Stock futures pointed to a lower opening for equity markets in Toronto on Monday as oil prices dropped to their lowest in three months on rising U.S. inventories and drilling activity.
The S&P/TSX Composite Index gained 9.84 points to close Friday and the week at 15,506.68, with March futures off 0.2%
The Canadian dollar inched higher 0.07 cents to 74.36 cents U.S. early Monday.
Toronto-Dominion Bank on Friday stood by its business practices after a report by CBC News suggested the bank had put staff under pressure to meet tough sales targets.
Toronto-based insurance group Fairfax Financial Holdings said it would increase the cash component of its offer to buy Allied World Assurance Company Holdings AG by $18.00 per share.
ON BAYSTREET
The TSX Venture Exchange spiked 10.34 points, or 1.3%, Friday to 799.19
ON WALLSTREET
U.S. stock index futures pointed to a flat open on Monday morning as traders eyed earnings data and prepared for a probable interest rate hike later in the trading week.
Ahead of the opening bell, futures for the Dow Jones Industrials crept higher 13 points, or 0.1%, to 20,861. Futures for the S&P 500 inched up 0.75 points to 2,369.25. NASDAQ futures faded 0.5 points at 5,385.75.
Among companies set to report earnings, Del Taco and Hutchinson China MediTech were both scheduled to report before the bell. Coupa Software is due to report after the market close.
There are no macroeconomic data reports scheduled on Monday as investors look ahead to the U.S. Federal Open Market Committee meeting on Tuesday and Wednesday. According to experts, market expectations for a March rate hike stood at 93%.
European stocks were slightly higher at noon on the continent, while in Asia, the CSI 300 in China closed 0.9% higher, while the Nikkei in Japan closed 0.2% higher.
Oil prices dipped 23 cents to $48.26 U.S. per barrel.
Gold prices acquired $3.10 to $1,204.50 U.S. an ounce.
