Stocks in Canada’s largest market looked set to open moderately lower on Thursday as Brent crude prices turned lower, pressured by skepticism that Venezuela's efforts to lobby crude producers for output cuts would succeed.
The S&P/TSX composite index hiked 150.76 points, or 1.2%, to close Wednesday at 12,593.02. March futures registered Thursday morning down 0.04%
The Canadian dollar vaulted 0.49 cents to 73.06 cents U.S. early Thursday.
Suncor Energy reported a fourth-quarter operating loss and cut 2016 capital spending plans on Wednesday because of the collapse in global crude prices.
MEG Energy Corp posted a bigger-than-expected quarterly loss and cut its capital spending estimate for 2016 by nearly 50% to counter a prolonged slump in crude oil prices.
Canaccord Genuity cut the target price on ATS Automation Tooling Systems to $14.00, with a buy rating
NBF cut the target price on Canadian Tire to $128.00 from $135.00, with a sector perform rating
Barclays raises the rating on RONA Inc. to equal weight from underweight
ON BAYSTREET
The TSX Venture Exchange leaped 5.21 points, or 1.1%, to close Wednesday at 496.27
ON WALLSTREET
The pullback in oil prices is weighing on U.S. stock futures, which had been pointing higher earlier but are now solidly in the red.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 71 points, or 0.4%, to 16,192, futures for the S&P 500 slipped 9.5 points, or 0.5%, to 1,899. NASDAQ futures sagged 22.75 points, or 0.6%, to 4,148.75.
Oil prices spiked 8% on Wednesday after the release of a report by the U.S. Energy Information Administration showing the country continued to stockpile high levels of crude oil. But experts said the storage levels were actually smaller than expected.
Oil giants Shell and Statoil reported sharply lower earnings as they struggle with depressed oil prices.
Other energy giants such as ConocoPhillips, Valero and Occidental Petroleum will issue quarterly updates before trading begins.
New York Times and Dunkin' Brands also report this morning.
After the closing bell, the markets will hear from companies including LinkedIn, Lions Gate Entertainment and News Corp.
Shares in Viacom and CBS could shoot higher when trading begins after CBS announced ailing media mogul Sumner Redstone is resigning as chairman. CBS CEO Leslie Moonves is taking his place.
European markets are mixed, while nearly all Asian markets ended with healthy gains.
Oil prices dipped 49 cents to $31.79 U.S. a barrel
Gold prices hiked $9.87 to $1,152.50 U.S. an ounce.
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