Futures pointed to a higher opening for Canada's main stock index on Friday, the last trading session of 2019`s first quarter, as oil prices gained in the wake of supply cuts led by the Organization of the Petroleum Exporting Countries and U.S. sanctions against Iran and Venezuela.
The S&P/TSX Composite Index gained 22.96 points to close Thursday at 16,155.49
The Canadian dollar gained 0.09 cents to 74.55 cents U.S. early Friday
June futures were up 0.2% Friday.
BlackBerry reported a fourth-quarter profit compared with a year-ago loss, benefiting from a 71% rise in its licensing and IP revenue as it filed for more patents for its technologies.
Fiat Chrysler Automobiles NV said on Thursday it will eliminate one shift at its Windsor, Ontario, assembly plant where it builds minivans, resulting in the loss of 1,500 jobs.
Canaccord Genuity cut the rating on Cronos Group to sell from hold
Desjardins raised the rating on Stars Group to buy from hold
Eight Capital raised the target price on Abacus Health Products to $22 from $15
On the economic beat, Statistics Canada reported the economy 0.3% in January, gross domestic product fully offsetting the declines in November and December 2018.
The rise was widespread as 18 of 20 industrial sectors were up.
Also, the agency’s industrial product price index rose 0.3% in February, mainly due to higher prices for energy and petroleum products.
Its raw materials price index increased 4.6%, primarily due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange subtracted 3.63 points Thursday to 622.67
ON WALLSTREET
U.S. stock index futures were slightly higher Friday morning, amid renewed optimism on the progress of trade talks between Washington and Beijing.
Futures for the Dow Jones Industrial Average grew 114 points, or 0.5%, at 25,851
Futures for the S&P 500 gained 11.5 points, or 0.4%, at 2,832.50
NASDAQ futures progressed 34.25 points, or 0.5%, to 7,386.25
In corporate news, CarMax and Blackberry are both set to report their latest quarterly results before the opening bell.
Shares of Wells Fargo rose more than 2% on news that CEO Tim Sloan was retiring from his post. Sloan became the company's chief executive in October 2016 after news that employees created millions of fake accounts to meet sales quotas.
On the data front, personal income and core personal consumption expenditures price index figures for February will be released early this morning.
Chicago Purchasing Managers` Index and consumer sentiment for March and new home sales for February will follow later in the session.
Market focus is largely attuned to global trade developments, after U.S. officials said China had made proposals on a range of issues that go further than it has before — including on forced technology transfer.
U.S. Treasury Secretary Steven Mnuchin said on Friday he had a "productive working dinner" with Chinese trade officials the previous night in Beijing, as both sides restart negotiations with the hope of bringing an end to their protracted trade dispute.
The world's two largest economies have imposed tariffs on billions of dollars' worth of one another's goods over the past year, battering financial markets and souring business and consumer sentiment.
Overseas, in Japan, the Nikkei 225 gained 0.8% Friday, while in Hong Kong, the Hang Seng Index hiked 1%
Oil prices added $1.01 to $60.31 U.S. a barrel.
Gold prices shone brighter $4.20 to $1,308.00 U.S. an ounce.
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