TSX May Open Higher As Oil Prices Provide Support

Validea Peter Lynch Strategy Daily Upgrade Report - 12/9/2017

Canada’s benchmark index looked set to open higher on Monday, drawing support from rising oil prices .

Stock futures for the December quarter on the S&P TSX index were up 0.1% recently.

Action Economics said oil prices firmed on the back of a Nigerian oil workers strike, which threatens export activity, along with the continued outage of the North Sea Forties pipeline, which has shut-in about 500,000 barrels per day of production.

Global equity markets were mixed last week, with the TSX in the middle of the pack ending down 0.3%. The TSX added 27 points on Friday. Materials (+3.2%, driven by a 1.9% gain in gold) and tech (+1.8%) saw good gains, but weren’t enough to lift the broader index. Year-to-date, only energy (-13%) and gold (-6.2%) are down, with the TSX up 4.9% overall.

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