September 10, 2018 / 11:47 AM / 2 months ago

CANADA STOCKS-TSX to open higher as oil prices rise

Sept 10 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Monday as oil prices rose as U.S. drilling stalled and on anticipation of reduced crude supply as U.S. sanctions on Iranian exports go into effect from November.

U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months. U.S. drillers cut two oil rigs last week, bringing the total count to 860, Baker Hughes said on Friday.

The number of rigs drilling for oil in the United States has stalled since May, reflecting increases in well productivity but also bottlenecks and infrastructure constraints.

September futures on the S&P/TSX index were up 0.35 percent at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX fell 10.67 points, or 0.07 percent, to 16,090.27 on Friday.

Dow Jones Industrial Average e-mini futures were up 0.35 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.39 percent and Nasdaq 100 e-mini futures were up 0.57 percent.

TOP STORIES

Cenovus Energy Inc, a major Canadian oil producer, has signed a deal to move more crude with the Canadian National Railway Co, a source with direct knowledge of the matter told Reuters.

Canada’s top trade negotiator Chrystia Freeland said on Friday she and her U.S. counterpart were making “very good progress” in talks to save the North American Free Trade Agreement amid increasing Canadian optimism that a deal could be reached, even if a conclusion did not appear imminent.

Investa Office Fund said it has set Sept. 17 as the date for its shareholders to vote on Blackstone Group’s sweetened A$3.3 billion bid.

ANALYST RESEARCH HIGHLIGHTS

Lundin Mining Corp: Credit Suisse assumes coverage with neutral rating; price target C$10.

First Quantum Minerals Ltd: JP Morgan cuts target price to C$15.90 from C$17.40.

Onex Corp: RBC raises to top pick from outperform

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,193.9; fell 0.1 pct

US crude: $68.25; rose 0.74 pct

Brent crude: $77.46; rose 0.82 pct

U.S. ECONOMIC DATA DUE ON MONDAY

1000 Employment Trends for Aug: Prior 109.9

1500 Consumer credit for July: Expected $13.00 bln; Prior $10.21 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.32) (Reporting By Nachiket Tekawade in Bengaluru)

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