(MENAFN - Baystreet.ca)
Futures for Canada's main stock index rose on Wednesday as oil prices rose on prospects of a stronger economic growth, boosting commodity stocks.
The TSX gained 77.35 points, adding to Monday's all-time high, to close Tuesday's session at 19,101.14.
The Canadian dollar dipped 0.16 cents at 79.39 cents U.S.
June futures rose 0.3% Wednesday.
National Bank of Canada raised the price target on Cogeco Communications to $130.00 from $126.00
Berenberg cut the target price on Endeavour Mining to $42.00 from $49.00
National Bank of Canada raised the target price on MTY Food Group to $55.00 from $52.00
On the economic front, Statistics Canada reported this country's merchandise exports decreased by 2.7% in February, while imports fell 2.4%. As a result, Canada's merchandise trade surplus with the world narrowed from $1.2 billion in January to $1.0 billion in February.
Later on this morning (about 10 a.m. EDT), the IVEY School of Business publishes its Purchasing Managers Index for March.
Moreover, Canadian M&A activity in the first three months of the year catapulted to an all-time high as deal-making recovered from the coronavirus fallout, and bankers point to a healthy pipeline of transactions underpinned by easy financing conditions.
The TSX Venture Exchange eked up 2.71 points Tuesday to 963.96.
U.S. stock index futures were little changed early Wednesday, after the major averages finished Tuesday's session slightly in the red.
Futures for the Dow Jones Industrials inched bank two points to 33,314.
Futures for the S&P 500 slipped 0.25 points to 4,063.75.
Futures for the NASDAQ Composite index faltered 3.5 points to 13,560 Wednesday.
Shares of reopening plays airlines and cruise lines were higher in pre-market trading, continuing their recent run. Shares of Carnival were up 2%. Shares of Southwest Airlines gained 1% in pre-market trading.
The International Monetary Fund on Tuesday raised its 2021 growth outlook for the global economy to 6%, up from January's forecast of 5.5%. The organization said that "a way out of this health and economic crisis is increasingly visible." The IMF did, however, warn of 'daunting challenges' given the varied pace of vaccine rollouts around the world.
The Federal Open Market Committee will publish the minutes from its March meeting, where the central bank opted to leave interest rates unchanged, on Wednesday. The minutes could offer investors a clue as to when the Fed might hike interest rates.
Overseas, in Japan, the Nikkei 225 poked ahead 0.1% Wednesday, while in Hong Kong, the Hang Seng index returned from a long weekend to lose 0.9%.
Oil prices gained 57 cents to $59.90 U.S. a barrel.
Gold prices slumped $9.40 to $1,737.60 U.S.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.