Canada's main stock index looked set to open flat to slightly higher on Monday as slightly better-than-expected economic data from China raised hopes of a recovery in the world's second largest economy.
The S&P/TSX composite index grew 56.63 points to close the week at 13,888.21. Futures pointed higher by 0.08%.
The Canadian dollar gained 0.18 cents to 91.39 cents U.S. early Monday
The TSX ran ahead 141 points, or 1%, last week, with advances paced by the precious and base metal mining sectors.
A coalition of environmental groups on Friday launched a legal challenge to the preliminary approval last month for the Enbridge’s $7.9-billion Northern Gateway pipeline project, filing suit to prevent Canada's government from using the approval in its final decision on the line.
CIBC raised the price target on AGF Management Ltd. to $13.50 from $12.50 on valuation, saying earnings growth to take a backseat to strategic execution
CIBC also raised the price target on Total Energy Services to $21 from $19.50 after the company announced a preliminary 2014 capital program of $54 million, expecting it to increase its budget as the year progresses
China's economy narrowly missed expectations for growth to hit 14-year lows in 2013, though some economists say a cooldown will be inevitable this year as officials and investors hunker down for difficult reforms.
The Canadian dollar, already the worst performing primary currency, could be in for even more downward pressure depending on what the Bank of Canada has to say at its next scheduled interest rate announcement on Wednesday.
There is no doubt the central bank will keep its key rate at 1%, where it’s been since September 2010.
Canadian earnings tends to lag the U.S. by a few weeks but traders will take in earnings from tech company Open Text on Thursday.
It is a busy week on the Canadian economic calendar with manufacturing shipments for November out Tuesday, November retail sales on Thursday and the December reading on inflation on Friday.
ON BAYSTREET
The TSX Venture Exchange gained 1.80 points Friday to 976.34.
ON WALLSTREET
Markets are closed Monday for Martin Luther King Day
Oil prices moved lower by seven cents to $93.70 U.S. a barrel
Gold prices advanced $4.40 to $1,256.30 U.S. an ounce.
