Equities in Toronto looked set to open higher on Monday as expectations the U.S. Federal Reserve would continue with its loose monetary policy this week buoyed investor sentiment.
The S&P/TSX composite index shot higher 74.67 Friday to end the week at 13,399.42. Futures moved 0.1% Monday.
The Canadian dollar inched up 0.02 cents to 95.71 cents U.S. early Monday
CIBC raised the rating on Agnico Eagle Mines to sector outperform from sector perform as the company delivered cost improvements across its operations the in third quarter, achieving substantially better costs than previously assumed.
CIBC raised the price target on Altagas Ltd. to $41 from $39.50 after the company announced it will increase its ownership of Petrogas Energy Corp from 25% to 33%.
National Bank Financial raised the rating on Capital Power Corp. to outperform from sector perform following the company's better-than-expected third-quarter results.
Canaccord Genuity cut the rating on Postmedia Network Canada to sell from hold as the company's fourth-quarter results were below expectations.
ON BAYSTREET
The TSX Venture Exchange ended Friday 0.88 points in positive territory to 973.58
ON WALLSTREET
The S&P 500 is poised to extend its record run on Monday as investor sentiment was boosted by expectations the Federal Reserve will maintain its massive liquidity program.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped seven points to 15,490. Futures for the S&P 500 fell 1.80 points, or 0.1%, to 1,752.10, and futures for the NASDAQ took on 2.50 points, or 0.1%, to 3,376.25
Investors have been broadly pleased by the latest batch of corporate earnings results.
Shares of Merck edged up before the opening bell after the drug maker reported better-than-expected sales and profit, even though they slumped compared to the year-ago quarter.
Burger King reported an increase in sales and earnings, compared to a year ago. Apple and Herbalife are due to report in the afternoon.
Stocks have also found recent support on hopes of continued stimulus from the Federal Reserve. The Fed has a policy meeting this week and is widely expected to say it will continue buying $85 billion U.S. in bonds and mortgage-backed securities a month. This unprecedented liquidity has buoyed equity markets around the world.
On the economic front Monday, the Census Bureau will release its monthly report on industrial production at 9:15 a.m. ET, and the National Association of Realtors publishes its monthly report on pending home sales.
European markets were lower in morning trading.
Nearly all Asian markets ended with gains Monday. Japan's Nikkei 225 surged more than 2%, recovering from a near 3% drop on Friday.
Oil prices slid six cents to $97.79 U.S. a barrel
Gold prices doffed $1.90 to $1,350.60 U.S. an ounce.
