Futures Signal Positive Day for TSX

Turquoise Hill, Altius in Focus

Futures tracking Canada's energy-heavy main stock index rose on Friday, aided by higher crude prices, while the benchmark index was on course to mark its best weekly gains since March.

The TSX Composite leaped 201.47 points, or 1%, to finish Thursday at 20,819.94

The Canadian dollar gained 0.12 cents to 80.92 cents U.S.

December futures were up 0.2% Friday.

Turquoise Hill Resources said on Thursday the estimated additional funding required for the Oyu Tolgoi mine in Mongolia was now $1.2 billion higher than previously expected due to some delays.

Laurentian Bank Securities cut the rating on Altius Minerals to hold from buy.

CIBC cuts target price on Dye & Durham to $44.00 from $50.50

RBC initiates coverage on Headwater Exploration with an outperform rating and a seven-dollar price target.

On the economic schedule, Statistics Canada reports wholesale sales increased 0.3% in August, reflecting mixed results among wholesale sub-sectors.

The agency also says sales of food, beverage and tobacco products surpassed March 2020 levels for the first time.

The Canadian Real Estate Association was set to come out with MLS Sales for September.

ON BAYSTREET

The TSX Venture Exchange gained 6.84 points Thursday to 925.43.

ON WALLSTREET

U.S. stock index futures were higher on Friday as better-than-expected third-quarter earnings reports send the S&P 500 to a winning week.

Futures for the Dow Jones Industrials hiked 161 points, or 0.5%, to 34,945.

Futures for the S&P 500 added 17.25 points, or 0.4%, to 4,446.25.

Futures for the NASDAQ Composite Index gained 50.75 points, or 0.3%, to 15,088.

The S&P 500 posted its best day since March as major earnings topped expectations. Goldman Sachs, J.B. Hunt and PNC Financial are among the names that will report quarterly results on Friday.

During regular trading the S&P 500 advanced 1.71%, registering its best day since March 5. The Dow gained 1.55%, snapping a four-day losing streak. The 30-stock benchmark had its best day since July 20. The NASDAQ Composite gained 1.73% for its best day since May. All three averages are on track to end the week in the green.

The gains come amid a strong start to earnings season. Eight members of the S&P 500 posted quarterly results on Thursday morning, with each one topping Wall Street’s expectations. Financial heavyweights Bank of America, Morgan Stanley and Citigroup were among the names that reported.

On the economic data front, retail sales numbers will be released Friday at 8:30 a.m. ET, while the University of Michigan Consumer Sentiment reading will be revealed at 10 a.m. ET.

Retail sales are expected to slide 0.2% for September from the prior month, according to economists polled by Dow Jones.

Overseas, in Japan, the Nikkei 225 jumped 1.8% Friday, while in Hong Kong, markets returned from holiday, with the Hang Seng barreling ahead 1.5%.

Oil prices surged 85 cents to $2.16 U.S. a barrel.

Gold prices sank $19.40 to $1,778.50 U.S. an ounce.