Stock futures pointed to a higher opening for Canadian stocks on Wednesday, ahead of the U.S. Federal Reserve's policy meeting to decide on stimulus tapering.
The index climbed on Tuesday to its strongest level in almost six years as robust results from Suncor Energy Inc boosted shares of the oil producer and higher oil prices lifted other energy stocks.
The S&P/TSX composite index gained 52.20 points to end Tuesday at 14,583.11, with Wednesday futures up 0.07%.
The Canadian dollar dipped 0.24 cents to 91.11 cents U.S. early Wednesday.
Barrick Gold , the world's largest gold miner, reported a 90% fall in quarterly earnings, hurt by lower gold prices and production.
Canadian oil and gas producer Cenovus Energy Inc reported a better-than-expected operating profit, helped by a 48% jump in production at its Christina Lake oil sands project in northern Alberta.
Grocery behemoth Loblaw reported a 4% rise in quarterly adjusted profit as same-store sales rose.
In the economic docket, Statistics Canada reports today that gross domestic product inched up in this country by 0.2% in February, powered mostly by mining and oil and gas extraction as well as manufacturing.
The agency’s Industrial Product Price Index hiked 0.4% in March, mainly due to higher prices for meat, fish and dairy products.
Its Raw Materials Price Index increased 0.6% in March, led by animals and animal products.
ON BAYSTREET
The TSX Venture Exchange lost 9.53 points Tuesday to 1,000.05
ON WALLSTREET
After wading through a flood of earnings over the past few weeks, investors south of the border are turning their focus back to the U.S. Federal Reserve and the economy on the last day of the month.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 25 points, or 0.2%, to 16,442. Futures for the S&P 500 gave back 1.4 points at 1,870.40, and futures for the NASDAQ fell 7.75 points, or 0.2%, to 3,556.
Shares of Twitter sank 12% in premarket trading after the company posted uninspiring first quarter results.
But Energizer shares jumped 9% after the battery company announced plans to split into two companies, Household Products and Personal Care.
In other corporate news, Time Warner reported earnings and sales that topped forecasts, helped by strong revenue from the Lego movie.
Shares of Royal Dutch Shell rose after the oil giant reported better-than-expected quarterly results and hiked its dividend. eBay shares declined a day after the online marketplace reported disappointing earnings.
Yelp is reporting after the bell.
The latest merger deal: Exelon agreed to acquire Pepco Holdings in a $6.8-billion U.S. all-cash deal.
Takeover talk continues overseas, with shares of French company Alstom rallying 8% in Europe after General Electric bid $13.5 billion U.S. to take over the firm's power divisions. German firm Siemens may yet make a counter offer.
The Fed wraps up a two-day policy meeting with a decision on interest rates at 2 p.m. ET. The central bank is expected to reduce its asset purchases by another $10 billion U.S.
Employment and economic growth is also on the agenda: Payroll processor ADP will release its monthly report on private sector hiring this morning.
Investors will also get their first look at how the economy fared in the first three months of the year when the Bureau of Economic Analysis releases its initial estimate of first quarter U.S. GDP this morning. According to FactSet, the economy is expected to show a 1% annual growth, sharply below the 2.6% growth in the fourth quarter.
European markets were mixed in morning trading. Asian markets ended with mixed results.
Oil prices dipped $1.16 to $101.12 U.S. a barrel
Gold prices dropped six dollars to $1,290.30 U.S. an ounce.
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