Stock markets in Toronto looked set to open higher on Friday, helped by reassuring comments from Federal Reserve policymakers and positive Japanese data, but shares of BlackBerry were expected to weigh heavily after it reported weak results.
The S&P/TSX Composite Index increased 53.88 points to finish Thursday at 12,005.78, with futures up 0.3%.
The Canadian dollar inched back 0.19 cents to 95.25 cents U.S. early Friday.
BlackBerry shares tumbled 20% in pre-market trading after it posted an unexpected quarterly operating loss and offered few signs of a long-promised turnaround.
Canada's broadcast regulator approved BCE Inc's modified bid for Astral Media Inc on Thursday, allowing the telecom company to acquire more of the content it distributes to television, computer and mobile screens.
Air Canada said it would terminate a tender offer to buy back certain bonds due to the recent volatility in debt and capital markets. It said in a statement late on Thursday that the market volatility had made refinancing terms unattractive.
Talisman Energy drilled a dry well near the Gyda field in the Norwegian section of the North Sea, the Norwegian Petroleum Directorate said on Friday, confirming an earlier statement from one of the license partners.
On the economic slate, Statistics Canada reported this morning that real gross domestic product grew 0.1% in April, a fourth consecutive monthly increase. Service industries led the gain in April.
Moreover, its industrial product price index was unchanged in May from April, and the agency’s raw materials price index rose 0.2% in May, mostly as a result of higher prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange dipped 0.60 points Thursday to 860.24
ON WALLSTREET
All three major U.S. indexes are on track to end 2013's second quarter Friday with modest gains, despite a rough June.
Futures for the Dow Industrials were flat at 14,936. Futures for the S&P 500 scaled back 0.30 points to 1,606.30, and futures for the NASDAQ dipped 0.5 points to 2,899.
Year-to-date, stocks are up 12% to 15%. Recent gyrations have been sparked by worries about when the Federal Reserve might start to pull back on its massive bond buying program that has been a big driver of the bull market.
Nike shares edged lower in pre-market trading, easing from strong after-hours gains following a strong earnings report. Shares of outsourcing and consulting firm Accenture were lower after the firm cut expectations for its year-end results.
Shares of Pfizer edged higher in pre-market trading after the drug maker announced late Thursday that it would increase its share buyback program by $10 billion U.S.
Since Federal Reserve Chief Ben Bernanke's press conference, Fed officials have been in damage control mode. Fed Governor Jeremy Stein was the latest central bank official trying to calm frayed nerves. On Friday, he said investors had overreacted and the Fed's policy stance is "broadly unchanged." Translation: bond buying is likely to continue.
Oil prices up 21 cents to $95.71 U.S. a barrel
Gold prices added $5.70 to $1,235.50 U.S.
