May 12 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Thursday, tracking gains in oil prices after the International Energy Agency (IEA) raised its 2016 global oil demand forecast.
June futures on the S&P TSX index were up 0.67 percent at 7:30 a.m. ET.
Oil prices rose towards six-month highs, supported by data from IEA showing tightening supply in addition to a surprise drop in U.S. crude inventories.
Housing Price Index is scheduled for release at 8:30 a.m. ET .
Canada’s main stock index edged higher on Wednesday, led by the energy and materials groups after a drop in oil inventories pushed crude higher and gold rebounded from nearly two-week lows.
Dow Jones Industrial Average e-mini futures were up 0.44 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.57 percent and Nasdaq 100 e-mini futures were up 0.59 percent.
Enbridge Inc , Canada’s largest pipeline company, reported a quarterly profit, compared with a year-ago loss, as crude shipments increased.
Oil and gas producer Crescent Point Energy Corp reported a bigger quarterly loss due to weak oil prices.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,267.00; -0.60 pct
US crude : $46.62; +0.84 pct
Brent crude : $47.86; +0.55 pct
LME 3-month copper : $4,728.00; +0.44 pct
ANALYST RESEARCH HIGHLIGHTS
Alaris Royalty Corp : Acumen raises price target to C$36 from C$35
Element Financial Corp : National Bank Financial cuts target price to C$22 from C$25
Silver Wheaton Corp : BMO raises rating to “outperform”
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Import prices mm for Apr: Expected 0.5 pct; Prior 0.2 pct
0830 Export prices mm for Apr: Expected 0.1 pct; Prior 0.0 pct
0830 Initial jobless claims: Expected 270,000; Prior 274,000
0830 Jobless claims 4 week average: Prior 258,000
0830 Continued jobless claims: Expected 2.120 mln; Prior 2.121 mln
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$1.28) (Reporting by Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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