Futures for stocks in Canada’s largest centre were lower before Monday’s opening bell, as oil prices slumped on a prospect of another year of oversupply.
The S&P/TSX Composite tumbled 188.84 points, or 1.3%, to close Friday and the week at 14,655.41. Losses for the index left it below the 14,656.84 level it closed at on Tuesday before the result of the U.S. presidential election.
The Canadian dollar nicked ahead 0.1 cents to 73.96 cents U.S. early Monday.
Amaya Inc said its former chief executive David Baazov has offered to buy the Canadian online gambling company in a deal valued at about $3.48 billion. Baazov said he had made the offer on behalf of a to-be-formed entity led by him. Separately, Amaya's third-quarter net income from continuing operations was $12.5 million, or six cents per share, compared with a loss of $34.4 million, or 26 cents a share, a year earlier.
Barclays cut the target price on Hydro One to $24 from $26 as a result of multiple compression.
CIBC raised the rating on Onex Corp. to outperform from sector perform to reflect higher growth expectations.
CIBC cut the target price on Power Financial to $36.00 from $37.00, following softer third-quarter results.
ON BAYSTREET
The TSX Venture Exchange fell 15.72 points, or 2.1%, Friday to 727.91
ON WALLSTREET
U.S. stock index futures pointed to a mixed open on Monday as traders continued to react to the results of the U.S. presidential election.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 40 points, or 0.2%, to 18,827. Futures for the S&P 500 gained 0.5 points to 2,162. NASDAQ futures gave back 11 points, or 0.2%, to 4,737.
On the earnings front Monday, Advance Auto Parts is set to report before the bell, with Aecom and Autohome having reported earlier. China Lodging Group, Noah Holdings and Woodward are due to report after the market close.
Investor expectations are high that Donald Trump's policies are due to cause rising inflation in the U.S., as the president-elect began to assemble his incoming team over the weekend
No economic data releases of note are due to be reported on Monday.
In Europe, markets were marginally higher on Monday. In Asia, the Shanghai composite in China closed 0.4% higher, while the Nikkei in Japan closed 1.7% higher.
Oil prices slipped 75 cents to $42.66 U.S. a barrel
Gold prices doffed 10 cents at $1,224.20 U.S. an ounce.
