Canadian shares look headed for a positive start Monday morning, tracking gains in European markets and higher crude oil prices amid hopes the rollout of Covid-19 vaccine will help boost economic recovery.
In the U.S., Centers for Disease Control and Prevention or CDC, gave the approval for Pfizer- BioNTech's COVID-19 vaccine, following the Emergency Use Authorization or EUA issued by the U.S. Food and Drug Administration. Pfizer commenced first shipments of the vaccine to distribution centers across the country.
Last week, Canada became the third country to authorize use of the Covid-19 vaccine produced by Pfizer and BioNTech.
In company news, Pembina Pipeline Corporation (PPL.TO) said the company expects 2021 adjusted EBITDA of C$3.2 billion to C$3.4 billion and a 2021 capital investment program of C$785 million. The company noted that adjusted EBITDA next year will be positively impacted by approximately C$1 billion of new assets that will have entered service in 2020 and during the first quarter of 2021.
Ballard Power Systems (BLDP.TO) today announced that it has signed a collaboration agreement with Eltek Nordic, a power conversion company headquartered in Drammen, Norway and part of Delta, to provide reliable backup power solutions for telecom networks and other critical communication infrastructure, with a focus on Nordic countries, primarily Norway, Denmark and Iceland.
The Canadian market ended weak on Friday after a cautious session amid reports showing spikes in coronavirus cases in the U.S. and several other countries across the world. The benchmark S&P/TSX Composite Index ended with a loss of 44.42 points or 0.25% at 17,548.92.
Asian shares ended mixed on Monday even as risk appetite improved on positive developments on the coronavirus vaccine front.
European stocks are notably higher, buoyed by news about U.S. approving the Covid-19 vaccine developed by Pfizer and BioNTech. News that Britain and the European Union have agreed to continue Brexit trade talks beyond Sunday's deadline also boosted sentiment.
In commodities, West Texas Intermediate Crude oil futures for January are up $0.47 or 1.01% at $47.04 a barrel.
Gold futures for February are down $14.80 or 0.8% at $1,928.80 an ounce, while Silver futures for March are down $0.117 or 0.49% at $23.975 an ounce.
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