TSX May Open Lower on Negative Global Cues
Canada's benchmark index looked set to open lower on Monday, mirroring global stocks, and materials, in particular may come under pressure, with metal prices in the red.
Stock futures for the June quarter on the S&P TSX index were off 0.01% recently.
Gold, silver, and copper prices were in the negative territory ahead of the Federal Open Market Committee's rate decision next week. The Committee is expected to raise interest rates.
Meanwhile, oil rose nearly 2%, and Action Economics said reports that Nigerian production will be impacted by a pipeline leak has provided support, as has a softer dollar. In addition, Reuters reported that Saudi Arabia would cut export volumes to some Asian customers, and to the U.S.
The TSX was among the better performers last week, rising 0.2%, BMO Capital said. Just two TSX sectors ended higher: financials (+1.6%, with banks up 1.9%) and materials (+1.3%), but their heavy weights offset losses elsewhere. Consumer staples (-2.6%) and consumer discretionary were at the bottom of the pack.
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