Canadian stock futures pointed to a modestly higher opening on Tuesday, a day after Federal Reserve Chair Janet Yellen dampened speculation about an imminent U.S. interest rate hike, and as crude prices stayed near 2016 highs.
The S&P/TSX Composite Index gained 49.38 points to close Monday at 14,276.16, its highest level since August. June futures inched up 0.1%.
The Canadian dollar climbed 0.21 cents to 78.23 cents early Tuesday
Valeant Pharmaceuticals International, which is under scrutiny for business and accounting practices, reported a lower-than-expected quarterly profit and cut its full-year earnings and revenue forecasts.
A weaker economy in Kyrgyzstan is being blamed for the Central Asian state "turning up the heat" on Centerra Gold Inc in recent weeks as the country guns for a bigger slice of the miner's profits.
Canadian portfolio manager Martin Grosskopf is betting heavily on alternative fuel vehicles overtaking traditional cars as a pillar of the no-fossil-fuels allocation strategy of his AGF Investments sustainable fund.
Raymond James cut the target price Altagas to $33.00 from $35.00
Barclays raised the price target on Emera Inc. to $52.00 from $50.00
Raymond James cut the rating on Firstservice Corp. to market perform from outperform
On the economic beat, Western University comes out later this morning with its IVEY Purchasing Managers Index for May.
ON BAYSTREET
The TSX Venture Exchange gained 8.87 points, or 1.3%, to close Monday at 702.59
ON WALLSTREET
U.S. stocks are poised for gains and markets around the world are rising after the Federal Reserve chair killed talk of a June interest rate hike.
Ahead of the opening bell, futures for the Dow Jones Industrials jumped 39 points, or 0.2%, to 17,954, while futures for the S&P 500 increased 3.5 points, or 0.2%, to 2,111.75. NASDAQ futures gained 7.75 points, or 0.2% to 4,533.25.
Shares Sarepta Therapeutics were up almost 25% pre-market after the Food and Drug Administration requested more data before making a decision on whether to approve its new drug, eteplirsen.
Real estate website Zillow gained 7.8% in after-hours trading after agreeing to pay $130 million U.S. to its competitors, including News Corp-owned Move Inc., to settle a lawsuit.
Pharmaceutical company Valeant is reporting before the opening bell.
Valeant has had numerous problems in the past year, including its struggles to file an annual report, controversial drug price hikes that it had to retract, and allegations of Enron-like fraud. Its stock is down 88% in a year.
Retailer Michaels is also reporting ahead of the open. Restaurant and entertainment company Dave and Busters will report after the close.
European markets are gaining in early trading, with Germany's DAX up 1.5%. Asian markets ended the session positive.
Oil prices gained 53 cents to $50.22 U.S. a barrel
Gold prices slid $8.80 to $1,236.54 U.S. an ounce.
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