TSX eyes upbeat start to March as oil, gold prices climb
Reuters
Published Mar 01, 2024 07:59
(Reuters) - Futures for Canada's main stock index gained on Friday tracking a rise in crude oil and gold prices, while gains were capped as investors took a breather after Thursday's rally on upbeat domestic quarterly results.
March futures on the S&P/TSX index were up 0.4% at 7:05 a.m. ET (12:05 GMT), while their Wall Street peers were subdued. [.N]
Energy shares were poised to extend gains to a fifth session on a 1% rise in oil prices as markets awaited an OPEC+ decision on supply agreements for the second quarter. [O/R]
Gold prices hit a one-month high after data suggested easing U.S. price pressures, while copper prices slid. [GOL/] [MET/L]
The Toronto Stock Exchange's S&P/TSX composite index ended up 0.6% on Thursday and 1.6% higher for the month, its fourth straight monthly gain, marking its longest monthly winning streak since 2021.
Favorable inflation data from the U.S. and domestic gross domestic product (GDP) data on Thursday revived some hopes of an interest cut by the Federal Reserve and the Bank of Canada in the early half of the year.
Earnings from Canadian Natural Resources (TSX:CNQ), TD Bank (TSX:TD) Group and Canadian Imperial Bank of Commerce, which beat quarterly profit estimates also added to the rally on the TSX in the previous session.
Looking forward, a monthly reading of manufacturing activity is due in the United States and in Canada after the opening bell on Friday.
Meanwhile, Canadian Western Bank (TSX:CWB) reported its first-quarter profit above analysts' estimates.
COMMODITIES AT 7:05 a.m. ET
Gold futures: $2,063.5; +0.4% [GOL/]
US crude: $79.51; +1.6% [O/R]
Brent crude: $83.16; +1.5% [O/R]
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Written By: Reuters
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