Flat Start to Final Session of Week

Agnico, Franco-Nevada in Focus

Futures for Canada's main stock index were pretty much unchanged on Friday, as weaker bullion offset gains in crude oil prices, ahead of monthly domestic trade data due later in the day.

TSX Composite index gained 36.48 points to close Thursday at 20,183.72

The Canadian dollar squeezed up 0.01 cents Friday to 79.42 cents U.S.

September futures were flat Friday.

Canada may permit fully vaccinated travelers into the country by early September, the country's prime minister said on Thursday, if the current trend in vaccination rate and public health conditions continue.

Prime Minister Justin Trudeau said Canada and Quebec are ready to spend a combined $693 million on aerospace projects that cut carbon emissions.

Canaccord Genuity raises the target price on Agnico Eagle Mines to $92.00 from $90.00

Canaccord Genuity cut the rating on Franco-Nevada Corp to hold from buy.

Canaccord Genuity raises the rating on Pretium Resources to buy from hold.

On the economic slate, Statistics Canada said foreigners acquired $20.8 billion in Canadian securities in May, mainly in the form of government debt securities. At the same time, Canadian investors increased their holdings of foreign securities by $10.7 billion, led by acquisitions of U.S. shares.

Moreover, the agency said sales of wholesale products rose 0.5% in May to $72.2 billion, setting a record high for the sector for a third consecutive month.

Finally, Canada Mortgage and Housing Corporation reported that housing starts totalled 293,567 units in June, up from 284,837 units in May.

ON BAYSTREET

The TSX Venture Exchange stumbled 9.29 points, or 1%, Thursday to 928.53.

ON WALLSTREET

Futures contracts tied to the U.S. stock indexes rose slightly on Friday as Wall Street neared the end of the first major week of second-quarter earnings reports.

Futures for the Dow Jones Industrials gained 44 points, or 0.1%, to 34,908.

Futures for the S&P 500 tacked on seven points, or 0.2%, to 4,359.25.

Futures for the NASDAQ Composite Index climbed 29.25 points, or 0.2%, to 14,816.75.

Cyclical stocks tied to the economic recovery led the gains in early morning trading. A stabilization in bond yields aided this move with the 10-year Treasury yield climbing back up above 1.30%. Bank of America led gains in bank stocks in premarket trading. Boeing shares edged higher. Airlines, casinos, and energy stocks inched into the green.

Live Nation’s stock rose roughly 2% in the premarket after Goldman said the stock can rally nearly 40% as concerts return.

Shares of Carnival, Royal Caribbean and Norwegian each increased about 1% in early morning trading after Canada announced it would allow cruise ships to resume operations in its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022.

Investors anticipate the release of June retail sales data set at 8:30 a.m. ET on Friday. Economists are expecting overall retail and food service sales to decline 0.4% from the month prior, according to Dow Jones.

Overseas, in Japan, the Nikkei 225 declined 1% Friday, while in Hong Kong, the Hang Seng index gained just more than eight points.

Oil prices headed higher 22 cents to $71.87 U.S. a barrel.

Gold prices removed $10.10 to $1,818.90 U.S. a pound.