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Bay Street Likely To Open Higher

Higher Canadian and U.S. stock futures amid optimism about coronavirus vaccines point to a positive start for the Canadian market on Monday.

Futures for Canadian and U.S. benchmark indices are up after British drug major AstraZeneca announced resumption of clinical trial of its coronavirus vaccine in the U.K.

AstraZeneca had halted the trial of vaccine AZD1222 last week following a potentially unexplained illness in a U.K. volunteer, to allow review of safety data by independent committees, and international regulators.

In a statement issued over the weekend, the company said the Medicines Health Regulatory Authority or MHRA has given the nod to AstraZeneca to resume trials.

Meanwhile Pfizer Inc.'s CEO has reportedly said that the company's coronavirus vaccine may be ready by year end.

Slightly sluggish crude oil prices following OPEC's downward revision of global energy demand forecasts for the current year and the next may hurt energy stocks a bit and limit market's upside. Higher gold prices may push up materials shares.

The Canadian market ended modestly higher on Friday after a choppy ride. The benchmark S&P/TSX Composite Index ended with a gain of 37.14 points or 0.23% at 16,222.46 after scaling a low of 16,143.15 and a high of 16,316.79 in the session.

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