Stock futures pointed to a lower opening for Canada's main stock index, as investors digested inflation and retail sales figures Friday.
The S&P/TSX composite index recovered 37.66 points to conclude Thursday at 14,770.64
The Canadian dollar faded 0.33 cents to 81.47 cents U.S. early Friday.
Cenovus Energy Inc is in exclusive talks to sell Canadian oil and gas royalty lands to the Ontario Teachers' Pension Plan in a deal that could fetch $2.5 billion to $3 billion, according to four sources familiar with the matter.
The sources, who asked not to be named as they have not been cleared to discuss the matter publicly, said the discussions between Calgary-based Cenovus and Ontario Teachers, one of Canada's top pension fund managers and investors, are at an advanced stage.
Barclays cut the target price on AGF Management to $7.00 from $8.00 considering that the company’s retail assets under management receded in the quarter.
National Bank Financial initiated coverage on Boulder Energy Ltd with an outperform rating saying that the company is a junior, oil-weighted E&P company with a strategy focused on organic growth through pure-play development of the Belly River resource in west central Alberta.
BMO raised rating on George Weston Ltd to outperform from market perform based on the low implied valuation of Weston Foods, and expectations of improving operating income.
BMO also cut the target price on Canadian Pacific Railway to $245.00 from $255.00 on reduction of rail demand in Western Canada due to narrow pricing spreads for heavy crudes.
On the economic ledger, Statistics Canada reported that retail sales, retail sales edged down 0.1% in April to $42.5 billion, following gains in February and March. Lower sales at food and beverage stores as well as electronics and appliance stores offset higher sales in most other sub-sectors.
Meanwhile, the Consumer Price Index rose 0.9% in the 12 months to May, after increasing 0.8% in April. The agency added that, a seasonally-adjusted monthly basis, inflation increased 0.4% in May, following a 0.1% decline in April.
ON BAYSTREET
The TSX Venture Exchange improved 1.05 points Thursday to 682.62.
ON WALLSTREET
Amid all the turmoil abroad, U.S. markets are finding a way up Friday.
Ahead of the opening bell, futures for the Dow Jones Industrials added 14 points, or 0.1%, to 18,058, futures for the S&P 500 inched up 1.75 points, or 0.1%, to 2,116.50, and futures for the NASDAQ improved 7.5 points, or 0.2%, to 4,538.25.
ConAgra Foods, a Nebraska-based food company, saw a 7% jolt in its stock in extended trading after hedge fund JANA Partners announced it bought 7.2% of the company's shares.
ConAgra is behind brands including Orville Redenbacher popcorn and Reddi-wip whipped cream.
Shares in Macerich Co, which owns and operates regional shopping malls in the U.S., dropped by 6% in extended trading after local authorities gave it approval, along with a partner, to revamp The Gallery mall in Philadelphia. The redevelopment will reportedly cost well over $300 million U.S.
European markets are pushing higher in early trading, despite the fact that Greece and its creditors were unable to reach a deal on the country's debt crisis Thursday. Traders appear to be taking the news in their stride as they hope for a last-minute deal at a meeting of top EU leaders Monday.
Without an agreement very soon, Greece could miss a payment to the International Monetary Fund due at the end of the month, making it the first developed country to ever default on IMF debt.
The main Chinese stock markets in Shanghai and Shenzhen have officially entered correction territory, with each of the key indexes down by about 13% over the last few days.
Oil prices dipped 90 cents to $59.55 U.S. a barrel
Gold prices gained 90 cents at $1,202.90 U.S. an ounce.
