Futures for Canada's main stock index rose on Tuesday, supported by soaring oil prices, although investors remained cautious as rising energy costs fueled inflationary concerns.
The S&P/TSX faltered 98.03 points to 21,304.40.
Futures for the TSX jumped 0.5% early Tuesday. The Canadian dollar staggered 0.16 cents to 77.95 cents U.S.
CIBC raised the target price on Allied Properties REIT to $54.00 from $53.00
National Bank initiated coverage on Nexus REIT with an outperform rating
RBC raised the target price on Vermilion Energy to $26.00 from $25.00
On the economic front, Statistics Canada reported Canada's merchandise imports fell 7.4%, with decreases observed in nearly all product sections.
Meanwhile, exports were down 0.2%. As a result, Canada's merchandise trade balance went from a $1.6 billion deficit in December 2021 to a $2.6-billion surplus in January 2022.
Alberta will drop its provincial fuel tax to give consumers some relief from soaring energy prices, Premier Jason Kenney said on Monday, as he also urged the United States to revive the canceled Keystone XL oil pipeline.
ON BAYSTREET
The TSX Venture Exchange fell 7.03 points to 840.21.
ON WALLSTREET
Stock futures were little changed on Tuesday morning following the S&P 500's worst day since October 2020, as investors remained on edge about surging oil prices and slowing economic growth amid Russia’s invasion of Ukraine.
Futures for the Dow Jones Industrials lost six points Tuesday morning to 32,776.
Futures for the S&P 500 faded 3.25 points, or 0.1%, to 4,195.25.
Futures for the NASDAQ Composite gave back 52 points, or 0.5%, to 13,268.75.
Shares of Chevron and Exxon each rose about 1% in pre-market trading. Plus, solar and other clean energy stocks moved higher in pre-market trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in pre-market trading.
Oil prices vaulted $4.10 to $123.60.
Gold prices leaped $23.90 to $2,019.80. In Asia, the Nikkei 225 lost 1.7%, while the Hang Seng index in Hong Kong dropped 1.4%.
