Canada's main stock index future rose on Monday, supported by firmer gold prices against the backdrop of global concerns related to rising coronavirus cases.
The S&P/TSX Composite Index gave up earlier gains and dropped 5.63 points to close Friday and the week at 15,474.20. The index was higher 217.63 points, or 1.43%, over the last five trading days.
The Canadian dollar acquired 0.13 cents Monday to 73.71 cents U.S.
June futures notched 0.1% higher Monday.
Cineplex said on Friday it adopted a shareholder rights plan, popularly known as a "poison pill", nearly a week after Britain's Cineworld Group Plc abandoned its $1.65-billion deal to buy the Canadian theater chain.
Enbridge resumed operation on Saturday of one leg of its Line 5 oil pipeline in the U.S. Great Lakes, after a two-day shutdown due to damage to the other line.
Canadian National Railway’s CEO said Friday the country's biggest railroad is banking on growth in consumer products and supply-chain diversification in Asia, to revive traffic on its underutilized eastern Canadian rail lines.
RBC cuts target price on Bonavista Energy to $0.10 from $0.25
BMO raises target price on Exco Technologies to $7.00 from $6.00
Scotiabank raises target price on Westshore Terminals Investment to $20.50 from $19.00.
ON BAYSTREET
The TSX Venture Exchange heightened 8.93 points, or 1.6%, to 567.20, Friday, an improvement on the week of 12.29 points, or 2.22%.
ON WALLSTREET
U.S. stock futures rose to start the trading week, but gains were capped by worries about an uptick in coronavirus cases.
Futures for Dow Jones Industrials leaped 186 points, or 0.7%, early Monday, to 25,715.
Futures for the S&P 500 jumped 24.25 points, or 0.8%, to 3,083.75.
Futures for the NASDAQ Composite Index hiked 86.25 points, or 0.9%, to 10,009.75.
Shares of big technology stocks Apple and Microsoft increased in pre-market trading. Stocks that are bets on the economy reopening were mixed. Airlines and casino shares were lower, but retailers were higher in premarket trading.
The major U.S. stock averages are coming off their fourth weekly gains in five weeks. Both the Dow and S&P 500 advanced at least 1% last week, while the NASDAQ Composite surged more than 3%.
Apple and Microsoft each gained at least 0.5% in premarket trading as investors bought into technology shares which have show resilience during the pandemic.
Shares of Gap were higher by 5% in pre-market trading. Kohl’s and Costco were also higher. Walmart gained after an upgrade by UBS. The gains in Gap shares were boosted by an upgrade at Wells Fargo, which cited the retailer’s “under-appreciated value and optionality.”
The U.S. reported more than 30,000 additional coronavirus cases on Friday, the highest number of confirmed one-day infections since May 1, data compiled by Johns Hopkins University showed. Nevada, Florida, California and Arizona have also reported record-high single-day infections.
The recent coronavirus uptick in some states led Apple to reclose some of its stores. Meanwhile, a trade group said cruise lines voluntarily suspended all trips until Sept. 15.
Overseas, in Tokyo, the Nikkei 225 faded 0.2% Monday, while in Hong Kong, the Hang Sang dipped 0.5%.
Oil prices dipped 50 cents at $39.25 U.S. a barrel.
Gold prices jumped $4.90 to $1,757.90.
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