Equity futures in Canada took off from the runway on Thursday, a day after the main index hit a record high on the back of a sharp rally in cannabis companies, set to continue.
The S&P/TSX Composite gained 49.16 points to conclude Wednesday at 18,457.78.
The Canadian dollar picked up 0.17 cents to 78.91 cents U.S.
March futures grew 0.3% Thursday.
Canada's top two life insurers, Manulife Financial and Sun Life Financial expressed optimism about 2021, despite continued uncertainty around the COVID-19 pandemic after both reported better-than-expected fourth-quarter
profits.
Bombardier said it would cut about 1,600 jobs and reported an adjusted loss before interest and taxes for the fourth quarter, as the COVID-19 pandemic weighs down aircraft demand.
Restaurant Brands International reported quarterly revenue above Wall Street estimates, as the Burger King parent continues to ride high on the strength of the popular chicken sandwich from its Popeyes chain.
What’s more, Scotiabank raised the target price on WSP Global to $125.00 from $115.00
CIBC raised the target price on Canopy Rivers to $4.00 from $1.60.
RBC raises target price on Precision Drilling to $42.00 from $32.00.
ON BAYSTREET
The TSX Venture Exchange lost 6.44 points Wednesday to 1,064.85.
ON WALLSTREET
U.S. stock index futures rose in early morning trading on Thursday as markets looked to continued February’s momentum.
Futures for the Dow Jones gained 68 points, or 0.2%, to 31,396
Futures for the S&P 500 gathered 11.25 points, or 0.3%, at 3,914.25.
Futures for the NASDAQ Composite surged 58 points, or 0.4%, to 13,701.50.
For the week all three major averages are higher, and on track to post their second positive week in a row. While still early in the month, the indexes are also higher for February.
A busy week of earnings will continue on Thursday. PepsiCo, Kraft Heinz and Kellogg are among the names set to report before the market opens. Disney and Expedia will give their quarterly reports after the bell on Thursday.
Of the S&P 500 components that have reported earnings thus far, more than 80% have topped Wall Street’s expectations, according to experts.
Investors awaited data on weekly jobless claims, due 8:30 a.m. ET Thursday. Economists polled by Dow Jones expect new claims for jobless benefits to come in at 760,000 last week, slightly lower than a total of 779,000 in the week prior.
Federal Reserve Chairman Jerome Powell said Wednesday that the economy faces challenges in the labour market, and so monetary policy needs to stay "patiently accommodative." In remarks at the Economic Club of New York, Powell said the employment picture is a "long way" from where it needs to be.
Overseas, Japanese markets were shuttered for the Lunar New Year, while, in an abbreviated session, the Hang Seng index rose 0.5%
Oil prices dipped 40 cents to $58.28 U.S. a barrel.
Gold prices inched up 20 cents to $1,842.90 U.S.
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