Markets in Toronto looked set to open higher on Tuesday as investor sentiment was buoyed by positive U.S. economic data and a solid start to the second-quarter U.S. earnings season.
The S&P/TSX Composite Index gained 73.96 points by Monday’s close to 12,208.87. Futures were up 0.5%.
The Canadian dollar inched up 0.06 cents to 94.78 cents U.S. Tuesday
Jean Coutu Group Inc's first-quarter profit fell 77%, mainly due to lower generic drug prices.
CIBC cut the rating on Canadian National Railway to sector performer from outperform, expecting greater head count reduction and lower operating ratio for both years.
The bank also cut the price target on Pason Systems Inc. to $17.50 from $18.50 as Pason received an unfavourable judgment in relation to its Canadian patent infringement lawsuit.
Canaccord Genuity starts coverage on TriOil Resources with a hold rating, says the company has done an excellent job of developing its two key resource plays.
Speaking of things economic, Canada Mortgage and Housing Corporation reported that housing starts fell in June from May, but less than expected.
The seasonally adjusted annualized rate of housing starts was 199,586 units in June, a decrease from May, which was revised higher to 204,616. Analysts polled by Reuters had expected 187,000 starts in June.
ON BAYSTREET
The TSX Venture Exchange dipped 10.98 points Monday to 873.29
ON WALLSTREET
Stock markets are set to continue rising today as all-time highs set in late May come back into view.
Futures for the Dow Industrials gained 30 points, or 0.2%, 15,190. Futures for the S&P 500 picked up 6.20 points, or 0.4%, to 1,641.70, and futures for the NASDAQ increased 9.75 points, or 0.3%, to 2,968.50
Firms including Yum! Brands,JPMorgan and Wells Fargo are set to report quarterly results later this week.
After Monday's close, Alcoa became the first Dow Jones industrial average component to report second-quarter results, topping analysts' forecasts. Shares rose more than 1% in pre-market trading.
Tesla Motors is joining the Nasdaq-100 and replacing software company Oracle
NYSE Euronext won a contact to take over Libor, the London interbank offered rate that has been at the epicenter of a wide-ranging bid rigging scandal
Barnes & Noble shares sank roughly 3% in pre-market trading after the book retailer announced that its CEO was resigning.
European markets were broadly higher in morning trading, with shares in London leading the region. London's benchmark FTSE 100 index and the DAX in Germany were up by nearly 1%.
Asian markets ended Tuesday with gains. The Hang Seng index rose 0.5% and the Shanghai Composite index added 0.4%. Japan's Nikkei 225 surged 2.6% as it recovered from a fall on Monday.
Oil prices docked 19 cents to $102.95 U.S. a barrel
Gold prices gained $11.60 to $1,246.50 U.S.
