Futures for Canada's commodity-heavy main stock index inched higher on Monday on the back of firmer crude and gold prices, with trading volumes expected to be subdued due to a U.S. market holiday.

June futures on the S&P/TSX index were up 0.4% at 6:45 a.m. ET.

Oil prices rose, hitting their highest in more than two months, as traders waited to see whether a planned European Union meeting would reach an agreement on banning Russian oil imports.

Gold prices advanced as the dollar weakened, but were unlikely to stave off another monthly fall for greenback-priced bullion.

The Toronto Stock Exchange's S&P/TSX composite index ended 1.1% higher at 20,748.58 on Friday, its highest closing level since May 4.

 

TOP STORIES

Canadian banks wrapped up second-quarter earnings season last week, with most reporting better-than-expected profits, in large part by reducing the amounts of funds they set aside for future loan losses, raising questions among investors and analysts about whether they are too sanguine about looming risks.

 

ANALYST RESEARCH HIGHLIGHTS

Altagas Ltd: Scotiabank raises target price to C$34 from C$33

Canadian Western Bank: RBC cuts target price to C$38 from C$44

National Bank of Canada: CIBC raises target price to C$102 from C$100

 

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1858; +0.22%

US crude: $115.79; +0.64%

Brent crude: $120.08; +0.53%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.27)

(Reporting by Amal S in Bengaluru)