Futures pointed to a higher opening for Canada's main stock index on Monday, buoyed by gains in oil and gold prices and prospects of encouraging corporate earnings.
The TSX Composite dropped 160.46 points, to greet Friday’s closing bell at 21,037.07, for a decrease on the week of 179 points, or 0.84%.
The Canadian dollar inched up 0.09 cents to 80.83 cents U.S.
December futures advanced 0.4% Monday.
Rival factions claiming control of Rogers Communications board will face off in court on Monday, after a feud in the founding family erupted into the open, weighing on the stock and raising doubts about the fate of a multi-billion-dollar takeover.
Cormark Securities cut the target price on Agnico Eagle Mines to $93 from $100
TD Securities raised the target price to $42.00 from $40.00
RBC raises target price on to $255.00 from $251.00
On the economic front, Markit Canada is out this morning (about 9:30 a.m. EDT) with its Purchasing 0Managers manufacturing index for October.
ON BAYSTREET
The TSX Venture Exchange slid 4.78 points Friday to 950.43, losing 8.4 points on the week, or 0.88%
ON WALLSTREET
U.S. stock futures posted a strong gain in early morning trading Monday as investors bet on a year-end rally after markets navigated a typically tough seasonal period successfully.
Futures for the Dow Jones Industrials jumped 144 points, or 0.4%, to 35,848.
Futures for the S&P 500 hiked 17.25 points, or 0.4%, to 4,614.25
Futures for the NASDAQ Composite Index sprinted 55.25 points, or 0.3%, to 15,893.75.
Shares of Tesla, which became a $1 trillion company last week, continued its gains for the year with shares up another 2.8% in pre-market trading. Investors have been piling into bets on Tesla options as of late.
Shares linked to an economic recovery, such as Ford and Occidental Petroleum, where also indicated higher in pre-market trading.
Investors will get a look at the Institute for Supply Management’s manufacturing index for October, which is expected to fall to 60.3 from September’s 61.1. Any number above 50 is considered expansion.
The other big event for the week will be October’s employment report Friday, which could show some improvement in hiring, as new cases of COVID-19 continued to decline. Economists surveyed by Dow Jones expect non-farm payrolls to show an increase of 450,000 after September’s meager 194,000 gain, with the unemployment rate edging down to 4.7%.
Overseas, in Japan, the Nikkei 225 sprinted ahead 2.6% Monday, while in Hong Kong, the Hang Seng docked 0.7%.
Oil prices added 67 to $84.24 U.S. a barrel.
Gold prices galloped $4.90 to $1,788.80 U.S. an ounce.
