Natural Resources, Advantage in Spotlight
Futures for equities in Canada’s largest market fell on Thursday, tracking weakness in crude and bullion prices, while upbeat earnings by Canadian Natural Resources kept sentiment in check.
The TSX slid 100.93 points to close Wednesday at 18,320.67
The Canadian dollar eked up 0.2 cents at 79.11 cents U.S.
March futures faded 0.2% Thursday.
Canadian Natural Resources’ fourth-quarter profit rose 30% compared with the third, as crude prices staged a steady recovery during the period from pandemic-driven lows, also helping it boost its dividend.
TD Securities raised the target price on Advantage Oil & Gas to $3.25 from $2.50
TD Securities raised the target price on Boardwalk REIT to $48.00 from $47.00
CIBC raises the rating on Canadian Western Bank to outperform from neutral.
ON BAYSTREET
The TSX Venture Exchange plummeted 35.77 points, or 3.5%, Wednesday to 991.98.
ON WALLSTREET
U.S. stock index futures were lower early Thursday, pointing to the third straight decline for major averages.
Futures for the Dow Jones Industrial index fell 38 points, or 0.1%, to 31,198.
Futures for the S&P 500 subsided 10 points, or 0.3%, at 3,806.75.
Futures for the NASDAQ Composite sank 39 points, or 0.3%, to 12,641.25.
The moves in futures came even after a recent rise in bond yields eased, with the benchmark 10-year Treasury yield was last down one basis point 1.46%.
Tech stocks were weak in the pre-market Thursday with shares of Tesla, Apple and Twitter lower.
Investors will get another look at the ongoing economic recovery when first-time jobless claims data for the week ending Feb. 27 is released. Economists surveyed by Dow Jones are forecasting 750,000 first-time filers.
Federal Reserve Chair Jerome Powell is set to speak at The Wall Street Journal Jobs Summit on the economy later Thursday.
During Wednesday’s session, one bright spot was companies tied to the economy’s reopening. Shares of airline and cruise line operators advanced after President Joe Biden said Tuesday that the U.S. will have enough COVID-19 vaccines for all adults by the end of May.
Additional stimulus measures could also inject optimism into the market. The Senate is currently debating the $1.9 trillion relief package passed by the House on Saturday.
Overseas, In Japan, the Nikkei 225 stumbled 2.1% Thursday, while in Hong Kong, the Hang Seng fell 2.2%.
Oil prices eked up two cents to $61.30 U.S. a barrel.
Gold prices gained 80 cents to $1,716.60 U.S.