Equities in Canada’s largest market looked set to start lower on Monday as crude oil prices slipped after a meeting between Saudi Arabia and Venezuela provided little indication of an agreement between oil producers to curb supply.
The S&P/TSX composite index lost 10.51 points to close the day and week at 12,763.99. March futures tumbled 0.8% early Monday.
The Canadian dollar dipped 0.23 cents U.S. to 71.64 cents early Monday.
TD Securities raises the target price on Lake Shore Gold to $2.00 from $1.85, with a buy rating.
Desjardins raises the rating on Stella-Jones to buy, price target to $51.00 from $48.00
RBC cut the target price on Suncor Energy to $39.00 from $40.00 with an outperform rating
Statistics Canada reported this morning that the total value of building permits issued by Canadian municipalities rose 11.3% to $6.9 billion in December; this, after a 19.9% decline the previous month.
Higher construction intentions for multi-family dwellings in Quebec, Ontario, British Columbia and Alberta explained the advance.
ON BAYSTREET
The TSX Venture Exchange moved into positive territory 3.67 points Friday to 508.15
ON WALLSTREET
U.S. stock futures are falling more than 1% on Super Bowl hangover day. Crude futures have fallen more than 2% to around $30.00.
Ahead of the opening bell, futures for the Dow Jones Industrials dove 224 points, or 1.4%, to 15,907, futures for the S&P 500 fell 27.5 points, or 1.5%, to 1,847.7.5. NASDAQ futures slid 91.25 points, or 2.3%, to 3,930.75.
Hasbro is among the companies posting earnings updates ahead of the market open. Its shares have suffered in recent months while rival Mattel enjoyed a Barbie-fueled Christmas rally. Rumors of the two merging have been in the market for weeks.
Companies including 21st Century Fox, Yelp and Leapfrog will report after the closing bell.
European markets are down more than 2% in early trading, while the few Asian markets trading today shrugged off North Korea's rocket launch on Sunday. The Nikkei ended 1% higher on the back of a weakening yen.
Oil prices sank $1.02 to $29.87 U.S. a barrel
Gold prices hiked $6.70 to $1,159.40 U.S. an ounce.
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