TSX to open higher for fifth day on commodity strength

(Reuters) – Canadas benchmark stock index was set to open higher for its fifth consecutive session on Thursday, as prices of bullion and crude oil futures ticked higher.

March futures on the S&P/TSX index were up 0.7% at 07:06 a.m. ET.

Crude oil prices rose as a drop in U.S. crude stockpiles and a halt in exports from Iraqs Kurdistan region offset a smaller-than-expected cut to Russian supplies. [O/R]

Also in gains were contracts tied to gold as a weaker dollar made bullion more attractive to holders of other currencies. [GOL/]

Among stocks, Atco Ltd agreed to transfer ownership of an unfinished pipeline bogged down in a dispute with the Mexican state power company, two officials told Reuters.

Brokerage CIBC has started coverage of miner Filo Mining Corp with an “outperform” rating and a target price of C$38.

TD Securities has started covering Pet Valu Holdings with a “buy” rating and a price target of $45.

On Wednesday, the Toronto Stock Exchanges S&P/TSX composite index ended 0.9% higher at its highest closing level in nearly three weeks, helped by gains in energy and technology shares. [.TO]

Dow e-minis were up 214 points, or 0.65%, at 12:06 a.m. ET, while S&P 500 e-minis were up 25.25 points, or 0.62%, and Nasdaq 100 e-minis were up 72.75 points, or 0.56%. [.N]

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,978.5; +0.1% [GOL/]

US crude: $73.74; +1.06% [O/R]

Brent crude: $78.91; +0.8% [O/R]

U.s. economic data due on thursday

Initial weekly jobless claims due at 8:30 a.m. ET

Q4 GDP final due at 8:30 a.m. ET

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.3553 Canadian dollars)

(Reporting by Johann M Cherian in Bengaluru; Editing by Krishna Chandra Eluri)