Futures for Canada’s main stock index rose on Thursday, supported by a jump in bullion prices as the dollar slipped, while upbeat earnings from Canadian Tire Corp Ltd and Canada Goose Holdings further lifted sentiment.
The TSX gained 60.21 points, to end Wednesday at 15,999.36.
The Canadian dollar leaped 0.37 cents Thursday at 76.53 cents U.S.
December futures rocketed 1.9% Thursday.
Canada Goose beat estimates for quarterly revenue on Thursday, as higher online sales and strong demand for its $1,000 parkas in China helped the company cushion a hit from weak wholesale business.
Canadian Tire reported better-than-expected quarterly results on Thursday, as customers bought more tools, kitchenware and gardening products online during the COVID-19 crisis.
Canadian Natural Resources posted a surprise profit on Thursday, helped by cost-saving measures and a slight recovery in fuel demand after COVID-19 lockdowns were eased across the world.
Cormark Securities raised the target price on Cargojet Inc to $255.00 from $200.00
Scotiabank raised the target price on Equitable Group to $107.00 from $94.00
Scotiabank raised the target price on Intact Financial to $166.00 from $161.00
ON BAYSTREET
The TSX Venture Exchange faded 1.34 points Wednesday to 696.31.
ON WALLSTREET
U.S. stock index futures were sharply higher early Thursday on hopes the winner of the U.S. presidential election would soon be determined.
Futures for the Dow Jones Industrials popped 401 points, or 1.5%, to 28.136.
Futures for the S&P 500 picked up 63.75 points, or 1.9%, at 3,498.75.
Futures for the NASDAQ Composite heightened 304 points, or 2.6%, to 12,067.
Late Wednesday, media outlets projected that former Vice President Joe Biden was the winner in Wisconsin and Michigan, both states that President Donald Trump won in the 2016 presidential election. Biden would then be just 17 Electoral College votes away from winning.
Even with the president-elect unclear, stocks rose broadly during Wednesday’s trading session as hopes for a blue wave in Congress dwindled, which some argued would have been a headwind for areas of the market including Big Tech.
U.S. equities’ surge came despite the election results remaining up in the air following record voter turnout, as well as a jump in absentee ballots as people stayed home amid a spike in Covid-19 cases.
The Trump campaign said it would seek a recount in Wisconsin, while earlier on Wednesday announcing that it was suing to halt ballot counting in Michigan and Pennsylvania. Late Wednesday the campaign also said it had filed suit in Georgia seeking to require all counties there to separate ballots that arrive after the voting deadline from other, “legally cast ballots.”
Meanwhile, the Democrats were projected to retain control of the House, while flipping the Senate became increasingly unlikely.
Senate Majority Leader Mitch McConnell said on Wednesday that passing further stimulus will be the chamber’s top priority when it reconvenes, although analysts warned that without a blue wave the package will be smaller than the $3 trillion Democrats wanted.
Overseas, in Japan, the Nikkei 225 index vaulted 1.7%, while in Hong Kong, the Hang Seng index soared 3.3%.
Oil prices fell 15 cents to $39.00 U.S. a barrel.
Gold prices soared $33.40 to $1,929.60.