Stock futures pointed to a higher opening for Canada's main stock index as oil prices rose on hopes of a deal by the Organization of the Petroleum Exporting Countries to limit production.
The S&P/TSX Composite lost 22.88 points to close Wednesday at 14,733.22
The Canadian dollar eked higher 0.14 cents to 74.56 cents U.S. early Thursday.
Bombardier priced its offering of $1.4 billion senior notes at 8.75%, as the Canadian aircraft and train maker raises funds to refinance some of its debt.
Suncor Energy said it expected production to rise by more than 13% next year and spending to fall by more than $1 billion. Suncor set a budget for capital spending of $4.8 billion-$5.2 billion for 2017 and forecast average production of 680,000-720,000 barrels of oil equivalent per day.
CIBC cut the target price on DH Corp. from $23 from $28, citing several near-term overhangs on the stock, including tax loss selling, the risk of a potential dividend cut, and the uncertainty around the 2017 outlook.
CIBC cut the target price on Metro Inc to $43.00 from $46.00, to reflect competitive challenges and a less favorable macro environment.
Barclays raised the rating on Teck Resources to overweight from underweight, based on the result of the company’s substantial EBITDA and free cash leverage to higher coal prices.
On the economic slate, Statistics Canada reported that foreign investment in Canadian securities amounted to $11.8 billion in September. New issues of bonds placed abroad by Canadian private corporations accounted for the bulk of this activity.
At the same time, Canadian investment in foreign securities was $1.8 billion, led by acquisitions of non-U.S. foreign shares.
ON BAYSTREET
The TSX Venture Exchange plummeted 5.31 points Wednesday to 741.85
ON WALLSTREET
U.S. stock index futures pointed to a flat on Thursday as traders digested comments from Federal Reserve Chair Janet Yellen, as well as a host of data and earnings.
Ahead of the opening bell, futures for the Dow Jones Industrials handed back two points to 18,831. Futures for the S&P 500 inched up 1.25 points, or 0.1%, to 2,174. NASDAQ futures gained 8.75 points, or 0.2%, to 4,792.
On the earnings front, Wal-Mart, Best Buy and Staples reported before the bell. Applied Materials, Gap, Intuit and Williams-Sonoma are among companies due to report after the bell.
Yellen is set to appear before the Congress in Washington, D.C. at 10 a.m. ET. In prepared remarks, Yellen said a rate hike could be "appropriate relatively soon," adding there are dangers to waiting too long to tighten monetary policy.
She was scheduled to testify on the economy at the hearing, but is now expected to be asked about President-elect Donald Trump's plans to cut taxes and launch a hefty infrastructure spending program.
On the data front Thursday will see initial claims, Consumer Price Index, housing starts and the Philly Fed survey all released this morning.
European markets were generally flat Thursday afternoon. In Asia, the Shanghai Composite in China closed 0.1% higher, while the Nikkei in Japan closed unchanged.
Oil prices picked up 55 cents to $46.12 U.S. a barrel
Gold prices gained $2.80 at $1,226.70 U.S. an ounce.
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