Stock futures suggested a higher opening for equities in Toronto on Thursday as oil prices gained after Iran welcomed plans to freeze output and an industry report showed a surprise drop in U.S. inventory last week.
The S&P/TSX Composite Index rocketed 312.18 points, or 2.5%, to close Wednesday at 12,867.18. Futures were up 0.7% early Thursday
The Canadian dollar dropped 0.13 cents to 73.01 cents U.S. early Thursday.
Bombardier is in talks with more potential buyers including United Airlines after winning a lifeline $3.8-billion order for its struggling CSeries jet from Air Canada. Meanwhile, SocGen cuts rating on Bombardier to sell from hold
Barrick Gold Corp , the world's largest gold producer, on Wednesday cut its 2016 total gold production forecast and cost per ounce of the metal amid a continued slump in prices. Moreover, Canaccord Genuity raised target on Barrick to $21.00 from $20.50, with a buy rating.
On the economic front, Statistics Canada reported that Canadians receiving regular Employment Insurance benefits totaled 539,800 in December, down 0.5% from the previous month.
What`s more, the agency told us that Wholesale sales rose 2.0% to $57.2 billion in December. Gains were recorded in four of seven sub-sectors, led by motor vehicle and parts. Excluding this sub-sector, wholesale sales edged up 0.1%. In volume terms, wholesale sales increased 1.8% in December.
ON BAYSTREET
The TSX Venture Exchange jumped 7.62 points, or 1.5%, to finish Wednesday at 518.02
ON WALLSTREET
U.S. stock futures are holding steady and European markets are mixed in early trading.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 57 points, or 0.4%, to 16,470, futures for the S&P 500 moved ahead five points, or 0.3%, to 1,927.75. NASDAQ futures added 17.75 points, or 0.4%, to 4,214.5.
Shares in Devon Energy are sliding pre-market after the company announced plans to raise nearly $1.5 billion U.S. through a new stock offering. The company said it would use the money to reduce debt and invest in its business operations.
Shares in Kinder Morgan continue to edge higher pre-market after the company got a vote of confidence from famed investor Warren Buffett.
The stock shot up 10% Wednesday after it was revealed that Buffett's company bought a large stake in the energy infrastructure firm.
Investors will be monitoring quarterly results from Walmart, which is reporting ahead of the open. Dish Network, Hyatt Hotels, Starwood Hotels, Virgin America and SodaStream are among the other companies reporting this morning.
After the close, investors will get results from Nordstrom and Yamana Gold, among others.
Oil prices got a lift after Iran said it would support any measures to stabilize the energy markets.
Oil prices have fallen by about 70% since 2014 as major producers such as Russia and Saudi Arabia continue to pump oil into a market that has become saturated.
Oil prices could see more volatility this morning as the U.S. Energy Information Administration releases its latest data on crude inventories at 11 a.m. ET.
Oil prices gained 91 cents to $31.57 U.S. a barrel
Gold prices backtracked $1.21 to $1,207.29 U.S. an ounce.
