Futures Slip as Oil Prices Drop

Feb 06, 2019 (Baystreet.ca via COMTEX) —

Stock futures pointed to a flat opening for Canada’s main stock index on Wednesday, with oil prices dipping on a surprise rise in U.S. crude inventories.

The S&P/TSX Composite Index gained 100.37 points to greet Tuesday’s closing bell at 15,702.69

The Canadian dollar plummeted 0.37 cents at 75.82 cents U.S. early Wednesday

March futures fell 0.04% Wednesday.

Aphria said on Wednesday it had rejected U.S. cannabis retailer Green Growth Brands’ hostile takeover bid, saying the offer significantly undervalued the company.

Canadian pharmaceutical industry lobby groups, in an effort to head off a planned crackdown on prescription drug prices, offered to give up $8.6 billion in revenue over 10 years, freeze prices or reduce the cost of treating rare diseases

Suncor Energy reported a quarterly loss on Tuesday, compared with a profit a year ago, as lower prices for the country’s crude offset gains from higher refinery margins.

National Bank of Canada upped the target price Intact Financial to $109.00 from $106.00

National Bank of Canada boosted the target price on Loblaw Companies to $67.00 from $62.00

RBC cut the rating on SmartCentres REIT to outperform from top pick.

On the economic docket, Statistics Canada reported that Canadian municipalities issued $8.8 billion worth of building permits in December, up 6.0% from November and the fourth consecutive monthly increase.

The gain was largely due to higher construction intentions for multi-family dwellings and commercial buildings, with both components hitting record highs.

Coming up later this morning, Western University’s IVEY School of Business presents its Purchasing Managers Index for December.

ON BAYSTREET

The TSX Venture Exchange lost 4.63 points Tuesday to 620.63

ON WALLSTREET

U.S. stock index futures traded lower in the pre-market Wednesday morning after President Donald Trump delivered his second State of the Union address.

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