TSX futures advance on higher metal prices

By Thomson Reuters Feb 22, 2024 | 7:04 AM

(Reuters) – Futures for Canada’s resource-heavy main stock index climbed on Thursday, tracking a rise in metal prices and mirroring gains on Wall Street after chip designer Nvidia’s solid results.

March futures on the S&P/TSX index were up 0.7% at 6:53 a.m. ET (1153 GMT).

Copper prices advanced on a softer dollar while a rush into safe-haven amid escalated tensions in the Middle East lifted gold prices, putting materials-linked shares on track for a rebound. [GOL/] [MET/L]

Oil prices traded down after paring gains from earlier in the day. [O/R]

Futures tracking the tech-heavy Nasdaq jumped about 2%, while other Wall Street futures also gained after Nvidia forecast gave a fresh boost to euphoria around artificial intelligence. [.N]

Back home, a December reading of retail sales is due at 8:30 a.m. ET, which can provide more insight into consumer spending and inflation in Canada.

Data released earlier this week showed that the country’s annual inflation rate slowed more than expected in January, bringing forward bets of an early interest rate cut by the Bank of Canada.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% down on Wednesday, weighed by rate-sensitive technology stocks. [.TO]

Corporate earnings in Canada continue to pick up pace with, miner Teck Resources beating fourth-quarter profit estimates, helped by an increase in steelmaking coal sales and record copper production.

Canadian retailer Loblaw Companies topped analysts’ expectations for fourth-quarter profit, bolstered by consistent demand for essentials such as groceries as well as easing input costs.

U.S. energy firm Chord Energy said on Wednesday it would acquire Canada’s Enerplus, creating a Williston basin-focused entity with an enterprise value of $11 billion.


Gold futures: $2,028.3; +0.2% [GOL/]

US crude: $77.86; -0.1% [O/R]

Brent crude: $83.01; flat [O/R]

(Reporting by Purvi Agarwal in Bengaluru; Editing by Shilpi Majumdar)