U.S. equity index futures are higher again this morning. S&P 500 futures are up 6 points in pre-opening trade. Moves by the S&P 500 Index, Dow Jones Industrial Average and NASDAQ Composite Index yesterday above their 50 day moving average has triggered technical buying. <\/p>\n
The Bank of Canada kept its Overnight Lending Rate to major Canadian banks at 0.25% and is expecting to maintain this rate until June. The Bank of Canada\u2019s comment implied preparation for a less accommodative monetary policy later this year. The Canadian Dollar moved up to 96.90 cents on the news.<\/p>\n
The Reserve Bank of Australia continues to rein in inflation pressures and excessive economic growth. Last night it raised its Policy Rate from 3.75% to 4.00%. This is the fourth increase in the Policy Rate since last fall.
Bank of Montreal reported higher than expected fiscal first quarter earnings. Consensus for cash earnings was $1.03 per share. Actual was $1.13 per share. <\/p>\n
Analysts are taking a more bullish stance on the Canadian energy sector. This morning Deutsche Bank raised its target price on Suncor from $20 to $28 and increased its target price on Canadian Natural Resources from $78 to $80. \u2018Tis the season for the sector to move higher!<\/p>\n
Technicals on the U.S. energy sector also are improving. See a technical and seasonality comment on Hess by EquityClock.com<\/a> <\/p>\n CF Industries re-entered the battle to take over Terra Industries. CF Industries has offered to purchase Terra for a cash and stock deal worth $47.40, topping a competing offer at $41.10 per share. Terra quickly rose in overnight trading to near $47. <\/p>\n