Equities on Canada’s main index were set to open lower on Monday after their fifth straight week of gains as oil prices weakened on concerns over demand from major consumer China.
The S&P/TSX Composite Index gained 68.05 points to close Friday at 22,005.94. On the week, the index climbed 187 points, or 0.86%.
June futures subsided 0.4% Monday.
The Canadian dollar fell 0.05 cents to 79.82 cents U.S.
Canaccord Genuity raised the target price on BRP Inc. to $136.00 from $130.00
CIBC cut the target price on Trisura Group to $50.00 from $61.00
CIBC also cut the target price on Victoria Gold to $23.00 from $24.00
ON BAYSTREET
The TSX Venture Exchange gained 2.62 points Friday to 886.32, for a gain on the week of 32 points, or 3.8%.
ON WALLSTREET
Stock futures were slightly higher Monday morning as a week filled with key economic reports kicked off, and investors continue to keep a close eye on the Federal Reserve’s planned interest rate hikes.
Futures for the Dow Jones Industrials jumped 67 points, or 0.2%, to 34,826.
Futures for the S&P 500 acquired 9.75 points, or 0.2%, to 4,546.25.
Futures for the NASDAQ Composite Index picked up 41 points, or 0.3%, to 14,796.75.
Shares of Tesla popped more than 5% in pre-market trading on Monday on news it wants to split its stock so it can pay a stock dividend to shareholders.
The Securities and Exchange Commission filing said Tesla will ask at its annual shareholders meeting “for an increase in the number of authorized shares of common stock ... in order to enable a stock split of the Company’s common stock in the form of a stock dividend.”
Investors continue to keep a close eye on the Fed. Wall Street firms from Goldman Sachs to Bank of America penciled in half-point hikes in future Fed meetings this year after the central bank’s chair Jerome Powell vowed to be tough on inflation and said rate increases could become more aggressive if necessary.
Monday is a light day for earnings reports but several big companies are scheduled to report their quarterly results this week, including BioNTech, Micron and Walgreens Boots Alliance.
In Asia, the Nikkei 225 in Japan stepped backward 0.7%, while in Hong Kong, the Hang Seng index jumped 1.3%.
Oil prices retreated $6.66 to $107.24 U.S. a barrel.
Gold prices dipped $26.40 to $1,927.90 U.S.
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