February 5, 2015 / 12:37 PM / 2 years ago

CANADA STOCKS--TSX set to open higher as oil prices recover

3 Min Read

Feb 5 (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Thursday, with energy stocks set to rise as oil prices rebound.

March futures on the S&P TSX index were up 0.39 percent at 7.15 a.m. ET.

Trade balance data for December is due at 8.30 a.m. ET

Canada's main stock index fell on Wednesday, pulled down by a drop in shares of oil and gas producers after a report showing a jump in U.S. crude inventories weighed on oil prices.

Dow Jones Industrial Average e-mini futures were up 0.59 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were up 0.73 percent and Nasdaq 100 e-mini futures were up 0.48 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Suncor Energy Inc, Canada's largest oil and gas company, reported on Wednesday a fall of more than 80 percent in quarterly profit, hit by the slide in oil prices and weaker output from its Alberta oil sands operations.

Canadian oil sands producer MEG Energy Corp reported a quarterly operating profit, compared with a loss a year earlier, helped by an increase in bitumen sales and higher prices.

The Canadian province of Ontario said on Wednesday it had sold its remaining shares in General Motors Co for about C$1.1 billion.


Gold futures : $1,261.90; -0.15 pct

US crude : $49.15; +1.44 pct

Brent crude : $55.29; +2.09 pct

LME 3-month copper : $5,586.50; -2.08 pct

Analyst Research Highlights

ATS Automation Tooling : Canaccord Genuity raises rating to "buy" from "hold"

Manitoba Telecom : Barclays cuts price target to C$25 from C$27

Intact Financial : Barclays raises price target to C$97 from C$83

u.s. Economic Data Due on Thursday

0830 International trade mm for Dec: Expected -$38.0 bln; Prior -$39.0 bln

0830 Initial claims: Expected +290,000; Prior +265,000

0830 Jobless claims 4-week avg: Prior +298,500

0830 Continued jobless claims: Expected +2.395 mln; Prior +2.385 mln

0830 Labor costs prelim for Q4: Expected +1.0 pct; Prior -1.0 pct

0830 Productivity prelim for Q4: Expected +0.5 pct; Prior +2.3 pct

For Canadian Markets News, Click on Codes:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1 = C$1.25) (Reporting by Nandi Kaul in Bengaluru; Editing by Kirti Pandey)

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