Canadian stock futures rose on Tuesday, steered by higher oil and bullion prices, while fresh coronavirus-led lockdowns across Europe worried investors about its economic damage.
The TSX finished Monday positive by 94.41 points to at 17,527.77.
The Canadian dollar increased in price 0.3 cents to 78.53 cents U.S.
March futures inched up 0.1% Tuesday.
Eight Canadian politicians resigned or were demoted on Monday after traveling internationally over the Christmas holidays despite urgings from government officials to avoid non-essential trips during the COVID-19 pandemic.
TD Securities raised the target price on Marathon Gold to $4.00 from $3.25
JP Morgan cut the target price on Canacol Energy to $6.00 from $7.00
TD Securities raises target price on First Quantum Minerals to $31.00 from $26.00
On the economic beat, Statistics Canada said its raw materials price index increased 0.6%, mostly because of higher prices for crude energy products and crop products during November, while the agency’s industrial product price index fell 0.6% in the same month, driven mainly by lower prices for lumber and other wood products.
ON BAYSTREET
The TSX Venture Exchange climbed 13.68 points Monday, or 1.6%, to 889.04.
ON WALLSTREET
Stock futures nudged lower in early morning trading on Tuesday after the S&P 500 suffered its first decline to start a year since 2016.
Futures for the Dow Jones Industrials faded 69 points, or 0.2%, to 30,035.
Futures for the S&P 500 sank 8.5 points, or 0.2%, at 3,683.75
Futures for the NASDAQ Composite dipped 21.5 points, or 0.2%, to 12,664.
The moves in futures came after a sharp selloff on Wall Street to kick off 2021. The S&P 500 fell 1.5%, posting its worst daily performance since Oct. 27. In all, 10 out of 11 S&P 500 sectors registered losses, led by real estate.
The blue-chip Dow shed 382 points after tumbling as much as 700 points at its low of the day. The NASDAQ declined 1.4% as the FAANG (Facebook, Amazon, Apple, Netflix, Alphabet) block all slumped to start the New Year.
The broad market selloff occurred ahead of Tuesday’s Georgia runoff elections, which will determine whether Republicans can hold on to control in the Senate. Meanwhile, rising COVID-19 cases globally and new lockdown restrictions continued to keep investors on edge.
Overseas, in Japan, the Nikkei 225 faded 0.4% Tuesday, while in Hong Kong, the Hang Seng index gained 0.6%.
Oil prices acquired 64 cents to $48.26 U.S. a barrel.
Gold prices took on six dollars at $1,952.60 U.S.
