Nov 11 (Reuters) - Canada’s main stock index is likely to open higher with investors bullish after the recent global stock market rally.
Wall Street notched up a fourth straight record close in the previous session and Tokyo’s Nikkei hit a seven-year high on talk that a Japanese sales tax increase may be delayed.
No major Canadian economic events are scheduled for Tuesday and trading in Toronto is expected to be thin, with bond markets closed in observance of Remembrance Day.
The Toronto Stock Exchange’s S&P/TSX composite index was little changed on Monday. Declines in the energy and gold-mining sectors, which mirrored commodity prices, were offset by optimism over next week’s opening of a trading link between Hong Kong and Shanghai that would give global investors access to China’s stock market.
Dow Jones Industrial Average e-mini futures were up 0.13 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.15 percent and Nasdaq 100 e-mini futures were up 0.19 percent.
Iamgold Corp said on Monday it is shrinking its executive team by 40 percent and taking other cost-cutting steps as the mid-sized gold miner and its peers reel from a 40 percent slump in the price of bullion over the past three years.
Global mining companies stung by slumping commodity prices are looking forward to a modest consolation prize - weaker local currencies and falling oil prices that will help trim their costs.
Imperial Oil Ltd, Canada’s No. 2 integrated oil company, said on Monday it has shut its 110,000-barrel-per-day Kearl oil sands mine in northern Alberta for several weeks after detecting what it called a “vibration issue” in the facility’s ore-crushing unit.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,155.70; -0.35 pct
US crude : $77.19; -0.30 pct
Brent crude : $81.89; -0.55 pct
LME 3-month copper : $6,628; -0.56 pct
ANALYST RESEARCH HIGHLIGHTS
Aecon Group : Canaccord Genuity cuts target price to C$20 from C$23; rating “buy”
Vermilion Energy Inc : NBF cuts price target to C$77 from C$80; rating “outperform”
WesternOne Inc : Canaccord Genuity cuts target price to C$8 from C$10; rating “buy”
U.S. ECONOMIC DATA DUE ON TUESDAY
0855 Redbook: Prior 0.2 pct
0855 Redbook: Prior 3.9 pct
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$1= C$1.14 Reporting by Nikhil Kumar
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