March 2, 2021

Business Information

Gains for Futures as U.S. Election Rolls On

2 min read
Futures for Canada’s main stock index rose on Wednesday as oil prices firmed, although gains...

Futures for Canada’s main stock index rose on Wednesday as oil prices firmed, although gains were capped by uncertainty over who will win the U.S. presidential election. As of press time, votes were still being counted in a number of key states.

The TSX skyrocketed 242.28 points, or 1.5%, to conclude Tuesday at 15,939.15.

The Canadian dollar slipped 0.25 cents Wednesday at 76.07 cents U.S.

December futures took on 0.4% Wednesday.

Among individual stocks, Canopy Growth said on Tuesday it would move its U.S. stock listing to the NASDAQ, following rival Aphria in favoring the exchange’s “cost-effectiveness”.

National Bank of Canada raised the target price on Goeasy Ltd. to $93.00 from $77.00

National Bank of Canada raised the price target on to $111.00 from $108.00

Scotiabank raised the target price on Wajax to $17.00 from $15.00

In the economic docket, Statistics Canada revealed Wednesday that our country’s merchandise exports and imports each increased in September by 1.5%. As a result, Canada’s merchandise trade deficit with the world widened slightly from $3.2 billion in August to $3.3 billion in September.

ON BAYSTREET

The TSX Venture Exchange marched 6.42 points to close Tuesday at 697.65.

ON WALLSTREET

U.S. stock futures rose on Wednesday, led by tech shares, even as the results of the presidential contest so far failed to yield a clear winner.

Futures for the Dow Jones Industrials screamed 159 points, or 0.6%, to 27,535.

Futures for the S&P 500 gathered 58 points, or 1.7%, at 3,419.50.

Futures for the NASDAQ Composite vaulted 425 points, or 3.8%, to 11,672.75, as investors crowded back into the trade that’s been working for most of this tumultuous year.

Shares of major tech-related companies jumped in early pre-market trading. Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft were all up more than 2%.

Earlier in the overnight session, futures contracts for the Dow and S&P 500 came under some pressure after President Donald Trump tried to claim victory even though millions of legitimate votes were not yet counted.

Democratic nominee Joe Biden appeared to be unable to take North Carolina, with Trump holding a lead in that state, according to some media outlets. However, Biden was leading in Arizona, although reporters said it was too early to call the state. Key swing states Michigan, Wisconsin and Pennsylvania could take days to determine.

Overseas, in Japan, the Nikkei 225 index vaulted 1.7%, while in Hong Kong, the Hang Seng index slid 0.2%.

Oil prices gained 79 cents to $38.45 U.S. a barrel.

Gold prices removed a dollar to $1,909.40.

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