Canadian stocks looked set to open higher on Monday as investors set aside worries about a possible escalation in Ukraine's civil conflict after separatist rebels declared a resounding victory in a referendum on Sunday.
The S&P/TSX composite index wilted 11.97 points to end Friday and the week at 14,534.06. Futures were pointing upward 0.2% Monday morning.
The Canadian dollar climbed 0.20 cents to 91.93 cents U.S. early Monday.
U.S. medical firm Allergan Inc rejected the unsolicited takeover offer from Valeant Pharmaceuticals International Inc saying it substantially undervalued the company.
National Bank Financial upped the target on Canadian Natural Resources to $53 from $48. Also, National Bank Financial cut the target on Dundee Real Estate to $34.50 from $35
ON BAYSTREET
The TSX Venture Exchange fell 0.91 points Friday to 991.10
ON WALLSTREET
Markets look set to ignore rising tension in Ukraine Monday and the Dow Jones industrial average could power forward to new record highs.
Ahead of the opening bell, futures for the Dow Jones Industrials surged 53 points, or 0.3%, to 16,580. Futures for the S&P 500 gained 6.9 points, or 0.4%, at 1,880.30, and futures for the NASDAQ picked up 18.50 points, or 0.5%, to 3,566.50.
Major world markets and U.S. stock futures were all moving up ahead of the opening bell, shrugging off Sunday's vote in a region of eastern Ukraine showing an overwhelming majority in favor of independence. Ukraine and several Western countries have condemned the referendum, organized by pro-Russian separatists.
The major U.S. stock indexes all pushed up Friday. The Dow's close of 16,583.34 narrowly topped the previous record set on April 30. The S&P 500 and NASDAQ also closed firmly in positive territory.
There are no major quarterly results coming out Monday. But a number of retailers including Macy's, Wal-Mart and J.C. Penney will report later in the week.
In economic news, the April U.S. Treasury budget will come out at 2 p.m. ET.
European Union foreign ministers will discuss the situation in Ukraine on Monday, but are unlikely to announce any new sanctions against Russia or separatist leaders before Ukraine's presidential election slated on May 25.
European markets were all trading higher.
Most major Asian markets ended firmer. The Shanghai Composite index surged by just over 2% and the Hang Seng in Hong Kong rose by 1.8%.
Oil prices climbed 48 cents to $100.47 U.S. a barrel
Gold prices gained $9.50 to $1,297.10 U.S. an ounce.
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