Enlarge Photo
(Reuters)
TORONTO (Reuters) - The Toronto Stock Exchange's main index looked set to push ahead at the opening bell on Friday, moving closer to its record high, while the price of crude continued its red-hot advance.
The composite could also take strength from Thursday's momentum after it gained nearly 2 percent, putting it in sight of the record high of 14,646.82 that was reached last July.
"We're getting not too far away from the previous high," said Joe Ismail, technical analyst at Maison Placements Canada. "We probably have a tailwind from yesterday, so I would expect probably a strong opening."
A new record high over $125 a barrel for oil could give a boost to the heavyweight energy group, which often takes a cue from the underlying commodity's direction.
The financial sector could come under some pressure after insurer American International Group posted a record loss, but Ismail said the Bay Street group could shrug this off in favor of overall upward momentum of the index.
"The financial (sector) has a very small period of sideways motion more than anything else," he said.
In a fresh round of quarterly results, Air Canada's parent company ACE Aviation Holdings said its first-quarter loss widened amid a provision for cargo investigations and a robust Canadian dollar. For details see:
Manitoba Telecom Services reported a lift in first-quarter profit, while growth in its wireless and communications services boosted revenue.
Loyalty program operator Aeroplan Income Fund could see activity after it said it will reorganize from a trust structure into a dividend-paying public organization. Aeroplan also said its quarterly profit rose.
U.S. stock futures were pointing lower while overseas markets also moved down after the larger-than-expected loss for AIG.
The Toronto index starts the day at 14,607.99.
(Reporting by Leah Schnurr; editing by Renato Andrade)
2.28 (0.02%)
