June 22, 2016 / 11:17 AM / a year ago

CANADA STOCKS-Futures up as oil rises further above $50

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June 22 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil rose further above $50 a barrel after an industry report showed a large drop in U.S. crude inventories.

September futures on the S&P TSX index were up 0.20 percent at 7:15 a.m. ET.

Retail sales data is due at 8:30 a.m. ET.

Canada's main stocks edged lower on Tuesday as losses for gold ahead of a vote by Britain on its European Union membership weighed on mining stocks, offsetting gains for financial and energy stocks.

Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.23 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Encana Corp said on Tuesday it reached an agreement to sell its Gordondale oil and gas assets in northwestern Alberta to Birchcliff Energy Ltd for C$625 million

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,265.70; -0.38 pct

US crude : $50.21; +0.70 pct

Brent crude : $50.86; +0.43 pct

LME 3-month copper : $4,715.50; +0.92 pct

Analyst Research Highlights

Canadian Pacific Railway : Raymond James raises ratings to "strong buy" from "outperform"

Goldcorp Inc : Desjardins raises ratings to "buy" from "hold"

Mag Silver Corp : Desjardins raises target price to C$17 from C$14

u.s. Economic Data Due on Wednesday

0900 Monthly home price mm for Apr: Prior 0.7 pct

0900 Monthly home price yy for Apr: Prior 6.1 pct

0900 Monthly Home Price Index for Apr: Prior 233.1

1000 Existing home sales for May: Expected 5.54 mln; Prior 5.45 mln

1000 Existing home sales percentage change for May: Expected 1.1 pct; Prior 1.7 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$1.28) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)

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