Futures for Canada's main stock index ticked higher on Friday on the back of rising oil prices, as Organization of the Petroleum Exporting Countries (OPEC) and other oil producers edged closer to extending a supply-cutting agreement.
The S&P/TSX Composite Index recovered 15.14 points to close Thursday at 16,227.80
The Canadian dollar notched ahead 0.03 cents to 74.88 cents U.S. early Friday
June futures progressed 0.4% Friday.
Canaccord Genuity raised the price target on Dollarama to $40.00 from $37.00
Royal Bank of Canada cut the price target on Saputo to $50.00 from $52.00
Canadian Imperial Bank of Commerce raised the target price on Just Energy Group to $5.50 from $4.50
Canadian Imperial Bank of Commerce cut the target price on Canfor to C$1.25 from C$1.50
On the economic schedule, Statistics Canada reported that employment held steady in May, following a strong increase in April.
The unemployment rate was down 0.3 percentage points to 5.4%, as the number of people looking for work decreased sharply following little change over the previous three months.
The unemployment rate in May was the lowest since comparable data became available in 1976.
ON BAYSTREET
The TSX Venture Exchange slipped 1.7 points Thursday to 595.20
ON WALLSTREET
U.S. stock index futures rose early Friday as Wall Street looks set for another day of gains as Wall Street awaited key jobs data.
Futures for the Dow Jones Industrial Average picked up 65 points, or 0.3%, to 25,810.
The Dow comes into Friday’s session riding a four-day winning streak as expectations for easier monetary policy from the Federal Reserve increased. The 30-stock index is also on pace to snap a six-week losing streak.
Futures for the S&P 500 gained 7.75 points, or 0.3%, at 2,853.50.
NASDAQ futures soared 26 points, or 0.4%, to 7,308.25
The Dow gained 181.09 points Thursday, bringing total gains for the week to more than 900 points and putting it on course for the best week of the year. The S&P 500 rose 0.61% and the NASDAQ gained 0.53%.
Among individual companies, Barnes & Noble was in the news, on agreeing to be acquired by Elliott Management.
On the economic slate, the U.S. Labor Department reported non-farm payrolls increased by just 75,000 even as the unemployment rate remained at a 50-year low of 3.6%.
Economists polled by Dow Jones forecast employment in the U.S. to grow by 180,000 jobs last month. The data comes amid worries over a potential economic slowdown while global trade tensions persist.
Talks between U.S. and Mexican officials continued Thursday afternoon, with Mexican ambassador to the U.S. Martha Barcena Coqui telling the media that negotiations involved a “very good discussion.”
Mexico has also reportedly agreed to send its national guard to its border with Guatemala to stem the flow of undocumented migrants hoping to reach the U.S.
Overseas, the Nikkei 225 picked up 0.5% Friday, while in Hong Kong, markets had Friday off.
Oil prices leaped 53 cents to $53.12 U.S. a barrel.
Gold prices sank $1.90 to $1,340.80 U.S. an ounce.
