Oil Prices Help Sink Toronto Futures

AGF, Parex at Centre-Stage

Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as oil prices plunged on weaker demand outlook and a rise in U.S. crude inventories.

The S&P/TSX Composite Index held onto gains of 32.5 points to end Tuesday at 16,248.76

The Canadian dollar dropped 0.10 cents to 75.19 cents U.S. early Wednesday

June futures plunged 0.3% Wednesday.

RBC cut the target price on AGF Management to $6.00 from $6.50

GMP raised the price target on Parex Resources to $32.00 from $31.00

ON BAYSTREET

The TSX Venture Exchange lost 5.11 points Tuesday to 589.32

ON WALLSTREET

U.S. stock index futures slipped on Wednesday as Wall Street took a pause following a strong rally to kick off June.

Futures for the Dow Jones Industrial Average slid 70 points, or 0.3%, to 25,995.

Futures for the S&P 500 shrank 7.25 points, or 0.3%, at 2,879.75.

NASDAQ futures gave back 32.5 points, or 0.4%, to 7,485.75

Wednesday’s declines come after muted trading action in the previous session. The Dow closed marginally lower, snapping a six-day winning streak.

Still, the major indexes were all up nearly 5% for the month, rebounding from a sharp sell-off in May as U.S.-Mexico trade worries were quelled while expectations for looser monetary policy increased.

Investors are likely to closely monitor Consumer Price Index data for May, with core CPI excluding food and energy for May due at the same time. The latest Federal Budget figures will be released slightly later in the session.

Overseas, the Nikkei 225 backtracked 0.4% Wednesday, while in Hong Kong, the Hang Seng index was off 1.7%

Oil prices withered $1.47 to $51.80 U.S. a barrel.

Gold prices gained $8.20 to $1,339.40 U.S. an ounce.