Stock futures indicated a lower start for equities in Toronto on Friday as oil prices slipped due to a surge in U.S. crude inventories for a seventh week.
The S&P/TSX Composite let go of 49.02 points to close Thursday at 15,781.20, with March futures slipping 0.4%.
The Canadian dollar was unchanged at 76.33 cents U.S. early Friday.
Royal Bank of Canada reported a 24% rise in first-quarter net income to more than $3 billion, beating analysts’ expectations.
MacDonald Dettwiler and Associates said it agreed to buy U.S.-based satellite imagery provider DigitalGlobe Inc for about $3.10 billion to strengthen its position in the U.S. market.
Magna International Inc reported a lower-than-expected quarterly profit as costs rose.
Canaccord Genuity cut the price target on Altus Group to $36.00 from $38.00, with a buy rating
RBC raised the target price on Canadian Imperial Bank of Commerce to $119 from $118
Canaccord Genuity cut the target price to $49.00 from $49.50
On the economic ledger, Statistics Canada reported that January’s consumer price index rose 2.1% on a year-over-year basis in January, following hiking 1.5% in December. On a seasonally-adjusted monthly basis, inflation moved up 0.7% in January, after increasing 0.4% in December.
ON BAYSTREET
The TSX Venture Exchange stayed positive 2.72 points Thursday to 839.45
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Friday after the Dow and S&P set fresh records.
Ahead of the opening bell, futures for the Dow Jones Industrials capsized 73 points, or 0.4%, to 20,724. Futures for the S&P 500 dipped 10.25 points, or 0.4%, to 2,352.50. NASDAQ futures faded 29.5 points, or 0.6%, at 5,302.50
On the earnings front, Foot Locker and J.C. Penney were among the companies that reported before the bell on Friday. Penney posted better-than-expected earnings and announced it will close up to 140 stores.
Economically speaking, new home sales and consumer sentiment are due at 10 a.m. ET.
European stocks were substantially lower at the midday break on the continent, while Asia stocks were uniformly downward.
Oil prices sank 54 cents to $53.91 U.S. per barrel.
Gold prices hiked $8.80 to $1,260.20 U.S. an ounce.
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