Feb 6 (Reuters) - Stock futures pointed to a flat opening for Canada’s main stock index on Wednesday, with oil prices dipping on a surprise rise in U.S. crude inventories.
March futures on the S&P/TSX index were down 0.04 percent at 6:55 a.m. ET.
Building permits data for December is due at 8:30 a.m. ET and Ivey’s Purchasing Managers Index data for January is due at 10:00 a.m. ET
The Toronto Stock Exchange S&P/TSX composite index closed up 100.37 points, or 0.64 percent, at 15,702.69 on Tuesday.
Dow Jones Industrial Average e-mini futures were down 0.11 percent at 6:55 a.m. ET, while S&P 500 e-mini futures were down 0.1 percent and Nasdaq 100 e-mini futures were down 0.05 percent.
Canadian cannabis producer Aphria Inc said on Wednesday it had rejected U.S. cannabis retailer Green Growth Brands Inc’s hostile takeover bid, saying the offer significantly undervalued the company.
Canadian pharmaceutical industry lobby groups, in an effort to head off a planned crackdown on prescription drug prices, offered to give up C$8.6 billion ($6.6 billion) in revenue over 10 years, freeze prices or reduce the cost of treating rare diseases, according to interviews and documents seen by Reuters.
Suncor Energy, Canada’s second-largest energy producer, reported a quarterly loss on Tuesday, compared with a profit a year ago, as lower prices for the country’s crude offset gains from higher refinery margins.
ANALYST RESEARCH HIGHLIGHTS
Intact Financial: National Bank of Canada ups target price to C$109 from C$106.
Loblaw Companies: National Bank of Canada ups target price to C$67 from C$62.
Smartcentres REIT: RBC cuts rating to outperform from top pick.
COMMODITIES AT 6:55 a.m. ET
Gold futures: $1313.3; -0.24 percent
US crude: $53.17; -0.91 percent
Brent crude: $61.43; -0.89 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 International trade for Nov: Expected -$54.0 bln; Prior -$55.5 bln
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$1 = C$1.32 Reporting by Siddharth Athreya V in Bengaluru
Our Standards: The Thomson Reuters Trust Principles.