Canada's media sector will be in focus Friday following a major policy announcement about how consumers get their television service.
The S&P/TSX composite index ended Thursday down 88.31 points to 14,873.93
The Canadian dollar gained 0.19 cents to 78.85 cents U.S. early Friday.
The CRTC is ordering cable and satellite companies to offer a so-called "skinny basic" package of channels for no more than $25 a month. Consumers will also get more freedom to "pick and pay" the channels that they want.
Shares of BCE Inc., Rogers Communications and Quebecor Inc. were all slightly lower Thursday as major details of the policy were reported ahead of the official announcement after markets closed.
In corporate news, Ontario-based auto parts manufacturer Martinrea International swung to a profit in the fourth quarter. Its net income was $11.9 million and adjusted income was $22.8 million or 27 cents per share, a record for the Toronto-based company and in line with analyst estimates. Its shares closed at $13.07 before the results were released Thursday.
In the economic docket, Statistics Canada reported that Gross Domestic Product rose 1.0% in the 12 months to February, matching the increase in January. On a seasonally adjusted monthly basis, inflation rose 0.2% in February, following a 0.2% decrease in January.
Retail sales eased for the second straight month in January, declining 1.7% to $41.4 billion. Sales were lower in seven of 11 sub-sectors, representing 83% of retail trade.
ON BAYSTREET
The TSX Venture Exchange inched up 0.73 points Thursday to 667.09
ON WALLSTREET
U.S. stock futures are pushing higher, indicating markets could recover after a relatively down day on Thursday.
Ahead of the opening bell, futures for the Dow Jones Industrials soared 126 points, or 0.7%, to 18,011. Futures for the S&P 500 gained 10.75 points, or 0.5%, to 2,092.25, and futures for the NASDAQ sprinted ahead 25.50 points, or 0.6%, to 4,447.50.
A handful of companies are reporting earnings ahead of the open, including Tiffany & Co, Darden Restaurants and KB Home.
Shares in Nike are rising after investors welcomed their latest quarterly earnings.
Across the pond, European markets are moving up in early trading. Asian markets ended with mixed results.
Oil prices dipped 36 cents to $43.60 U.S. a barrel
Gold prices picked up $2.50 to $1,171.50 U.S. an ounce.
