After posting its biggest daily percentage gain in two weeks in the previous session, Canada's main stock index looked set to open flat to slightly lower on Friday even as upbeat U.K. and German economic data supported the global economic growth outlook.
The S&P/TSX composite index gained 101.27 points to end Thursday at 12,674.35
The Canadian dollar drooped 0.36 to 94.72 cents U.S. early Friday
National Bank Financial raised the target price on Dorel Industries Inc to $35 from $33 after the company acquired a 70% interest in Caloi, a Brazilian manufacturer of bicycles and bicycle equipment. National says it is a great growth opportunity.
Nomura cut the rating on First Quantum Minerals Ltd. to neutral from buy, saying the company is a long-term growth standout, but rich valuation and high gearing and risk drives the downgrade.
Paradigm Capital cut the target price on IC Potash Corp to $1.50 from $2.25, to reflect higher discount rate and capex due to the challenging financing environment.
Broad-based domestic demand drove the strongest German quarterly expansion in more than a year between April and June, fuelling optimism Europe's largest economy will outperform in 2013 and support the faltering euro-zone recovery.
In Canadian economic news, Statistics Canada reported that the consumer price index rose 1.3% in the 12 months leading to July following a 1.2% increase in June. On a seasonally adjusted monthly basis, the Consumer Price Index rose 0.2% in July, matching the increases in May and June.
ON BAYSTREET
The TSX Venture Exchange strengthened 9.72 points Thursday to 935.04
ON WALLSTREET
Investors weren't making any big moves in the aftermath of a technical glitch that shut down trading in all NASDAQ-listed stocks and options for several hours.
Ahead of the opening bell, futures for the Dow Jones Industrials faded two points to 14,937. Futures for the S&P 500 inched up 0.5 points to 1,655.30, and futures for the NASDAQ took on three points, or 0.1%, at 3,104.75
Aeropostale shares plummeted after the teen retailer posted weak results.
Pandora reported strong earnings, but the stock fell after the online radio company issued weaker-than-expected guidance.
With little economic or corporate news on the horizon, Friday's session could be quiet. Investors are just waiting on new home sales data for July, which will be released at 10 a.m. ET.
European markets were mixed in morning trading.
In Asia, markets in China ended with narrow losses, but Japan's Nikkei 225 rallied by 2.2%
Oil prices tacked on four cents to $105.07 U.S. a barrel
Gold prices added $1.30 to $1,371.20 U.S. an ounce.
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