Canada’s main stock index edged up on Monday, tracking strength in prices, while investors watched out for March manufacturing activity data due later in the day.
June futures on the S&P/TSX index were up 0.3% at 7:04 a.m. ET.
Contracts tied to oil prices surged more than 5% after the Organization of the Petroleum Exporting Countries and their allies(OPEC+) announced over the weekend further oil output cuts of around 1.16 million barrels per day. [O/R]
The Purchasing Managers’ Index data is due at 9:30 am ET. Manufacturing activity expanded at a faster pace in the previous month as new orders and measures of output both rose to nine-month highs.
Teck Resources (NYSE:) Ltd on Monday rejected unsolicited acquisition proposal from Glencore (OTC:) Plc, stating rival’s all-stock offer is inferior to its own planner separation. U.S.-listed shares of the Canadian miner rose more than 10%.
Among other stocks, Quebecor Inc was upgraded by Veritas Research to “buy” from “reduce”, while Scotiabank resumed coverage of miner Pan American Silver (NASDAQ:) Corp with “sector outperform”.
On Friday, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.8% up after data showed stronger-than-expected growth in the domestic economy. ()
were up 126 points, or 0.38%, at 7:05 a.m. ET, while were down 2.75 points, or 0.07% and were down 84.5 points, or 0.64%. [.N]
COMMODITIES AT 7:00 a.m. ET
: $1,976.8; -0.01% [GOL/]
US crude: $79.65; +5.25% [O/R]
: $83.95; +5.13% [O/R]
U.S. ECONOMIC DATA DUE ON MONDAY
March S&P Global (NYSE:) Manufacturing PMI final due at 9:45 am ET
March ISM Manufacturing PMI due at 10:00 am ET
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($1 = 1.3479 Canadian dollars)