Feb 23 (Reuters) - Futures on Canada’s main stock index were trading higher on Thursday as oil prices strengthened after a report showed a decline in U.S. crude inventories, lending support to the view that a global glut is nearing its end.
March futures on the S&P TSX index were up 0.2 percent at 7:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index fell the most in three weeks on Wednesday, pulling back from a record high set the day before as lower commodity prices pressured shares of energy and materials companies.
No major Canadian economic releases are scheduled.
Dow Jones Industrial Average e-mini futures were up 0.04 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.02 percent and Nasdaq 100 e-mini futures were up 0.03 percent.
Canadian Imperial Bank of Commerce, Canada’s fifth-biggest lender, reported a 13 percent rise in first-quarter earnings, buoyed by growth in its retail, wealth management and capital markets businesses.
Grocery and pharmacy retailer Loblaw Cos Ltd reported a 57 percent rise in quarterly profit, helped partly by a drop in expenses in its retail segment and improved performances in its financial services and property businesses.
Crescent Point Energy Corp reported a bigger quarterly loss from a year earlier, mainly hurt by one-time charges of about C$457 million.
ANALYST RESEARCH HIGHLIGHTS
Barrick Gold Corp: Canaccord Genuity raises target price to C$30 from C$29; rating “buy”
Maple Leaf Foods Inc: CIBC raises target price to C$35 from C$34
West Fraser Timber Co Ltd: CIBC raises target price to C$59 from C$50
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1237.7; +0.46 percent
US crude: $54.3; +1.32 percent
Brent crude: $56.58; +1.33 percent
LME 3-month copper: $5991.5; -0.8 percent
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Initial jobless claims: Expected 241,000; Prior 239,000
08:30 Jobless claims 4-week average: Prior 245,250
08:30 Continued jobless claims: Expected 2.068 mln; Prior 2.076 mln
08:30 National Activity Index for Jan: Prior 0.14
09:00 Monthly home price mm for Dec: Prior 0.5 pct
09:00 Monthly home price yy for Dec: Prior 6.1 pct
09:00 Monthly Home Price Index for Dec: Prior 241.3
11:00 KC Fed Manufacturing for Feb: Prior 20
11:00 KC Fed Composite Index for Feb: Prior 9
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$1.32) (Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel)
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