Futures pointed to a slightly higher opening for Canada`s main stock index on Thursday as ongoing supply cuts by the Organization of the Petroleum Exporting Countries and U.S. sanctions against exporters Venezuela and Iran supported oil prices.
The S&P/TSX Composite Index fought its way to gains of 5.44 points to conclude Wednesday at 16,092.07
The Canadian dollar gained 0.12 cents to 74.5 centsU.S. early Thursday
Futures attached 0.1% Thursday.
Canadian Natural Resources reported a surprise quarterly loss because of lower crude prices, but said Canadian crude differentials have narrowed since Alberta imposed output curbs last year.
Crescent Point Energy reported a bigger net loss in the fourth quarter, hurt by an impairment charge of $3.69 billion.
China confirmed that it has suspended the clearance of canola imports from Canadian agribusiness Richardson International and said customs will step up inspections of Canadian canola until further notice.
Canaccord Genuity raised the target price on Aecon Group to $25.00 from $24.00
RBC raised the price target on Alaris Royalty to $25.00 from $24.00
CIBC raised the target price on Transalta Renewables to $13.00 from $12.00
On the economic calendar, Statistics Canada reported Canadian municipalities issued $8.4 billion worth of building permits in January, down 5.5% from the record high in December.
Lower construction intentions for commercial buildings were responsible for the national decline.
The TSX Venture Exchange swooned 3.62 points Wednesday to 619.56
U.S. stock index futures erased earlier losses on Thursday after the European Central Bank announced a new round of stimulus to help banks in the region with their lending activities.
Futures for the Dow Jones Industrial Average dipped 43 points, or 0.2%, at 25,623
Futures for the S&P 500 inched up two points, or 0.1%, at 2,773.50
NASDAQ futures eked up 1.75 points to 7,113
American Outdoor Brands and Marvell Technology Group are among the firms reporting earnings Thursday.
The ECB said its new targeted longer-term refinancing operations (TLTRO-III) stimulus program will start in September and run through March 2021. TLTROs are loans provided by the ECB to European banks at a low rate, making it easier for them to lend money to consumers, which in turn can help stimulate the economy.
This is the third stimulus injection from the ECB since 2014.
As trade talks between the world`s largest economies continue, there are fresh tensions regarding Huawei. The Chinese firm filled a lawsuit against the U.S. government, claiming the law which bans it from selling equipment to government agencies is unconstitutional.
Overseas, in Japan, the Nikkei 225 faded 0.7% Thursday, while in Hong Kong, the Hang Seng Index swooned 0.9%
Oil prices acquired 67 cents to $56.89U.S. a barrel.
Gold prices gained 30 cents to $1,287.90U.S. an ounce.
This article provided by NewsEdge.