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TSX May Open Higher As Oil Climbs

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Canada's benchmark index looks set to open higher on Monday as oil prices rise with subsiding fears over Britain's exit from the European Union.

Stock futures for the September quarter on the S&P TSX index were up 0.3% recently.

Brent was back above US$50/barrel as worries about Britain leaving the European Union have subsided after the killing of lawmaker Jo Cox suspended the scheduled referendum. Brent was last up 2% at US$50.15/barrel.

According to BMO Research, global equity markets were down pretty much across the board last week, with the TSX managing to outperform falling only 0.8%. The TSX remains the year-to-date leader, up 7.1%. Most TSX sectors were in the red. Health care was hit hardest, falling 4.6%, while tech (-2%) and consumer staples (-1.8%) were the other laggards. Materials (+0.1%, due to a small gain in gold) and telcos (unchanged) were the only sectors not recording a loss.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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