Stock futures pointed to a higher start for Canada's main stock index as a strong U.S. monthly jobs report last week boosted investor confidence and fiscal stimulus announced by Japan added to the positive sentiment
The S&P/TSX Composite climbed 125.38 points to close the day and the week at 14,259.84
The Canadian dollar demurred 0.17 cents to 76.52 cents U.S. early Monday
Thomson Reuters said it agreed to sell its intellectual property and science business to private equity firms Onex Corp and Baring Private Equity Asia for $3.55 billion in cash. Thomson Reuters said on Monday it would use $1 billion of the net proceeds to buy back shares, pay down debt and invest in its other businesses.
The National Energy Board said it suspended a review of Enbridge’s request to extend its permit for the proposed Northern Gateway crude oil pipeline project. Enbridge had filed a request with the Canadian energy regulator in May for a three-year extension of the permit as it sought greater legal and regulatory certainty.
JP Morgan raises the price target Cenovus Energy to $19.00 from $18.00 as the company has an attractive, low-cost SAGD oil sands asset base, which should generate steady cash flow and lead to fairly good sustaining dividend coverage.
Firan Technology Group is out with Q2 earnings, expecting a figure of five cents per share
Neptune Technologies & Bioressources also reports, expecting full-year earnings of four cents per share
On the economic beat, Canadian Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts in this country rose to 218,333 in June, up from a revised 186,709 in May. Economists had forecast 190,000 starts in June.
ON BAYSTREET
The TSX Venture Exchange gained 4.33 points Friday to 752.12
ON WALLSTREET
U.S. stock futures are moving up, after an exciting close last week.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 76 points, or 0.4%, to 18.114, while futures for the S&P 500 grew eight points, or 0.4%, to 2,128.50. NASDAQ futures added 23.5 points, or 0.5%, to 4,540.75
U.S. stocks have largely stalled since hitting record highs in May 2015. But following heavy post-Brexit vote losses, the S&P 500 and Dow have rebounded strongly.
The S&P 500 is now less than 1% away from its all-time high and the Dow is about 1% away from a new record.
Alcoa reports results to kick off earnings season. Alcoa is expected to post a big plunge in second-quarter profits.
Then later this week, Yum! Brands, BlackRock, JPMorgan Chase and Citigroup are among the key companies that will release their quarterly results.
European markets are posting steady gains in early trading.
Most Asian markets also rose Monday as investors got their first chance to react to Friday's strong U.S. jobs report.
Oil prices settled 15 cents to $45.26 U.S. a barrel
Gold prices were unchanged at $1,358.40 U.S. an ounce.
