Equities in the biggest market in Canada looked set to open slightly higher on Monday as oil prices gained on rising hopes the market has bottomed out.
The S&P/TSX Composite Index ended Friday up 44.19 points, to end the week at 12,797.79. Futures eked up 0.2%.
The Canadian dollar settled 0.23 cents to 73.76 cents U.S. early Monday.
Valeant Pharmaceuticals International said on Sunday that Chief Executive Officer Michael Pearson would return from medical leave effective immediately, and it postponed the release of its fourth-quarter results planned for Monday.
Sources say proposed federal government bailout of Bombardier Inc's new CSeries jet manufacturing program would reduce the company's stake in the money-losing aircraft, taking it off the plane maker's books and boosting results in the short-term.
CIBC raised the target price on Aecon Group Inc to $17.00 from $16.00
RBC raised the target price on Semafo to $5.00 from $4.25, with a sector perform rating
Berenberg initiates coverage on Lundin Mining with a hold rating, and a $4.00 target price
On the economic calendar, Statistics Canada reported Monday morning that its industrial product price index rose 0.5% in January, mainly as a result of higher prices for motorized and recreational vehicles. Lower prices for energy and petroleum products largely moderated the increase in the index.
The raw materials price index declined 0.4% during the same month, weighed by lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange gained 3.75 points Friday to 538.06
ON WALLSTREET
U.S. stock futures are sinking and nearly all international markets are in the red.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 28 points, or 0.2%, to 16,573, futures for the S&P 500 slipped 2.75 points, or 0.1%, to 1,940. NASDAQ futures dipped 12.75 points, or 0.3%, to 4,217.25.
It's the final trading day of February and if stocks take a significant dip, this could mark the third consecutive month of losses in the markets.
Shares in Warren Buffett's Berkshire Hathaway could be on the move after the company reported its annual earnings over the weekend.
Berkshire Hathaway A shares and B shares have declined by about 11% over the past 12 months.
Taser and Lumber Liquidators are reporting results ahead of the open. The embattled pharmaceutical firm Valeant is also releasing results in the morning after announcing its CEO has returned from medical leave.
After the close, footwear firm Crocs and insurance company MBIA will release quarterly earnings.
China has taken another step to boost its slowing economy by cutting the amount of cash banks must hold in reserve. Furthermore, the People’s Bank of China also said the reserve ratio requirement will drop by 0.5 percentage points from March 1.
Oil prices moved up eight cents to $32.86 U.S. a barrel
Gold prices advanced $3.86 to $1,237.32 U.S. an ounce.
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