Equity markets in Canada’s largest centre were set to open higher on Thursday, tracking gains in oil prices as a huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concerns of a near-term supply shortage.
The S&P/TSX Composite Index dropped 75.68 points to finish Wednesday at 13,632. June futures climbed 04% early Thursday.
The Canadian dollar took on 0.29 cents to 77.98 cents U.S. early Thursday.
Manulife Financial reported a 45% jump in first-quarter earnings, boosted by strong insurance sales in Asia and gains from interest rate movements.
Telus said it would sell a 35% stake in outsourcing service provider Telus International in a deal that values the unit at $1.2 billion.
Canadian Natural Resources reported a smaller quarterly loss as cost cuts paid off amid a slump in oil prices.
National Bank Financial raised the target price on Gildan Activewear to $43 from $42.00, with an outperform rating.
TD Securities raised the target price on Imperial Oil to $51.00 from $47.00
TD Securities raised the target price on Russel Metals to $21.00 from $19.50, with a hold rating.
On the economic slate, Statistics Canada reported that the total value of building permits issued by Canadian municipalities was down 7.0% to $6.9 billion in March, marking the second decline in three months.
The agency said the dip, which followed a 15.3% gain in February, was largely the result of lower construction intentions for commercial buildings in Alberta, Ontario and British Columbia
ON BAYSTREET
The TSX Venture Exchange dropped nine points Wednesday to 653.37
ON WALLSTREET
U.S. stock futures are pointing up and European markets are rising in early trading.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 52 points, or 0.3%, to 17,633, while futures for the S&P 500 added seven points, or 0.3%, to 2,054. NASDAQ futures moved higher 15.75 points, or 0.4%, to 4,325.5
Shares in Tesla could see higher-than-normal trading volume on Thursday after the company released its latest quarterly results. The electric automaker posted a net loss of $282 million U.S. but reaffirmed plans to put 80,000 to 90,000 new electric cars on the road this year.
Tesla's stock has struggled in 2016, down more than 7% since January. Shares were flat after-hours when the company issued its report.
Alibaba, Kellogg, Merck, AMC Networks, MGM Resorts, Time, SeaWorld Entertainment and Chesapeake Energy are all reporting quarterly results before the opening bell.
Then Activision Blizzard, DreamWorks Animation, Yelp, Square and Herbalife are among the key companies reporting after the close.
In the newspaper world, Tribune Publishing has rejected Gannett's $815-million U.S. takeover offer, arguing that it "understates the company's true value."
The owner of The Los Angeles Times and The Chicago Tribune said Wednesday that Gannett's proposal "is not in the best interests of its shareholders."
Gannett, which owns USA Today and nearly 100 local newspapers, made the unsolicited $815 million U.S. offer in late April.
Chinese markets ended with gains, while Japan was closed for a holiday.
Oil prices hiked $1.63 to $45.41 U.S. a barrel
Gold prices gained $3.14 to $1,282.82 U.S. an ounce.
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