July 26, 2017 / 11:26 AM / 5 months ago

CANADA STOCKS-Futures rise as oil hovers near eight-week high

July 26 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday as oil rose above $50, holding near eight-week highs, as data showed U.S. inventories fell sharply last week.

September futures on the S&P TSX index were up 0.18 percent at 7:15 a.m. ET.

Canada’s main stock index gained on Tuesday as rallies in the prices of oil and copper boosted shares of companies in its heavyweight energy and mining sectors.

Dow Jones Industrial Average e-mini futures were up 0.11 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.07 percent and Nasdaq 100 e-mini futures were up 0.11 percent.

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TOP STORIES

Canadian grocer and drugstore chain operator Loblaw Companies Ltd said on Wednesday its quarterly profit more than doubled, helped in part by higher customer spending during the Easter holiday.

Canadian National Railway Co reported better-than-expected quarterly profit and revenue on Tuesday, as the railroad moved higher volumes of commodities including Canadian grains and fertilizers.

ANALYST RESEARCH HIGHLIGHTS

Agt Food And Ingredients Inc: Raymond James cuts price target to C$32 from C$35

First National Financial Corp: RBC cuts target price to C$25 from C$27

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,247; -0.38 pct

US crude: $48.25; +0.77 pct

Brent crude: $50.46; +0.52 pct

LME 3-month copper: $6,275; +0.80 pct

U.S. ECONOMIC DATA DUE ON WEDNESDAY

1000 New home sales-units for Jun: Expected 0.615 mln; Prior 0.610 mln

1000 New home sales changes mm for Jun: Expected 1.4 pct; Prior 2.9 pct

1400 Fed funds target rate: Expected 1.125 pct; Prior 0.625 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 Saumyadeb Chakrabarty)

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