Futures for Canada's main stock index edged up on Tuesday, supported by a surge in oil prices, as the number of new coronavirus cases slowed in China, easing concerns about a lasting hit to oil demand.
The TSX Composite Index shot higher 85.08 points to conclude Monday to 17,740.57
The Canadian dollar picked up 0.14 cents early Tuesday at 75.23 cents U.S.
March futures eked up 0.02% early Tuesday.
Hudson's Bay Co on Monday named a president to lead its off-price business, known as Saks Off 5th, the latest example of a department store chain trying to bolster its outlet stores.
Police in Canada arrested 33 indigenous rights protesters on Monday, ending the closure of Vancouver ports in the British Columbia province by demonstrators opposed to construction of the Coastal GasLink natural gas pipeline, but movement of commodities and passenger trains was still disrupted by the ongoing rallies.
CIBC raised the price target on CI Financial to $25.00 from $21.00
Canaccord Genuity cut the rating on Cineplex to hold from buy
RBC cut the price target on Just Energy Group to $2.00 from $3.00
ON BAYSTREET
The TSX Venture Exchange slid 3.37 points to finish Monday at 570.79.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Tuesday as Wall Street shrugged off concerns over the economic impact of the coronavirus outbreak.
Futures for the Dow Jones Industrials advanced 98 points, or 0.3%, early Tuesday to 29,015.
Futures for the S&P 500 gained 10.5 points, or 0.3%, at 3,363.50.
Futures for the NASDAQ Composite took on 43.5 points, on 0.5%, to 9,571.
China’s National Health Commission on Monday night said the death toll had risen to 1,016 people with 42,638 confirmed cases. However, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak.
Both the S&P 500 and NASDAQ Composite closed at fresh highs on Monday, while the Dow jumped more than 170 points. However, companies such as Under Armour have noted they will take a hit from the outbreak. Under Armour warned Tuesday the outbreak could lower sales by $50 million to $60 million.
Under Armour shares dropped more than 11% in the pre-market.
On the data front, January National Federation of Independent Business optimism figures were expected at 6 a.m. ET and JOLTS job openings for December are due out at 10 a.m. ET.
Overseas, in Hong Kong, the Hang Seng Index leaped 1.3%, while in Japan, markets were closed for holiday.
Oil prices jumped 86 cents to $50.43 U.S. a barrel.
Gold prices faded six dollars to $1,573.50 U.S. an ounce.
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