Futures for Canada's commodity-heavy main stock index were subdued on Monday, as optimism around rising crude prices countered global risk-off sentiment amid the war in Ukraine.
The S&P/TSX Composite Index gained back 47.25 points, to close Friday at 21,818.47, giving the index a gain on the week of 356 points, or 1.66%.
June futures were flat early Monday.
The Canadian dollar retreated 0.06 cents to 79.27 cents U.S.
A labour dispute that shut down operations at Canadian Pacific Railway on Sunday is set to aggravate a shortage of commodities sparked by Russia's invasion of Ukraine, and a prolonged lockdown could hurt farmers ahead of the spring planting season.
Barrick Gold has ended a long-running dispute with Pakistan and will now start to develop one of the world's biggest gold and copper mining projects under an agreement signed on Sunday.
Desjardins raised the target price on Alimentation Couche-Tard to C$60 from C$59
CIBC raised the target price on Badger Infrastructure Solutions to $30.00 from $29.00
RBC raised the target price on Melcor Developments to $19.00 from $18.00
ON BAYSTREET
The TSX Venture Exchange inched forward 2.45 points to close Friday at 853.94, gaining 7.6 points, or 0.9% on the week.
ON WALLSTREET
S&P 500 futures were little changed in early morning trading Monday after the benchmark index’s best week since 2020.
Futures for the Dow Jones Industrials 67 points, or 0.2%, to 34,566, after a China Eastern Airlines Boeing 737 passenger plane crashed.
Futures for the S&P 500 inched up three points, or 0.1%, to 4,456.50.
Futures for the NASDAQ Composite Index slipped 2.5 points to 14,411.
Last week, the three major averages notched their best week since November 2020, boosted largely by growth stocks. The S&P 500 surged 6.1% from Monday to Friday.
The Dow Jones Industrial Average ended the week 5.5% higher, and the technology-focused NASDAQ Composite spiked 8.1%.
Market participants are also monitoring the war between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy warned if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a “third world war.”
The economic calendar is relatively light this week but several companies report earnings. Nike and Tencent Music report quarterly results on Monday.
In Asia, the Hang Seng index in Hong Kong lost 0.9%, while in Japan, markets had the day off.
Oil prices gained $3.80 to $108.50 U.S. a barrel.
Gold prices backpedaled $3.80 to $1,925.50 U.S.
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