Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil prices edged up, supported by strength in global stocks and an unplanned supply cut in Libya.
Libya’s National Oil Company on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.
December futures on the S&P/TSX index were up 0.85 percent at 7:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX fell 66.85 points, or 0.45 percent, to 14,728.28 points on Monday.
Dow Jones Industrial Average e-mini futures were up 0.86 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.81 percent and Nasdaq 100 e-mini futures were up 1.09 percent.
Canada’s Cenovus Energy Inc said it would reduce its capital spending for 2019 by 4 percent amid a broader turnaround plan following its highly criticized deal with ConocoPhillips.
Canadian electric utility Hydro One Ltd and its buyout target, Avista Corp, said they would file a petition, asking the Washington Utilities and Transportation Commission (UTC) to reconsider its order rejecting their merger.
Detour Gold said on Monday it extended the voting deadline by two days after some shareholders with substantial holding voted to replace the entire board.
ANALYST RESEARCH HIGHLIGHTS
NFI Group Inc: CIBC cuts price target to C$50 from C$61 to reflect the higher risk premium required for North American Original Equipment Maker equities, given the more uncertain macro environment.