April 19, 2018 / 11:41 AM / in 4 months

CANADA STOCKS-TSX futures point to higher open on commodities rally

April 19 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Thursday, tracking a fierce rally in commodities and resource stocks following talk that Saudi Arabia has its sights on $80-$100 a barrel oil again.

June futures on the S&P TSX index were up 0.21 percent at 7:15 a.m. ET.

Oil prices rose to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages.

Canada’s main stock index rose for the fifth straight day on Wednesday to reach a four-week high, as energy and metal mining companies led broad-based gains, boosted by higher commodity prices.

Dow Jones Industrial Average e-mini futures were down 0.05 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.09 percent and Nasdaq 100 e-mini futures were 0.12 percent lower.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Kinder Morgan Canada Ltd reported on Wednesday an 5.1 percent drop in first-quarter profit hurt by a fall in volumes of crude oil and refined products transports.

Canadian Pacific Railway’s first-quarter profit topped analysts’ expectations as the railroad operator shipped higher volumes of commodities such as potash and crude oil, offseting the impact of higher expenses.

GrafTech International Ltd raised $525 million in its U.S. initial public offering on Wednesday, a source familiar with the matter said, netting owner Brookfield Asset Management Inc a smaller-than-expected windfall.

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,350.4; -0.23 pct

US crude: $69.14; 0.98 pct

Brent crude: $74.3; 1.12 pct

LME 3-month copper: $7010; -0.17 pct

ANALYST RESEARCH HIGHLIGHTS

• Canadian Pacific Railway Ltd: CIBC raises target price to C$270 from C$263.

• Roots Corp: CIBC raises target price to C$14 from C$12.

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected 230,000; Prior 233,000

0830 Jobless claims 4-week average: Prior 230,000

0830 Continued jobless claims: Expected 1.848 mln; Prior 1.871 mln

0830 Philly Fed Business Index for Apr: Expected 20.1; Prior 22.3

0830 Philly Fed 6M Index for Apr: Prior 47.90

0830 Philly Fed Capex Index for Apr: Prior 35.90

0830 Philly Fed Employment for Apr: Prior 25.60

0830 Philly Fed Prices Paid for Apr: Prior 42.60

0830 Philly Fed New Orders for Apr: Prior 35.70

1000 Leading index change mm for Mar: Expected 0.3 pct; Prior 0.6 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$1.26 Reporting by Benny Thomas in Bengaluru; Editing by Sriraj Kalluvila

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