June 22 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil rose further above $50 a barrel after an industry report showed a large drop in U.S. crude inventories.
September futures on the S&P TSX index were up 0.20 percent at 7:15 a.m. ET.
Retail sales data is due at 8:30 a.m. ET.
Canada’s main stocks edged lower on Tuesday as losses for gold ahead of a vote by Britain on its European Union membership weighed on mining stocks, offsetting gains for financial and energy stocks.
Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.23 percent.
Encana Corp said on Tuesday it reached an agreement to sell its Gordondale oil and gas assets in northwestern Alberta to Birchcliff Energy Ltd for C$625 million
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,265.70; -0.38 pct
US crude : $50.21; +0.70 pct
Brent crude : $50.86; +0.43 pct
LME 3-month copper : $4,715.50; +0.92 pct
ANALYST RESEARCH HIGHLIGHTS
Canadian Pacific Railway : Raymond James raises ratings to “strong buy” from “outperform”
Goldcorp Inc : Desjardins raises ratings to “buy” from “hold”
Mag Silver Corp : Desjardins raises target price to C$17 from C$14
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0900 Monthly home price mm for Apr: Prior 0.7 pct
0900 Monthly home price yy for Apr: Prior 6.1 pct
0900 Monthly Home Price Index for Apr: Prior 233.1
1000 Existing home sales for May: Expected 5.54 mln; Prior 5.45 mln
1000 Existing home sales percentage change for May: Expected 1.1 pct; Prior 1.7 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$1.28) (Reporting by Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)
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