May 15 (Reuters) - Stock futures for Canada’s main stock index were higher on Monday, helped by a bounce in oil prices following top producers Saudi Arabia and Russia’s comment on the extension of a supply cut.
Oil hit a three-week high above $52 a barrel after Saudi Arabia and Russia said an output cut needed to be extended until March 2018 to rein in a global crude glut.
June futures on the S&P TSX index were up 0.16 percent at 7:15 a.m. ET.
No economic data is scheduled for release.
Canada’s main stock index closed marginally lower on Friday, weighed by alternative lender Home Capital Group Inc after it acknowledged uncertainty about its ability to continue as a going concern, while natural resource stocks lent support.
Dow Jones Industrial Average e-mini futures were up 0.17 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.1 percent and Nasdaq 100 e-mini futures were down 0.02 percent.
SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday.
Home Capital Group Inc’s problems are contained but the sharp gains in Canadian home prices and their possible impact on the financial system are a primary concern for the Bank of Canada, Governor Stephen Poloz said in an interview with the Globe and Mail newspaper.
Gold producer Eldorado Gold Corp has agreed to buy the remaining shares of Integra Gold Corp, to expand its mining opportunities in the Eastern Abitibi region of Canada.
ANALYST RESEARCH HIGHLIGHTS
Amaya Inc: Canaccord Genuity raises price target to C$31 from C$29
Onex Corp: Canaccord Genuity raises price target to C$111 from C$108
Valener: National Bank Of Canada raises target to C$23 from C$22
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,231.4; +0.3 pct
US crude: $49.26; +2.95 pct
Brent crude: $52.29; +2.85 pct
LME 3-month copper: $5,621.00; +1.11 pct
U.S. ECONOMIC DATA DUE ON MONDAY
08:30 NY Fed Manufacturing for May: Expected 7.00; Prior 5.20
10:00 NAHB Housing Market Index for May: Expected 68; Prior 68
16:00 Net L-T flows,exswaps for Mar: Prior 53.4 bln
16:00 Foreign buying, T-bonds for Mar: Prior -13.5 bln
16:00 Overall net capital flow for Mar: Prior 19.3 bln
16:00 Net L-T flows,including swaps for Mar: Prior 14.8 bln
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$1.36) (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)
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