Futures for stocks in Canada’s largest market edged lower on Monday as a drop in oil prices weighed on energy stocks, while investors awaited a speedy resolution to the U.S. government shutdown.
The S&P/TSX Composite Index advanced 68.99 points to conclude the day and the week at 16,353.46. For the week, the index was on track to gain 0.1%.
The Canadian dollar inched up 0.09 cents to 80.17 cents U.S. Monday morning.
March futures eased 0.1% Monday.
Sobeys Inc signed a deal to use the ecommerce platform of Ocado to expand its online business, sending shares in the British group up 10% on its latest international tie-up.
Aurora Cannabis is in talks with rivals CanniMed Therapeutics and Newstrike Resources to buy both businesses in a deal that would create the nation’s top weed company.
CIBC raised the price target on Capstone Mining to $2.00 from $1.90
JP Morgan raised the target price on Magna International to $69 from $65
Eight Capital raised the price target on Orocobre to $9.10 from $7.00
On the economic beat, Statistics Canada reported wholesale trade for November rose 0.7% to $63.6 billion in November, a second consecutive increase. Sales were up in six of seven sub-sectors, representing 99% of wholesale sales
ON BAYSTREET
The TSX Venture Exchange gained 3.65 points Friday to 880.44
ON WALLSTREET
U.S. stock index futures fell into the red ahead of the open Monday, as investors pondered what the government shutdown will mean for markets.
Futures for the Dow Jones Industrials dropped 40 points, or 0.2%, to 26,006
S&P 500 futures dipped 0.5 points to 2,810.5, while futures on the NASDAQ Composite stayed put at 6,845.75
While concerns over the shutdown are set to linger, earnings are likely to sway some sentiment Monday. Halliburton, Netflix, TD Ameritrade and Brown & Brown are some of the names set to publish their latest financial figures.
On Saturday, the U.S. government shut down after a bill that would have kept government funded through mid-February was voted against in the Senate. This marked the first U.S. government shutdown since 2013.
An agreement to stop the political deadlock has yet to be secured, meaning shutdown concerns are expected to linger.
On Monday, the Senate is expected to try to restore federal funding again, whether on a temporary basis or for longer, while trying to fix an issue over immigration. A vote by the Senate is set to be held at 12 p.m. ET Monday that, if successful, would provide funding to the government.
Overseas, Japan’s Nikkei 225 index advanced eight points, while in Hong Kong, the Hang Seng Index acquired 0.4%.
Oil prices tacked on six cents to $63.31 U.S. per barrel.
Gold prices fell $1.80 to $1,331.30 U.S. an ounce.
