Stock futures pointed to a higher opening for markets in Toronto on Monday as oil prices rose driven by expectations that the Organization of the Petroleum Exporting Countries will extend output cuts till the end of 2017.
The S&P/TSX Composite Index stayed in the red 11.06 points to close the day and the week at 15,614.48. June futures were shooting higher 0.9% Monday
The Canadian dollar advanced 0.32 cents to 74.49 cents U.S. early Monday.
Canadian National Railway is expected to report a rise in quarterly revenue as it moves higher volumes of Canadian grains and U.S. soybeans, refined petroleum products and petroleum coke. The company is scheduled to report quarterly results after the closing bell on Monday.
Precision Drilling Corp reported a smaller-than-expected rise in revenue as the rates customers paid to hire rigs fell despite increased demand.
Cenovus Energy has said it may sell parts of the Deep Basin natural gas assets it recently bought from Houston-based ConocoPhillips, Royal Bank of Canada analysts wrote in a research note on Sunday.
SNC-Lavalin Group Inc won a contract from Saudi Aramco for initial engineering and design work to expand the gas-oil separation plant of the Berri oilfield.
RBC raised the target price IGM Financial to $47.00 from $42.00
Raymond James cut the target price on Mullen Group to $16.25 from $18.50
Barclays cut the target price on Vermilion Energy to $64.00 from $66.00
An OPEC and non-OPEC technical committee recommended on Friday that producers extend a global deal to cut oil supplies for another six months from June
On the economic calendar, Statistics Canada reported Monday that February’s wholesale trade was $58.9 billion in February, down 0.2%, following four consecutive monthly gains.
The agency goes on to say that declines were recorded in four sub-sectors, led by lower sales in the personal and household goods and the food, beverage and tobacco sub-sectors.
ON BAYSTREET
The TSX Venture Exchange gained 0.64 points Friday to 824.92.
ON WALLSTREET
U.S. stock index futures pointed to a resoundingly higher open on Monday with the Dow Jones industrial average poised for triple-digit gains as the market's favored candidate progressed through to the second round of the French election and sparked a significant unwinding of safe-haven trades.
Ahead of the opening bell, futures for the Dow leaped 221 points, or 1.1%, to 20,724. Futures for the S&P 500 hiked 27.5 points or 1.2%, to 2,375. NASDAQ futures jumped 61.25 points, or 1.1%, to 5,503.25
On the earnings front, Alcoa, Express Scripts, and Whirlpool are among the major companies due to report after the market close.
On matters macroeconomic, Monday will see Dallas Fed manufacturing for April released at around 10 a.m. ET.
Centrist Emmanuel Macron took a big step toward the French presidency on Sunday as he secured the most votes in the first round of the two-stage contest and qualified alongside far-right leader Marine Le Pen for the run-off vote on May 7.
European stocks perked – on some markets as much as 2% -- by noon on the continent, while in Japan, the Nikkei 225 spiked 1.4%, though the CSI 300 in Shanghai gave back 1%
Oil prices gained 28 cents to $49.90 U.S. per barrel.
Gold prices plummeted $20.00 to $1,269.10 U.S. an ounce.
