Equity markets in Toronto were set to open higher on Thursday, supported by a rise in oil and gold prices, although uncertainty around the Russia-Ukraine crisis limited gains.
The S&P/TSX Composite Index finished Wednesday ahead 280.99 points, or 1.3%, to 21,468.83
Futures eked up 0.1% early Thursday.
The Canadian dollar gained 0.15 cents to 78.97 cents U.S.
Canadian Pacific Railway said on Wednesday it will lock out its employees in 72 hours if there is no agreement with a union, a move that would potentially disrupt the movement of grain, potash and coal at a time of soaring commodity prices.
RBC raised the target price on AG Growth International to $50.00 from $45.00
Canaccord Genuity raised the rating on Alimentation Couche-Tard to buy from hold.
Canaccord Genuity raised the target price on Precision Drilling Corp. to $85.00 from $70.00
ON BAYSTREET
The TSX Venture Exchange popped 11.38 points, or 1.4%, Wednesday to 829.71.
ON WALLSTREET
U.S. stock futures fell Thursday morning, following back-to-back days of sharp gains, as investors digested the latest news out of Ukraine.
Futures for the Dow Jones Industrials retreated 98 points, or 0.3%, to 33,856.
Futures for the S&P 500 slid 12.75 points, or 0.3%, to 4,336.75.
Futures for the NASDAQ Composite Index backed off 47 points, or 0.3%, to 13,902.75.
The Kremlin poured cold water over reports that indicated progress in peace talks between Russia and Ukraine, according to Bloomberg News.
On Wednesday, the Financial Time reported that both countries had made “significant progress” on a peace plan and Russian withdrawal from Ukraine. That FT report helped stocks rally for a second day Wednesday.
Wall Street was also digesting the latest moves from the Federal Reserve. The Fed hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year, spurring a relief rally in stocks.
In Asia, the Nikkei 225 index hiked 3.5%, while in Hong Kong, the Hang Seng index travelled 7% higher.
Oil prices regained $5.44 to $100.48 U.S. a barrel.
Gold prices climbed $35.00 to $1,944.20 U.S.