February 9, 2017 / 12:44 PM / 6 months ago

CANADA STOCKS-Futures indicate a higher start as oil prices rise

3 Min Read

Feb 9 (Reuters) - Canada's main stock index was set for a higher start on Thursday, tracking gains in oil prices following an unexpected fall in U.S. gasoline inventories.

The U.S. Energy Information Administration (EIA) said on Wednesday gasoline inventories fell by 869,000 barrels last week to 256.2 million barrels, versus analyst expectations for a 1.1 million-barrel gain.

March futures on the S&P TSX index were up 0.3 percent at 7:15 a.m. ET.

Canada's new housing price index data for December is due at 08:30 am ET.

The Toronto Stock Exchange's S&P/TSX composite index ended up on Wednesday after a slow start as an oil price rebound helped some energy stocks, and gold and base metal miners rose as political uncertainty boosted bullion and a likely squeeze on supply pushed copper prices higher.

Dow Jones Industrial Average e-mini futures were up 0.18 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.2 percent and Nasdaq 100 e-mini futures were up 0.13 percent.

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Top Stories

Manulife Financial Corp, met its target to achieve earnings of C$4 billion in 2016, reporting results which beat market expectations, benefiting from a strong performance in Asia.

Telus Corp, one of Canada's three big telecom providers, reported a smaller-than-expected quarterly profit as operating expenses rose and it spent more to attract wireless customers.

Thomson Reuters Corp reported a higher quarterly net profit, reflecting a gain on the sale of a business, and said it expected revenue to grow this year at a low single-digit percentage rate.

Analyst Research Highlights

Detour Gold Corp: Goldman Sachs raises target price to C$24 from C$22

Northland Power Inc CIBC raises price target to C$27 from C$25.75

TransCanada Corp: CIBC raises price target to C$68 from C$66


Gold futures: $1238.2; +0.05 percent

US crude: $52.72; +0.73 percent

Brent crude: $55.54; +0.76 percent

LME 3-month copper: $5874.5; -0.35 percent

u.s. Economic Data Due on Thursday

08:30 Initial jobless claims: Expected 250,000; Prior 246,000

08:30 Jobless claims 4-week average: Prior 248,000

08:30 Continued jobless claims: Expected 2.060 mln; Prior 2.064 mln

10:00 Wholesale Inventory(y), R mm for Dec: Expected 1.0 pct; Prior 1.0 pct

10:00 Wholesale sales mm for Dec: Expected 0.5 pct; Prior 0.4 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$1.31) (Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta)

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