Canada's main stock index future rose on Monday, supported by a spike in oil prices against the backdrop of global concerns related to rising coronavirus cases.
The Canadian dollar inched up 0.11 cents Monday to 73.21 cents U.S.
June futures gained 0.7% Monday.
The S&P/TSX Composite Index got pounded 257.16 points, or 1.7%, Friday to close out the week at 15,188.98, having surrendered 285.22 points, or 1.84%, for the last five sessions.
CIBC raised the target price on Endeavour Mining to $42.00 from $40.00.
Scotiabank cut the target price on Guardian Capital Group to $22.00 from $23.00.
Scotiabank raised the target price on IGM Financial to $34.00 from $32.00
Economically speaking, Statistics Canada reported building permits The total value of building permits issued by Canadian municipalities in May bounced back 20.2% to $7.4 billion, following declines of 13.4% in March and 15.4% in April.
The agency’s industrial product price index rose 1.2% in May, driven mainly by higher prices for meat, fish and dairy products as well as energy and petroleum products., while the raw materials price index increased 16.4%, mainly on higher crude oil prices.
ON BAYSTREET
The TSX Venture Exchange hiked 2.78 points to 598.74 Friday, or higher on the week by 31.5 points, or 5.6%.
ON WALLSTREET
U.S. stock futures rose on Monday even as U.S. coronavirus cases continued to surge.
Futures for Dow Jones Industrials vaulted 211 points, or 0.9%, early Monday, to 25, 161.
Futures for the S&P 500 improved 16 points, or 0.5%, to 3,023.
Futures for the NASDAQ Composite Index inched ahead 10 points, or 0.1%, to 9,875.
Shares of Dow-member Boeing added 7.5% in pre-market trading as certification flights for the Boeing 737 Max were set to begin Monday.
The test is seen by investors as a critical step in Boeing’s worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people.
Investors bet on select stocks on hopes most state economies will continue to reopen even as some hotspots pop up. Southwest Airlines jumped after Goldman Sachs upgraded the shares to buy from sell. Southwest added 3.2% in premarket trading. Shares of retailer Gap and casino MGM Resorts rose 5.1% and 1.7%, respectively, in the pre-market.
Data compiled by Johns Hopkins University showed more than 2.5 million cases have been confirmed across the U.S. On Friday alone, there were 45,255 additional cases were reported, bringing the country’s seven-day average to more than 41% from the prior week.
On Saturday, Florida reported a one-day record of cases of 9,636. The state reported an additional 8,577 on Sunday. Those figures were released after Florida once again banned drinking at bars on Friday. Texas — another state that has seen record spikes in coronavirus infections — rolled back on Friday some of its reopening measures.
Overseas, in Tokyo, the Nikkei 225 faltered 2.3% Monday, while in Hong Kong, the Hang Seng index lost 1%.
Oil prices took on 50 cents at $38.99 U.S. a barrel.
Gold prices gained $3.80 to $1,784.10.
