July 24, 2017 / 11:22 AM / 3 months ago

CANADA STOCKS-Futures edge higher as oil rallies

July 24 (Reuters) - Futures pointed to a slightly higher opening for Canada’s main stock index on Monday as oil prices climbed after leading producer Saudi Arabia pledged to limit its exports to curb global oversupply.

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

Wholesale trade data is due at 8:30 a.m. ET.

Canada’s main stock index fell on Friday as oil price weakness weighed on energy-sector shares and the financial sector added its heft to a broad retreat.

Dow Jones Industrial Average e-mini futures were down 0.08 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.11 percent and Nasdaq 100 e-mini futures were down 0.09 percent.

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TOP STORIES

Rayonier Advanced Materials said it raised its offer price for Canadian paper and cellulose pulp maker Tembec Inc to C$4.75 per share, valuing the deal at C$475 million ($378.6 million), excluding debt.

ANALYST RESEARCH HIGHLIGHTS

ARC Resources Ltd: Barclays cuts target price to C$22 from C$24

Fairfax Financial Holdings Ltd: CIBC raises rating to “neutral” from “underperform”

Lithium Americas Corp: National Bank of Canada starts coverage with “outperform”

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,256.7; +0.14 pct

US crude: $46.14; +0.81 pct

Brent crude: $48.51; +0.92 pct

LME 3-month copper: $6,007.50; +0.06 pct

U.S. ECONOMIC DATA DUE ON MONDAY

0945 Markit Composite Flash PMI for July: Prior 53.9

0945 Markit Manufacturing PMI Flash for July: Expected 52.1; Prior 52.0

0945 Markit Services PMI Flash for July: Expected 54.3; Prior 54.2

1000 Existing home sales for Jun: Expected 5.57 mln; Prior 5.62 mln

1000 Existing home sales percentage change for Jun: Expected -1.2 pct; Prior 1.1 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$1.25) (Reporting by Riniki Sanyal in Bengaluru; Editing by Sai Sachin Ravikumar)

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