Canadian stocks looked set to open higher on Wednesday, a day after upbeat U.S. economic data boosted world stocks.
The S&P/TSX composite index dropped 57.67 points to finish Tuesday at 14,658.02. June futures eked up 0.1%.
The Canadian dollar dipped 0.03 cents to 92.07 U.S. early Wednesday.
Valeant Pharmaceuticals International Inc raised the cash component of its offer for Botox-maker Allergan Inc, valuing the U.S. firm at $49.44 billion.
National Bank of Canada, the country's sixth-largest lender, said quarterly profit fell 13% as the year-earlier period included a $102-million benefit.
National Bank Financial raised the rating on 5N Plus Inc to outperform from sector perform
RBC raised the rating on Parkland Fuel to outperform from sector perform
ON BAYSTREET
The TSX Venture Exchange shed 9.17 points Tuesday to 985.73.
ON WALLSTREET
Wall Street looked poised to continue its record-setting run on Wednesday, with futures indicating that markets will start the day in positive territory.
Ahead of the opening bell, futures for the Dow Jones Industrials added 23 points, or 0.1%, to 16,677. Futures for the S&P 500 grew 3.3 points, or 0.2%, at 1,912.50, and futures for the NASDAQ gained 6.25 points, or 0.2%, to 3,727.50.
All the major U.S. indices have gained ground over the past four trading days, rising by roughly 2% to 3.5%.The S&P 500 ended at a record high Tuesday.
GlaxoSmithKline shares were down in pre-market trading, after the company revealed it was being investigated by the U.K.'s Serious Fraud Office.
Tesla Motors' stock was flat before the open, even though Standard & Poor's downgraded the electric car maker's debt to junk status.
Michael Kors shares jumped before the open after the fashion house reported strong results. Shares have surged by 18% since the start of the year, as shoppers’ snap-up purses, clothing and accessories.
European markets were slightly higher in midday trading, while Asian markets ended mostly higher. The Shanghai Composite led the way with a 0.8% jump.
Oil prices inched up two cents to $104.13 U.S. a barrel
Gold prices acquired 30 cents to $1,265.80 U.S. an ounce.
