(MENAFN- Baystreet.ca) Futures for Canada's main stock index rose on Monday, driven by higher oil prices as more signs of progress in developing a coronavirus vaccine bolstered hopes of fuel demand recovery.
The TSX rocketed 109.29 points to end Friday at 17,019.10, within 44 points of its close on New Year's Eve, and up 343 points, or 2.06%, on the week.
The Canadian dollar gained 0.19 cents Monday at 76.62 cents U.S.
December futures advanced 0.3% Monday.
One of the unions on strike at Chile's Candelaria copper mine has reported accepted a 30-month collective agreement from Lundin Mining on Friday.
Scotiabank raise the target price on Bank of Montreal to $104.00 from $85.00
Canaccord Genuity initiated coverage of Fission Uranium with a speculative buy rating
CIBC raised the price target on Imperial Oil to $26.00 from $25.00
ON BAYSTREET
The TSX Venture Exchange sprang up 11.01 points Friday, or 1.5%, to 740.45, a gain on the week of four points, or 0.55%. The exchange is up 162 points, or 28.2%, since 2020 started.
ON WALLSTREET
U.S. stock market futures were higher Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.
Futures for the Dow Jones Industrials leaped 193 points, or 0.7%, to 29,405.
Futures for the S&P 500 added 21.5 points, or 0.6%, at 3,575.75.
Futures for the NASDAQ Composite picked up 45.25 points, or 0.4%, to 11,951.50.
AstraZeneca said interim analysis showed its vaccine has an average efficacy of 70% with one dosing regimen showing effectiveness of 90%, while the other demonstrating 62% efficacy. This follows late-stage trial data from Pfizer-BioNTech and Moderna showing that their respective Covid-19 vaccines were around 95% effective.
Shares of cruise lines and airlines jumped in premarket trading on hope distributing these vaccines would reopen the economy and boost travel early next year. Shares of Carnival Corp. added 4% while United Airlines rose 2.6% in premarket trading Monday.
The positive vaccine data this month has jolted stocks higher to record highs, despite concern about rising cases. Despite stalling out a bit last week, the Dow is up 10% in November. The S&P 500 is up 8%.
The move lower came as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.
Friday's jump brings the seven-day average of new cases to over 167,600, an increase of nearly 20% compared with a week ago, according to an analysis of data compiled by Johns Hopkins University. The seven-day average of new cases is up by at least 5% week over week in 43 states and the District of Columbia, Hopkins data shows.
Overseas, in Hong Kong, the Hang Seng index nosed ahead 0.1%, while in Japan, markets were shuttered for holiday.
Oil prices added 61 cents to $43.03 U.S. a barrel.
Gold prices slipped $5.90 to $1,866.50 U.S.
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