Futures pointed to a higher opening for Canada's main stock index as oil prices jumped on speculation that the Organization of the Petroleum Exporting Countries will agree to cut production.
The S&P/TSX Composite recovered 43.1 points to conclude Monday at 14,598.51
The Canadian dollar moved higher 0.18 cents to 73.92 cents U.S. early Tuesday.
Kirkland Lake Gold shares rose sharply on Monday on speculation there might be another bid for the Canadian gold miner which has rejected three offers, but at least one potential buyer said it would not jump into the fray.
Kirkland has rejected all three bids, saying they are "not financially superior" to its own plan to acquire Newmarket, a small Australia-focused miner, for about $1 billion in stock.
Lundin Mining said it would sell its indirect stake in TF Holdings Ltd to an affiliate of Chinese private-equity firm BHR Partners for about $1.14 billion in cash.
Bermuda-based TF Holdings owns an 80% interest in Tenke Fungurume Mining SA. Lundin owns an indirect 30% stake in TF Holdings, resulting in an effective 24% interest in Tenke.
RBC cut the target price on Calfrac Well Services to $3.00 from $3.75, considering high debt levels and reluctance to consider divestitures to raise cash.
RBC raised the target price on Canadian Energy Services & Technology to $8.00 from $7.00, citing an increased revenue progression for U.S. production chemicals.
On the economic beat, the Canadian Real Estate Association said national home sales rose 2.4% from September to October. Actual (not seasonally-adjusted) activity was up 2.0% year-over-year in October 2016.
ON BAYSTREET
The TSX Venture Exchange poked up 1.73 points Monday to 729.64
ON WALLSTREET
U.S. stock index futures indicated a slightly higher open Tuesday with investors focused on rising oil prices and the future policies of President-elect Donald Trump.
Ahead of the opening bell, futures for the Dow Jones Industrials eked ahead six points to 18,831. Futures for the S&P 500 picked up 3.5 points, or 0.2%, to 2,164. NASDAQ futures added 12 points, or 0.3%, to 4,706.50.
Home Depot, Dick's Sporting Goods, JD.com, Teva Pharma and Beazer Homes all due to report before the opening bell.
Oil prices rose around 3.2% on Tuesday and are likely to buoy sentiment on Wall Street. Renewed optimism that OPEC will deliver production cuts and expectations of falling shale output were seen as reasons behind the push higher
On the data front Tuesday, retail sales, import price figures and the Empire State survey are all due early this morning, with business inventories data due at 10:00 a.m. ET.
Oil prices gained $1.34 to $44.66 U.S. a barrel
Gold prices advanced $4.20 at $1,225.90 U.S. an ounce.
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