May 29, 2014 / 11:36 AM / 5 years ago

TSX futures indicate higher open

A sign displaying TSX information is seen in Toronto November 20, 2008. REUTERS/Mark Blinch

(Reuters) - Canadian stocks were set to open slightly higher on Thursday as the country’s current account deficit narrowed thanks to a stronger performance by exporters.

The current account deficit fell to C$12.39 billion in the first quarter of 2014, Statistics Canada said.

June futures on the S&P TSX index were up 0.05 percent at 0845 ET.

Canada’s main stock index dropped on Wednesday due to weakness in Valeant Pharmaceuticals after the drugmaker raised its takeover offer for Allergan Inc and also because of a slide in shares of gold miners as the bullion price fell.

Dow Jones Industrial Average futures were up 0.1 percent at 0845 ET, while S&P 500 futures rose 0.08 percent. Nasdaq 100 futures were up 0.05 percent.


Canadian Imperial Bank of Commerce said its second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit.

The Bank of Nova Scotia said on Wednesday that it planned to sell the majority of its 37 percent stake in asset manager CI Financial via a secondary offering that could raise as much as C$2.62 billion.

Reporting by Mononshila Deka in Bangalore; Editing by Kirti Pandey and Saumyadeb Chakrabarty

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