day of the week.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted higher 62 points, or 0.3%, to 20,650. Futures for the S&P 500 acquired four points, or 0.2%, to 2,352. NASDAQ futures picked up 9.5 points, or 0.2%, at 5,335.25
Markets were shuttered Monday in the States for Presidents Day
On the earnings front, Home Depot, Medtronic, Wal-Mart and Macy's are among the companies that came out with quarterly results before the bell. Extra Space Storage, First Solar and Verisk Analytics are among many other companies due to report after the market close.
On the data front, Tuesday will see flash Markit services PMI (Purchasing Managers' Index) for February released at 9.45 a.m ET.
In Europe, markets traded higher. In Asia, the CSI 300 in Shanghai closed 0.3% higher, while the Nikkei in Japan closed 0.7% higher.
Oil prices gained 92 cents to $54.32 U.S. a barrel
Gold prices faded $7.90 to $1,221.20 U.S. an ounce.
