Stock futures for Canada's main stock index edged higher on Monday, as crude oil prices rose to their highest level since November 2018 on supply cuts from the Organization of the Petroleum Exporting Countries, U.S. sanctions against Iran and Venezuela and fighting in Libya.
The S&P/TSX Composite Index grew 84.54 points to conclude Friday and the week at 16,396.15
The Canadian dollar demurred 0.05 cents to 74.78 cents U.S. early Monday
June futures improved 0.05% Monday.
CIBC raised the price target on Corus Entertainment to $9.00 from $8.00
CIBC raised the price target on George Weston to $113.00 from $109.00
National Bank of Canada raised the rating on MEG Energy to outperform from sector perform.
On the economic beat, Canada Mortgage and Housing Corporation reported that the trend in housing starts was 202,279 units in March, compared to 202,039 units in February.
Statistics Canada revealed that Canadian municipalities issued $7.8 billion worth of building permits in February, down 5.7% from the previous month. The decline was largely due to lower construction intentions for multi-family dwellings.
ON BAYSTREET
The TSX Venture Exchange recovered 3.63 points Friday to 629.82
ON WALLSTREET
U.S. stock index futures were lower Monday morning, with market participants worried about what is likely to be a tough earnings season.
Futures for the Dow Jones Industrial Average fell 70 points, or 0.3%, to 26,324
Futures for the S&P 500 ditched 2.75 points, or 0.1%, at 2,893.25
NASDAQ futures flopped 6.75 points, or 0.1%, to 7,597.50
J.P. Morgan Chase and Wells Fargo are both set to report their latest figures on Friday.
Before that, minutes from the Federal Reserve's last meeting are due to be released on Wednesday.
Following the Fed's most recent meeting in March, the central bank decided to maintain interest rates and hold off on any further increases this year.
On the data front, factory orders for February will be published at around 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 sifted off 0.2% Monday, while in Hong Kong, the Hang Seng Index returned from holiday by gaining 0.5%.
Oil prices gained 26 cents to $63.34 U.S. a barrel.
Gold prices picked up $6.70 to $1,302.30 U.S. an ounce.
