March 29, 2017 / 11:40 AM / 8 months ago

CANADA STOCKS-TSX futures gain as oil prices rise

March 29 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil prices extended gains.

Disruptions in Libya and views that an OPEC-led output reduction is likely to be extended helped oil prices, despite industry data showing an increase in U.S. crude inventories.

June futures on the S&P TSX index were up 0.08 percent at 7:15 a.m. ET.

Canada’s main stock index notched its highest close in three weeks on Tuesday as an oil price rally helped energy stocks and a jump in U.S. consumer confidence boosted global markets.

Dow Jones Industrial Average e-mini futures were down 0.03 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.06 percent.

No major economic releases are scheduled in Canada.

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TOP STORIES

The Canadian and Ontario governments plan to team up with a group of businesses to invest about C$200 million ($150 million) to fund an artificial intelligence institute at the University of Toronto, project organizers said on Tuesday.

TransCanada Corp’s chief operating officer, Alex Pourbaix, is retiring from the company after 23 years in May, a TransCanada spokesman said on Tuesday.

ANALYST RESEARCH HIGHLIGHTS

Caribbean Utilities: Barclays starts coverage with “underweight” rating; $13 price target

Fortis Inc: Barclays reinstates with “overweight” rating; C$48 price target

Kirkland Lake Gold Ltd: CIBC raises price target to C$11 from C$10.25

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1252.3; -0.26 percent

US crude: $48.6; +0.48 percent

Brent crude: $51.6; +0.53 percent

LME 3-month copper: $5883.5; +0.18 percent

U.S. ECONOMIC DATA DUE ON WEDNESDAY

10:00 Pending Homes Index for Feb: Prior 106.4

10:00 Pending Sales Change mm for Feb: Expected 2.4 pct; Prior -2.8 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$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D‘Silva)

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