Feb 12 (Reuters) - Futures for Canada’s main stock index rose on Wednesday, aided by a rally in crude prices as fewer new coronavirus cases stir investor optimism that oil demand from China may begin to improve.
Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
March futures on the S&P/TSX index were up 0.23% at 7:00 a.m. ET.
The Toronto Stock Exchange’s TSX rose 0.21% to 17,777.11 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.43% at 7:00 a.m. ET, S&P 500 e-mini futures were up 0.40% and Nasdaq 100 e-mini futures were up 0.52%.
Canadian oil producer Cenovus Energy posted a surprise loss on Wednesday as weak refining margins muted benefit from higher production and more sales in the United States.
ANALYST RESEARCH HIGHLIGHTS
Mainstreet Equity Corp: Altacorp Capital raises target price to C$100 from C$90
Martinrea International Inc: CIBC raises target price to C$17 from C$16
Norbord Inc: Credit Suisse raises target price to C$45 from C$42
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,566.5; -0.10%
US crude: $50.77; +1.66%
Brent crude: $55.19; +2.18%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1400 Federal budget for Jan: Expected -$11.50 bln; Prior -$13.30 bln
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Canadian dollar and bonds report
Reuters global stocks poll for Canada
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($1 = 1.33 Canadian dollars)
Reporting by Yoganand KN in Bengaluru; Editing by Shinjini Ganguli
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