Futures for Canada's main stock index inched higher on Wednesday on the back of gains in oil prices, while less hawkish than expected remarks from U.S. Federal Reserve Chair Jerome Powell also lifted the mood.
The S&P/TSX Composite vaulted 202.49 points to close Tuesday at 21,274.81.
The Canadian dollar leaped 0.23 cents to 79.74 cents U.S.
March futures crept up 0.1% Wednesday.
The chief executive of Barrick Gold said on Wednesday he expects solid demand for metals in the long term, but cautioned copper will face supply constraints.
Teck Resources said on Wednesday that a union representing more than 1,000 workers at its British Columbia mine could potentially go on strike as early as Sunday.
ATB Capital Markets raised the price target on Canadian Natural Resources to $69.00 from $65.00
Canaccord Genuity raised the rating on Organigram Holdings to speculative buy from hold.
CIBC initiated coverage on Victoria Gold with an outperform rating
ON BAYSTREET
The TSX Venture Exchange collapsed 13.01 points, or 1.4%, Monday to 898.45.
ON WALLSTREET
Stock futures were little changed early Wednesday as investors awaited an important inflation report expected to show prices rising at the fastest pace in nearly 40 years.
Futures for the Dow Jones Industrials surged 50 points, or 0.1%, to 36,178.
Futures for the S&P 500 acquired 6.25 points, or 0.1%, to 4,711.25.
Futures for the NASDAQ added 37.25 points, or 0.1%, to 15,868.25.
The moves come as investor await the December reading for the consumer price index, a gauge of prices across a broad spectrum of goods.
Economists surveyed by Dow Jones expect CPI to have risen 7% from a year ago, the most since the summer of 1982, and 0.4% from November. Excluding food and energy, core CPI is projected to have increased 5.4% and 0.5% respectively.
In individual stocks, Dish Network jumped 7.4% in pre-market trading following news that the company is again in merger talks with DirectTV, according to sources who spoke with the New York Post. Reopening stocks also gained, with Norwegian Cruise Lines up 1.9% and Hilton Worldwide Holdings rising 1.2%.
On the downside, Biogen shares tumbled nearly 10% following news that Medicare will only cover the cost for the company’s Alzheimer’s drug Aduhelm for patients with early-stage symptoms who are enrolled in clinical trials.
Overseas, in Japan, the Nikkei 225 bounced 1.9% higher, while the Hang Seng in Hong Kong soared 2.8%.
Oil prices jumped 40 cents to $81.62 U.S. a barrel.
Gold prices moved higher 80 cents to $1,819.30 U.S. an ounce.
