(MENAFN- Baystreet.ca) Futures for Canada's main stock index edged higher on Wednesday, as oil prices rose after industry data showed a larger-than-expected drop in U.S. crude inventories.
The S&P/TSX Composite faltered 90.74 points to conclude Tuesday at 16,213.31
The Canadian dollar gained 0.14 at 75.22 cents U.S. early Wednesday
September futures took on 0.5% Wednesday.
Pembina Pipeline said it would buy smaller rival Kinder Morgan Canada in a transaction that values it at about $2.3 billion, as deals in the country's midstream segment heat up.
Royal Bank of Canada missed analysts' estimates for quarterly profit as equity trading weakened and it kept aside more funds to cover bad loans.
A spokesperson for IAMGOLD says the company has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police.
RBC raised the target price on Hydro One to $26.00 from $25.00
RBC raised the target price on Fortis Inc. to $59.00 from $56.00
On the economic beat, Statistics Canada said the consumer price index rose 2.0% on a year-over-year basis in July, matching the increase in June. On a seasonally-adjusted monthly basis, inflation increased 0.4%.
ON BAYSTREET
The TSX Venture Exchange gained 6.83 points, or 1.2%, Tuesday to 576.68
ON WALLSTREET
U.S. stock index futures moved higher on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.
Futures for the Dow Jones Industrials rocketed 161 points, or 0.6%, to 26,092.
Futures for the S&P 500 were raised 20 points, or 0.7%, at 2,918.25
NASDAQ futures hiked 56.25 points, or 0.7%, to 7,724.25
Target shares surged more than 17% before the opening bell, after the Minnesota-based retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%., trumping analyst projections of growth of 2.9%.
Lowe's jumped around 12% on its second-quarter earnings report. CEO Marvin Ellison attributed the rise on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
Investors on Wednesday looked ahead to the release of the minutes from the Federal Reserve's meeting in July as they search for any clues on monetary policy. The Fed cut rates by 25 basis points in July, while signaling that it was only a "midcycle adjustment" and the central bank was not returning to the stimulus era.
Overseas, in Japan, the Nikkei 225 docked 0.3% Wednesday, while in the Hong Kong, the Hang Seng index regained 0.2%
Oil prices gained 66 cents to $56.79 U.S. a barrel.
Gold prices dwindled $6.40 to $1,509.30 U.S. an ounce.
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