Futures for Canada's main stock index rose on Thursday as crude and bullion prices rose, while fears of rising U.S. inflation eased.
The TSX gained 90.81 points to conclude Wednesday at 18,690, a new all-time record
The Canadian dollar added 0.28 cents at 79.51 cents U.S.
March futures gathered 0.3% Thursday.
British American Tobacco said on Thursday it will buy a nearly 20% stake in Canada-based cannabis producer Organigram for about 126 million pounds ($175.81 million U.S.) as it diversifies beyond its main tobacco business.
TD Securities raises target price on Advantage Oil & Gas to $3.25 from $2.50
TD Securities raises target price on Boardwalk REIT to $48.00 from $47.00
CIBC raises the rating on Canadian Western Bank to outperform from neutral.
ON BAYSTREET
The TSX Venture Exchange added 4.05 points Wednesday to 968.23.
ON WALLSTREET
U.S. stock futures rose on Thursday after the market’s blue-chip average set another record high a day earlier.
Futures for the Dow Jones Industrial index gained 94 points, or 0.3%, to 32,373.
Futures for the S&P picked up 24.75 points, or 0.6%, at 3,921.25.
Futures for the NASDAQ Composite vaulted 206.50 points, or 1.6%, to 12,995.75.
The move in futures came after the Dow jumped 464 points to a record closing high on Wednesday. The S&P 500 rose 0.6%, while the NASDAQ ticked down slightly as the rotation away from growth stocks resumed.
A rotation back into tech shares appeared to be happening early Thursday. Tesla was up 4% in pre-market trading. Nvidia, Apple, Amazon, Microsoft shares were also higher.
Wednesday’s gains came as the House passed the $1.9-trillion stimulus package, sending it to President Joe Biden, and while the bond market digested a $38-billion auction of 10-year Treasury bonds without a spike in volatility.
On the data front, investors will get two new reads on the labour market recovery Thursday. Last week’s initial jobless claims number will be released at 8:30 a.m. ET, with economists surveyed by Dow Jones expecting 725,000 new claims. The job opening and labour turnover survey for January will come later in the morning.
Overseas, In Japan, the Nikkei 225 gained 0.6% Thursday, while in Hong Kong, the Hang Seng advanced 1.7%.
Oil prices surged 54 cents to $64.98 U.S. a barrel.
Gold prices hiked $9.10 to $1,730.90.50 U.S.
