Intertape, Seabridge in Focus
Futures for Canada’s main stock index inched lower on Thursday, weighed by weaker bullion prices, although surging oil prices and approval of a COVID-19 vaccine limited losses.
The TSX faded 79.14 points to close Wednesday at 17,559.86
The Canadian dollar vaulted 0.32 cents to 78.28 cents U.S.
December futures faded 0.1% Thursday.
Canada on Wednesday approved its first COVID-19 vaccine and said initial shots will be delivered and administered across the country starting next week, while every Canadian will be able to be inoculated as early as the end of September.
National Bank of Canada cut the rating on Intertape Polymer Group to sector perform from outperform.
Canaccord Genuity raised the price target on Seabridge Gold to $31.00 from $30.00
CIBC raised the rating on Spin Master to outperform from neutral.
ON BAYSTREET
The TSX Venture Exchange plunged 16.47 points, or 2.1%, Wednesday to 770.55.
ON WALLSTREET
Dow Jones Industrial Average futures moved slightly lower early Thursday as investors continued to assess progress on additional stimulus measures, as well as developments on the Covid-19 vaccine front.
Futures for the 30-stock index were lower by eight points at 30,055.
Futures for the S&P 500 dropped 7.5 points, or 0.2%, at 3,665.
Futures for the NASDAQ Composite faltered 74.25 points, or 0.6%, to 12,298.
Stocks fell from their highs after Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were “still looking for a way forward” on additional fiscal aid.
McConnell said he wants Congress to pass a coronavirus relief bill with neither legal immunity for businesses nor state and local government relief. Senate Minority Leader Chuck Schumer said McConnell’s proposal to move stimulus talks forward without state and local government aid is not in good faith.
The House of Representatives passed a government funding extension Wednesday that would keep the federal government running through Dec. 18 and buy time for further negotiations for a bigger relief bill.
The ongoing negotiations come as the COVID-19 crisis worsens in the U.S. But the rollout of Pfizer’s vaccine in the U.K., which began on Tuesday, has spurred some optimism. And some Wall Street strategists believe a widely available vaccine will lift stocks to new highs in 2021.
Overseas, in Japan, the Nikkei 225 dipped 0.2% Thursday, while in Hong Kong, the Hang Seng index slackened 0.4%.
Oil prices gained 56 cents to $46.08 U.S. a barrel.
Gold prices gained 60 cents to $1,839.10 U.S.