(Reuters) – Futures for Canada’s main stock index rose on Friday as oil prices gained on optimism of a demand recovery, overshadowing concerns about more supply from Iran once sanctions are lifted.
Brent crude was up 0.37% at $69.72 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.55% to $67.22. [O/R]
June-quarter futures on the S&P/TSX index were up 0.34% at 7:00 a.m. ET.
Canada’s budget balance data for March is due at 11:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.15% higher at 19,774.41 on Thursday. [.TO]
At 7:00 a.m. ET, Dow Jones Industrial Average e-mini futures were up 0.5% and S&P 500 e-mini futures had gained 0.39%. Nasdaq 100 e-mini futures rose 0.38%.
TOP STORIES
Pot producer Hexo Corp said it would buy Redecan, Canada’s privately owned licensed producer, for C$925 million ($764.72 million) in a cash-and-stock deal.
The Canadian dollar strengthened against its U.S. counterpart, moving closer to a recent six-year high, as oil prices rose and investors awaited U.S. inflation data that could provide clues on the Federal Reserve’s policy outlook.
Some 25 years after an independence bid by Quebec almost broke Canada apart, a new push by the province to strengthen its French-speaking identity poses an awkward challenge for Prime Minister Justin Trudeau months before an expected election.
ANALYST RESEARCH HIGHLIGHTS
Royal Bank of Canada: BMO raises target price to C$139 from C$131
Cenovus Energy Inc: Citigroup cuts price target to C$12 from C$13
Canadian Imperial Bank of Commerce: Credit Suisse raises price target to C$142 from C$131
(Reporting by Shivani Kumaresan in Bengaluru; Editing by Maju Samuel)
