March 11 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Monday, buoyed by a rise in oil prices.
A statement by Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June lifted oil prices, while a report showed a fall in U.S. drilling activity.
March futures on the S&P/TSX index were up 0.31 percent at 7:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX ended 60.30 points, or 0.38 percent, lower to 15,996.21 on Friday.
Dow Jones Industrial Average e-mini futures were down 0.63 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.1 percent and Nasdaq 100 e-mini futures were up 0.24 percent.
Canadian IT consultancy CGI Inc. said it had made a 4.32 billion Swedish crown ($459 million) cash offer for Swedish peer Acando.
Australian gold miner Newcrest Mining Ltd has the firepower for more acquisitions, its chief executive said, after the company announced a deal to buy a copper and gold mine in Canada for $806.5 million.
North American energy traders are reluctant to take up long-term positions on Canadian crude price moves, preferring to stick to spot deals, as uncertainty around government intervention in the market grows following delays to Enbridge’s Line 3 oil pipeline project.
ANALYST RESEARCH HIGHLIGHTS
Hudbay Minerals Inc: Credit Suisse raises rating to “outperform” from “neutral”
OceanaGold Corp: Desjardins raises rating to “buy” from “hold”
Yangarra Resources Ltd: CIBC cuts to “neutral” rating
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,296.2; -0.24 pct
US crude: $56.5; +0.77 pct
Brent crude: $66.24; +0.76 pct
U.S. ECONOMIC DATA DUE ON MONDAY
0830 Retail sales ex-autos mm for Jan: Expected 0.2 pct; Prior -1.8 pct
0830 Retail sales mm for Jan: Expected -0.1 pct; Prior -1.2 pct
0830 Retail ex gas/autos for Jan: Prior -1.4 pct
0830 Retail control for Jan: Expected 0.6 pct; Prior -1.7 pct
0830 Retail sales YoY for Jan: Prior 2.27 pct
1000 Business inventories mm for Dec: Expected 0.6 pct; Prior -0.1 pct
1000 Retail inventories ex-auto rev for Dec: Prior 1.0 pct
1000 Employment Trends for Feb: Prior 109.6
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$1.34) (Reporting by Hrithik Kiran Bagade in Bengaluru Editing by Saumyadeb Chakrabarty)
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