Stock futures pointed to a higher opening for Canada's main stock index on Monday, following gains in global markets as risk appetite improved on prospects of further policy stimulus in China
The S&P/TSX composite index was positive 35.90 points to close Friday at 15,111.08, with futures up 0.3%
The Canadian dollar docked 0.12 cents to 88.89 cents U.S. early Monday.
Hudson's Bay Co outlined a $1.25-billion refinancing plan, in a move to reduce debt taken on when it acquired U.S. rival Saks last year.
Canadian buyout firm Onex Corp said it would buy Swiss packaging group SIG Combibloc Group AG for up to 3.57 billion euros.
KBW raised the price target on Bank of Montreal to $86 from $84; with a market perform rating.
ON BAYSTREET
The TSX Venture Exchange moved higher 5.56 points Friday to 789.13.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Monday, indicating that major indexes would move further into record territory on the back of multiple merger deals and hopes that China will take further accommodative monetary policy action.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 42 points, or 0.2%, to 17,822. Futures for the S&P 500 gained 5.75 points, or 0.3%, to 2,067.50, and futures for the NASDAQ gained 14.75 points, or 0.4%, to 4,264.
The S&P 500 has appreciated 13.3% since an intraday low hit on Oct. 15, and the gains since then have been broad, with all but 23 S&P 500 components higher.
In merger news, RenaissanceRe Holdings Ltd agreed to buy Platinum Underwriters Holdings Ltd for $1.9 billion U.S. BioMarin Pharmaceuticals Inc said it would buy Dutch drug developer Prosensa Holding NV for about $840 million U.S. including milestone payments.
Prosena soared 62% to $18.51 U.S. in pre-market trading while Platinum was up 20.8% at $74 U.S.
Cimatron Ltd jumped 42% to $8.65 U.S. on heavy volume after 3D Systems Corp agreed to buy the company for $97 million U.S. Shares of 3D rose 1.1% to $35.55 U.S. before the bell.
Mergers have supported market gains of late. Last week, equities rose on two major deals, with Halliburton agreeing to buy Baker Hughes and Actavis Plc agreeing to buy Allergan.
Trina Solar Ltd reported third-quarter earnings that grew 16% on strong demand in Japan and China. Shares fell 4.5% to $10.44 U.S. in pre-market trading.
Policy in China, the world's number-two economy, could spur more market gains. Reportedly, the country's leadership and central bank were ready to cut interest rates again and loosen lending restrictions on concern falling prices could trigger a surge in debt defaults, business failures and job losses.
Oil prices lost 20 cents to $76.31 U.S. a barrel
Gold prices sank 12 cents to $1,196.80 U.S. an ounce.
Related Stories
