Stock futures pointed to a slightly lower opening for Canada's main stock index following the release of gross domestic product data for the first quarter.
The S&P/TSX composite index lost 3.5 points to Thursday’s session at 15,106.97
The Canadian dollar dipped 0.09 cents to 80.33 cents U.S. early Friday.
The Bank of Nova Scotia reported a quarterly profit that came in ahead of market expectations, supported by gains in its global banking and markets division, and said it planned to buy back shares.
Net income in the second quarter ended April 30 was $1.8 billion, or $1.42 per share, compared with $1.8 billion, or $1.39 per share, a year ago. Excluding special items, earnings rose to $1.43. Analysts on average had expected earnings of $1.39 a share.
Managers at BP Plc and Husky Energy’s joint-venture refinery in Toledo, Ohio, are weighing a proposal to allow striking union workers to return to work without a final contract, a BP spokesman said on Thursday.
UBS cut target price on Canadian Pacific Railway to $246.00 from $248.00 saying that Teck mine shutdowns point to a weaker 2H coal for the company.
CIBC raised price target on RBC to $87.00 from $86.00 citing the benefits of a deep bench and the company’s Q2/F15 earnings.
Canaccord Genuity raised price target on TD Bank to $57.00 from $55.00 stating that restructuring charge provides insight on the company’s cost containment strategy.
On the economic blotter, Statistics Canada reported real gross domestic product decreased 0.1% in the first quarter, following growth of 0.6% in the fourth quarter of 2014. This was the first negative growth rate of real GDP since the second quarter of 2011. On a monthly basis, real GDP by industry fell 0.2% in March.
ON BAYSTREET
The TSX Venture Exchange gained 1.54 points Thursday to 692.16
ON WALLSTREET
U.S. stock futures are edging down ahead of the open.
Ahead of the opening bell, futures for the Dow Jones Industrials gave back 27 points, or 0.2%, to 18,107, futures for the S&P 500 slid 4.25 points, or 0.2%, to 2,117.50, and futures for the NASDAQ fell 13.75 points, or 0.3%, to 4,529.
On the month, the Dow and S&P 500 are both up by about 1.6%, and the NASDAQ has surged by 3.2%.
Shares in Altera are surging by about 10% pre-market based on a New York Post report that says Intel is considering a $15-billion U.S. bid for the smaller chipmaker.
Big Lots is reporting ahead of the open.
The U.S. Bureau of Economic Analysis will release a new estimate for first quarter this morning. The original estimate showed the U.S. economy grew by just 0.2% in the first three months of the year, which was well below expectations. Many now predict the economy may have actually shrunk in the first quarter.
Also this morning, the University of Michigan will update its monthly consumer sentiment index.
European markets are all declining in early trading, with renewed nervousness about the fate of Greece setting the tone. A German newspaper quoted the head of the International Monetary Fund as saying that it was possible Greece would have to leave the euro-zone.
In Germany, the benchmark Dax index is declining by about 1%.
Asian markets ended with mixed results. The mood in China has calmed down after a large pullback Thursday, following stellar gains so far this year.
Oil prices hiked 60 cents to $58.28 U.S. a barrel
Gold prices slipped 60 cents at $1,188.20 U.S. an ounce.
Related Stories
