Stock futures pointed to a higher start on stock index in Canada’s largest market on Friday as oil prices rose after comments from the United Arab Emirates' energy minister raised hopes of a coordinated production cut to tackle supply glut.
The S&P/TSX composite index slid 98.35 points to close Thursday at 12,087.37. March futures were ahead 0.8% early Friday.
The Canadian dollar inched up 0.09 cents to 71.86 cents U.S. early Friday.
Stock markets will be closed Monday throughout North America, Toronto for Family Day, and the U.S. for Presidents Day.
Cenovus Energy Inc said on Friday it would sell up to $5 billion of stock, debt and other securities in one or more tranches, a day after it cuts its dividend, to shore up cash amid a slump in oil prices.
National Bank Financia, meanwhile, raised the rating on Cenovus to outperform from sector perform
TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported a lower-than-expected fourth-quarter profit as sustained low commodity prices hurt a large portion of its resource-based issuers.
Canaccord Genuity cut the rating on Telus to hold from buy
UAE Energy Minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output. He said cheap oil was already forcing some output reductions, which would help rebalance the market.
ON BAYSTREET
The TSX Venture Exchange advanced 3.01 points Thursday to 508.32
ON WALLSTREET
U.S. stock futures are slightly higher, after markets sank to their lowest level in nearly two years on Thursday.
Ahead of the opening bell, futures for the Dow Jones Industrials sprinted 115 points, or 0.7%, to 15,727, futures for the S&P 500 jumped 15.5 points, or 0.9%, to 1,840. NASDAQ futures took on 32 points, or 0.8%, to 3,993.25.
JPMorgan Chase shares are rising 3% in pre-market after CEO Jamie Dimon reportedly spent $26 million U.S. buying shares in the bank.
Activision Blizzard, the video game company behind Call of Duty and Warcraft, was down more than 14% during extended trading after posting earnings that missed expectations.
ArcelorMittal and Brookfield Asset Management will post quarterly results ahead of the open.
The latest retail sales report was due early this morning from the U.S. Census Bureau. At 10 am, the University of Michigan's Consumer Sentiment Index will get an update.
European markets jumped by nearly 2% in early trading, while Asia had a painful end to the week. The Nikkei fell 4.8% to end a shortened week down 11%, extending this year's slide to 21%, as the yen continued to gain strength against the U.S. dollar.
Oil prices acquired $1.26 to $27.47 U.S. a barrel
Gold prices slipped $10.23 to $1,236.47 U.S. an ounce.
