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TSX Set to Open Higher on Easing Bank Tensions

Brookfield, Morgan in Focus

Futures for Canada's main stock index rose on Monday, tracking optimism in global markets, while gains in crude oil prices further aided sentiment.

Global markets got a lift after U.S. lender First Citizens BancShares Inc said it would purchase the loans and deposits of failed Silicon Valley Bank, calming investor angst about the global financial system.

The TSX gathered 41.57 points to end Friday at 19,501.49. On the week, the index took on 113 points, or 0.6%.
March futures on the S&P/TSX index jumped 0.4% Monday morning.

The Canadian dollar added 0.09 cents to 72.91 cents U.S.

Among company news, Australia's Origin Energy Ltd agreed to an A$15.35 billion ($10.21 billion) takeover offer by a consortium led by Brookfield Asset Management at an implied offer price of A$8.912 per share.

Brookfield is in exclusive talks to acquire a majority stake in Data4, in a deal that could value the data center operator at close to 3.5 billion euros ($3.8 billion U.S.) including debt.


The TSX turned course and gained 3.23 points Friday to 611.88. The gain on the week was 6.8 points, or 1.12%.


Stock futures rose slightly Monday, putting Wall Street on track to build on last week’s gains.

Futures for the Dow Jones Industrials sprang up 241 points, or 0.7%, to begin the last Monday of March at 32,675.

Futures for the S&P 500 hiked 30.5 points, or 0.8%, to 4,031.75.

Futures for the NASDAQ Composite jumped 55.25 points, or 0.4%, to 12,945.50.

Regional banks rose broadly. First Republic was the best-performing stock in the fund, surging more than 28.9%. PacWest also gained more than 11%.

The health of the U.S. banking system also weighed on investors over the course of the week, with a particular focus on First Republic, PacWest and other regional financial institutions. Media reports circulated over the weekend that the deposit outflow from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days.

First Citizens Bank also agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said overnight. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

In Japan, the Nikkei 225 gained 0.3% Monday, while in Hong Kong, the Hang Seng capsized 1.8%.

Oil prices advanced 88 cents to $70.14 U.S. a barrel.

Gold prices dropped $30.80 to $1,953.00 U.S. an ounce.