February 23, 2015 / 12:27 PM / 2 years ago

CANADA STOCKS-TSX set to open lower as oil prices slide

3 Min Read

Feb 23 (Reuters) - Stock futures pointed to a lower start for Canada's main stock index on Monday as oil prices fell due to worries about an oversupply in North America.

March futures on the S&P TSX index were down 0.58 percent at 7.15 a.m. ET.

No major economic events are scheduled for the day.

Canada's main stock index ended little changed on Friday as a drop in shares of banks ahead of their results helped offset a gain in shares of Valeant Pharmaceuticals International Inc.

Dow Jones Industrial Average e-mini futures were down 0.23 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were down 0.24 percent and Nasdaq 100 e-mini futures were down 0.02 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

Top Stories

Canada's Valeant Pharmaceuticals International Inc agreed to acquire gastrointestinal drug maker Salix Pharmaceuticals Ltd in an all-cash deal valued at about $10.1 billion, the two companies said on Sunday.

More than 2,000 unionized workers at the Lumwana copper mine owned by Barrick Gold Corp stopped work on Monday, demanding to know what will happen to them when the company closes the business, a government official said.

Canadian National Railway said late on Sunday that it was unable to reach full agreement on a negotiated settlement with Unifor, the union representing 4,800 of its mechanical, clerical and intermodal staff, and would resume talks on Monday morning.

COMMODITIES AT 7.15 a.m. ET

Gold futures : $1,191.60; -1.06 pct

US crude : $49.64; -2.03 pct

Brent crude : $59.33; 1.54 pct

LME 3-month copper : $5,653; -0.07 pct

Analyst Research Highlights

Canadian National Railway : JP Morgan starts with "neutral" rating

West Fraser Timber Co Ltd : RBC cuts to "sector perform" from "outperform"

u.s. Economic Data Due on Monday

0830 National Activity Index for Jan: Prior -0.05

1000 Existing home sales for Jan: Expected 4.97 mln; Prior 5.04 mln

1000 Existing home sales change for Jan: Expected -0.8 pct; Prior 2.4 pct

1030 Dallas Fed manufacturing business Index for Feb: Prior -4.40

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 Pradip Kakoti in Bengaluru; Editing by Kirti Pandey)

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