Equities in Canada’s biggest centre looked set to open higher on Monday as oil prices hiked after the International Energy Agency said it expected U.S. shale production to fall this year and next.
The S&P/TSX Composite Index was negative 117.96 points to close Friday and the week at 12,813.40. Futures were up 0.9%.
The Canadian dollar jumped 0.25 cents to 72.89 cents U.S. early Monday.
A drop in production could potentially ease a supply glut that has driven oil prices to their lowest in more than a decade and hammered shares of oil and gas companies.
Centerra Gold, which operates Kyrgyzstan's largest gold mine, Kumtor, says it has cut its proven and probable gold reserves by 495,000 contained ounces.
KBW cut the price target on Canaccord Genuity Group to $4.50 from $5.50, with a market perform rating
BMO cut the target price on Constellation Software to $580.00 from $600.00 with a market perform rating
Barclays cut the target price on Enbridge to $60.00 from $62.00, with an overweight rating
ON BAYSTREET
The TSX Venture Exchange gained 4.88 points Friday to 530.76
ON WALLSTREET
U.S. stock futures are rising by about 1% and European markets are experiencing broad-based gains in early trading.
Ahead of the opening bell, futures for the Dow Jones Industrials leaped 175 points, or 1.1%, to 16,533, futures for the S&P 500 gained 20.25 points, or 1.1%, to 1,934.75. NASDAQ futures spiked 46.25 points, or 1.1%, to 4,207.25.
Prices for aluminum, zinc and iron ore are also rising, which is helping to lift shares of miners such as Anglo American and Rio Tinto.
Pharma giant Allergan is among the few companies reporting results before the opening bell. Fitbit is reporting after the close.
British Prime Minister David Cameron has set June 23 as the date for a historic referendum when voters will decide whether they want the U.K. to exit the European Union or stay put.
The pound took a major hit after London's popular mayor Boris Johnson voiced his support for an exit, a.k.a. Brexit. The pound is falling by 1% to 2% versus all other major currencies.
Asian markets rallied during the day. Nearly all of the key Asian indexes closed in positive territory.
Oil prices picked up $1.20 to $30.84 U.S. a barrel
Gold prices faded $13.52 to $1,213.28 U.S. an ounce.
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