TSX set to open higher as oil, gold rise

On Thursday, Toronto’s S&P/TSX composite index gained 110.31 points at 13,978.66 points, turning around earlier losses to log a fifth consecutive trading day of gains.

Overall, the TSX has risen 4.7 per cent since launching a steady climb last Friday.

The price of oil also eased up at mid-morning, after rising to as high as US$50.92 a barrel.

The December gold contract fell $4.40 to US$1,144.30 an ounce.

The loonie was up 0.19 of a cent at 76.73 cents US.

Traders were reconsidering a few of the pessimism which has gripped stock markets in recent months, suggested Brian Belski, chief investment strategist at BMO Capital Markets.

“I think Canada is setting up for a pretty big rally in the fourth quarter”. Shares of the oil and gas companies rallied over the rising oil prices, with the West Texas Intermediate for November delivery up 1.62 USA dollars to settle at 49.43 US dollars a barrel on the New York Mercantile Exchange on Thursday.

Canadian National Railway, which had its price target raised by at least one analyst, was another major positive gainer, advancing 1.0 percent to C$79.16.

Dow Jones Industrial Average e-mini futures were up 0.13 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.10 percent and Nasdaq 100 e-mini futures were down 0.01 percent.

COS shares were up 27 cents or almost three per cent at $9.55 on the TSX, while Suncor traded 58 cents higher at $35.45.