Oil Momentum Boosts Futures

Suncor, Enbridge Take Spotlight

Futures for Canada's main stock index edged higher on Friday, as oil prices strengthened after supply cuts this week, led by the Organization of the Petroleum Exporting Countries.

The S&P/TSX Composite Index jumped 69.25 points to end Thursday at 15,695.98

The Canadian dollar inched up 0.09 cents to 75.29 cents U.S. early Friday

March futures improved 0.2% Friday.

Markets in Canada are to be shuttered Monday for Family Day

Enbridge posted a jump in quarterly profit, compared with the year ago when it had taken a $4.55-billion charge related to the writedown of some assets.

Warren Buffett's Berkshire Hathaway said on Thursday it had taken a fresh stake in Suncor Energy for the second time in about six years, sending the U.S.-listed shares of the energy major up in after-market trading.

Air Canada beat analysts' estimates for quarterly profit, as it earned more from each seat sold, offsetting higher fuel costs and other expenses.

CIBC raised the price target on Bombardier to $4.75 from $4.50.

National Bank of Canada cut the price target on Canadian Tire to $170.00 from $180.00

Canaccord Genuity raised the price target on Telus to $51.00 from $49.00

On the economic slate, Statistics Canada said foreign investors reduced their holdings of Canadian securities by $19.0 billion in December, led by a record divestment in Canadian bonds. At the same time, Canadian investors reduced their holdings of foreign securities by $425 million, on sales of U.S. Treasury instruments.

Meanwhile, the Canadian Real Estate Association said MLS statistics for January were due out Friday morning.

ON BAYSTREET

The TSX Venture Exchange faded 1.59 points Thursday to 608.40

ON WALLSTREET

U.S. stock index futures rose slightly on Friday as the major indexes headed for solid weekly gains.

Futures for the Dow Jones Industrial Average gained 71 points, or 0.3%, at 25,498.

Futures for the S&P 500 tacked on eight points, or 0.3%, to 2,751.50

NASDAQ futures picked up 23.25 points, or 0.3%, to 7,043

The 30-stock Dow and NASDAQ were both on pace to post their eight consecutive weekly gain. The S&P 500, meanwhile, was on track for its seventh weekly gain in eight. The indexes were all up more than 1% entering Friday's session.

Stock markets in the States will be shut down Monday for Presidents’ Day.

Stocks got a boost this week amid hope that a trade deal between the U.S. and China will be reached. A U.S. trade delegation led by Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer was in Beijing this week. Chinese President Xi Jinping said talks will continue next week in Washington.

China and the U.S. are trying to strike a trade deal before an early March deadline. If a deal is not reached by then, additional U.S. tariffs on Chinese goods could take effect. President Donald Trump, however, is considering pushing back the deadline by 60 days to give negotiators more time to come up with a deal

On the data front, there will be industrial production numbers out at 9.15 a.m. ET and consumer sentiment out at 10 a.m. ET.

Overseas, in Japan, the Nikkei 225 retreated 1.1%, while in Hong Kong, the Hang Seng fell 1.9%.

Oil prices advanced 53 cents to $54.94 U.S. a barrel.

Gold prices brightened $7.20 to $1,321.10 U.S. an ounce.