Stock futures pointed to a higher opening for Canada's main stock index on Thursday as oil prices recovered from losses triggered by record high U.S. crude inventories.
The S&P/TSX Composite Index sank 26.08 points to close Wednesday at 15,642.99, with June futures perked 0.2% Thursday
The Canadian dollar inched ahead 0.02 cents at 74.46 cents U.S. early Thursday.
Royal Bank of Canada, JPMorgan and Bank of Montreal took the top three positions advising on Canadian equity issues in the first quarter, according to Thomson Reuters data released on Thursday.
Corus Entertainment reported an 86% rise in quarterly revenue, helped by higher income from its television business.
Barrick Gold has confirmed that China's Shandong Gold Mining Co Ltd will pay $960 million for a 50% stake in Barrick’s Veladero gold mine in Argentina
National Bank Financial raised the target price on Cascades Inc to $16.00 from $13.50
CIBC raised the price target on Hudson’s Bay Co. to $14 from $12.50
KBW started coverage on Intact Financial with market perform rating and a $101.00 price target
On matters economic, Statistics Canada reported that municipalities issued $7.5 billion worth of building permits in February, down 2.5% from January.
The agency attributes much of this decline to lower construction intentions for single-family dwellings and institutional structures.
ON BAYSTREET
The TSX Venture Exchange dropped 1.38 points Wednesday to 820.30
ON WALLSTREET
U.S. stock index futures pointed to a flat open on Thursday after minutes from the U.S. Federal Reserve's March meeting showed officials want to unwind the bank's $4.5-trillion balance sheet.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 11 points to 20,588. Futures for the S&P 500 added one points to 2,347.50. NASDAQ futures gained 2.5 points to 5,418.75
On the data front, Thursday will see initial jobless claims released. On the earnings front, CarMax and Constellation Brands both posted quarterly results, sending their stocks higher in the pre-market.
Thursday will also see U.S. President Donald Trump meet China's President Xi Jinping at Mar-a-Lago in Florida, with the leaders of the planet's two biggest economies set to be keenly watched.
European stocks were flat, while Shanghai’s CSI 300 poked ahead 0.3%, and Japan’s Nikkei 225 slid 1.4%.
Oil prices improved 20 cents to $51.35 U.S. per barrel.
Gold prices jumped $5.60 to $1,254.10 U.S. an ounce.
