Stock futures pointed to a higher start for Canada's main stock index as oil prices rose for the first time in eight days.
The S&P/TSX composite index gathered 54.65 points to close Tuesday at 12,373.90, to curtail a nine-session losing streak.
The Canadian dollar gained 0.2 cents to 70.32 cents U.S. early Wednesday.
Corus Entertainment Inc said it would buy Shaw Communications Inc's television unit Shaw Media Inc in a $2.65 billion cash-and-stock deal. Shaw Communications will get about $1.85 billion in cash and 71 million class B shares of Corus.
Magna International Inc said it expects sales from its auto parts manufacturing business to rise about 15.7% this year. Magna said it expects total production sales from the business to rise to $30.3 billion-$31.6 billion in 2016 from its 2015 estimate of $26.3 billion-$27.2 billion.
U.S. railroad operator Norfolk Southern Corp, which has repeatedly rejected a takeover bid from Canadian Pacific Railway Ltd, said it will consolidate its Virginia and Pocahontas units, to cut costs and support growth. Norfolk said the move will affect management and staff positions based in Bluefield, West Virginia, but did not detail the number of employees who would be impacted.
Canaccord Genuity raised the rating on Eldorado Gold to buy from hold and cuts target price to $4.25 after the company’s announcement of suspension of development activities at Skouries effective immediately and the potential closure of Olympias and Stratoni.
CIBC raised the target price on Richmont Minesto $6.00 from $5.50 based on the better-than-expected fourth quarter results of the company.
CIBC upped the rating on Trican Well Service Ltd to sector perform from underperform and raised target price to C$1.50 from C$0.75 as the company’s announcement on active negotiations to sell its U.S. pressure pumping business to Keane Group.
ON BAYSTREET
The TSX Venture Exchange subtracted seven points, or 1.4%, Tuesday to 500.32.
ON WALLSTREET
U.S. futures are higher to begin Wednesday.
Ahead of the opening bell, futures for the Dow Jones Industrials sprouted 116 points to 16,479, futures for the S&P 500 gained 15 points to 1,940. NASDAQ futures were not available at press time.
Metlife shares surged more than 7% Tuesday night after The Wall Street Journal reported it's planning to separate or sell its U.S. life insurance operations. KFC and Taco Bell owner Yum Brands was trading 3% higher pre-market, while Ford shares dropped 3%.
BP shares are up 2.5% a day after it slashed another 4,000 jobs amid low oil prices.
Volkswagen shares are up more than 2.5% despite ongoing confusion surrounding the emissions scandal and whether the auto giant "lied" to regulators.
The Petroleum Status Report is due this morning from the U.S. Energy Information Agency.
European markets are up in early trading, with Paris jumping nearly 1.5% at the start. Asian markets ended mixed with the Nikkei closing up nearly 3% while Shanghai fell 2.4%.
Oil prices gained 69 cents to $31.13 U.S. a barrel
Gold prices sank $4.05 to $1,082.51 U.S. an ounce.
