July 26 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil rose above $50, holding near eight-week highs, as data showed U.S. inventories fell sharply last week.
September futures on the S&P TSX index were up 0.18 percent at 7:15 a.m. ET.
Canada’s main stock index gained on Tuesday as rallies in the prices of oil and copper boosted shares of companies in its heavyweight energy and mining sectors.
Dow Jones Industrial Average e-mini futures were up 0.11 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.07 percent and Nasdaq 100 e-mini futures were up 0.11 percent.
Canadian grocer and drugstore chain operator Loblaw Companies Ltd said on Wednesday its quarterly profit more than doubled, helped in part by higher customer spending during the Easter holiday.
Canadian National Railway Co reported better-than-expected quarterly profit and revenue on Tuesday, as the railroad moved higher volumes of commodities including Canadian grains and fertilizers.
ANALYST RESEARCH HIGHLIGHTS
Agt Food And Ingredients Inc: Raymond James cuts price target to C$32 from C$35
First National Financial Corp: RBC cuts target price to C$25 from C$27
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,247; -0.38 pct
US crude: $48.25; +0.77 pct
Brent crude: $50.46; +0.52 pct
LME 3-month copper: $6,275; +0.80 pct
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 New home sales-units for Jun: Expected 0.615 mln; Prior 0.610 mln
1000 New home sales changes mm for Jun: Expected 1.4 pct; Prior 2.9 pct
1400 Fed funds target rate: Expected 1.125 pct; Prior 0.625 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$1.25) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)
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