Goldcorp, SNC in Focus
Stock futures for Canada’s main stock index were little changed on Monday, as fears mount over a global economic slowdown.
The S&P/TSX Composite Index hurtled earthward 155.26 points to end Friday and the week at 16,089.33, coming off the index’s six-month highs.
The Canadian dollar sank 0.02 cents to 74.46 centsU.S. early Monday
June futures eked up 0.1% Monday.
British Columbia Investment Management Corp and Van Eck International Investors on Friday joined a growing chorus of shareholders expressing concerns about elements of Newmont Mining’s $10-billion takeover of Goldcorp.
SNC Lavalin Group’s chief executive said on Friday the company is looking at ways to protect its business in the event it loses a corruption trial that has created a political crisis for Canadian Prime Minister Justin Trudeau.
Canaccord Genuity cut the target price on Dollarama to $45.00 from $50.00
CIBC raised the target price on Fiera Capital to $14.50 from $14
RBC raised the target price on Onex Corp. to $98.00 from $97.00
The TSX Venture Exchange slumbered 3.39 points Friday to 637.82
Stock futures pointed to a small decline on Monday as concerns over the outlook for the global economy continued to weigh on investor sentiment even after the special counsel found no collusion with Russia on the part of President Donald Trump.
Futures for the Dow Jones Industrial Average slid 59 points, or 0.2%, at 25,511
Futures for the S&P 500 removed seven points, or 0.3%, at 2,803.75
NASDAQ futures lost 38.25 points to 7,330.50
Meanwhile, Monday’s calendar is thin with only Winnebago due to report earnings before the bell. In terms of data, the Dallas Fed manufacturing numbers will be out at 10.30 a.m. ET.
The moves came amid a global stock decline in Monday’s session, both in Asian and Europe. Japan’s Nikkei 225 index dropped 3%t, while German and French equities also declined.
U.S. stock futures initially pointed to solid gains Sunday after Attorney General William Barr said special counsel Robert Mueller’s long-awaited investigation did not find enough evidence that Trump’s 2016 campaign colluded with Russia.
Mueller’s investigation had been a lingering concern for investors as it could have hindered Trump’s efforts to further cut taxes and further ease regulations on corporations.
The news removes a worry for Wall Street and can help the administration focus on more pressing issues for the market, such as striking a trade deal with China or even working with Democrats on an infrastructure plan.
Overseas, in Japan, the Nikkei 225 was pummeled 3%, while in Hong Kong, the Hang Seng Index was roughed up 2%
Oil prices docked 19 cents to $58.85U.S. a barrel.
Gold prices hiked $5.20 to $1,317.50U.S. an ounce.
This article provided by NewsEdge.