Futures for Canada's main stock index rose on Monday, aided by stronger oil prices, while sentiment was further bolstered by the congressional passage of a long-delayed $1 trillion U.S. infrastructure bill.
The S&P/TSX Composite popped 113.69 points to finish Friday’s session at 21,455.82, for a gain on the week of 418 points, or 1.99%.
Futures picked up 0.2% Monday.
Rogers Communications on Friday reinstated ousted Chairman Edward Rogers after a court backed his petition to constitute a new board, drawing curtains on a rare public battle for the control of a Canadian company even as the family feud showed no signs of ending.
First Cobalt aims to create North America's first specialist facility for producing electric vehicle battery materials such as cathode chemicals, it said on Sunday, as it announced a name change to Electra Battery Materials.
CIBC cut the rating on Canada Goose Holdings to neutral from outperform.
CIBC cut the rating on Canopy Growth to underperform from neutral.
RBC cut the rating to sector perform from outperform.
ON BAYSTREET
The TSX Venture Exchange retreated Friday 3.12 points to 985.14, but still shot ahead on the week by 44 points, or 4.75%.
ON WALLSTREET
Dow futures rose in early trading after the major U.S. market indexes reached record highs Friday following a better-than-expected October jobs report.
Overseas, the Nikkei 225 lost 0.4% Monday, while the Hang Seng in Hong Kong also lost 0.4%.
The moves in futures trading came after the U.S. House of Representatives late Friday passed a more than $1-trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. The package passed by the Senate in August would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
Companies including PayPal, Palantir and Disney report quarterly earnings this week.
Dow 30 mainstay Caterpillar saw its shares rise about 4% pre-market as the manufacturer of construction equipment could benefit from the spending package. Heavy equipment producer Deere also got a lift, with shares up more than 2%. Vulcan Materials gained 5% and Nucor added more than 4%.
A number of energy companies also got a boost on rising energy prices and after President Joe Biden’s remark that he does not expect OPEC+ nations to react to a call to speed production. Coterra Energy added more than 1% premarket.
Tesla founder Elon Musk rattled investors this weekend, asking in a Twitter poll whether he should sell 10% of his stock as a response to political clamoring to tax unrealized gains from equity holdings. As some 58% of respondents said yes, shares in Tesla dropped more than 4% in pre-market trading.
Oil prices gained 77 cents to $82.04.
Gold prices hiked $2.30 to $1,819.10
