TSX May Open Higher As Oil Steadies
Canada's benchmark index looked set to open higher on Wednesday, lifted by rising oil prices .
Action Economics said the fresh rally in oil prices has come despite the return of supply from the North Sea Forties pipeline, which had been closed for repair since mid-December. Anti-government protests in Iran have brought a geopolitical premium to oil prices, although few expect the strife to spill over to oil production and exports.
Meanwhile, BMO Capital in its morning note said US and TSX futures are up by about 0.2%. European cash markets range from flat (London) to up a half point in Frankfurt and Madrid with only Milan a touch weaker. Tokyo remained shut overnight while stocks rallied again in HK, mainland China and Seoul.
The TSX finished Tuesday 95 points higher, with materials, energy, and healthcare taking the lead.
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