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Futures Point Up on Oil Cuts
Futures for stocks in Canada’s largest market rose on Friday as oil prices gained after the Organization of the Petroleum Exporting Countries’ producers and their allies promised to meet supply cut commitments, while signs of improving fuel demand further bolstered sentiment.
The S&P/TSX Composite Index gained 51.14 points to close Thursday at 15,479.83.
The Canadian dollar gained 16 cents Friday to 73.71 cents U.S.
June futures improved 0.7% Friday.
Barrick Gold on Thursday said there is "absolutely no truth" to a news release circulated on social media in Zambia claiming the gold miner had sold its Lumwana copper mine.
Shopify and Blackberry have been working with provincial and federal governments on a coronavirus contact tracing app expected to launch in July.
Suncor Energy said a leak at its 137,000-barrel-per-day Montreal refinery has been contained and stopped.
CIBC raised the target price on Empire Company to $37.00 from $35.00
Jefferies raises target price on First Quantum Minerals to $18.00 from $16.00
Altacorp cuts price target to $2.15 from $4.30
On the economic blotter, Statistics Canada reported retail sales were down by 26.4% in April to $34.7 billion. Motor vehicle and parts dealers took the largest hit, while online sales surged to a record high, representing 9.5% of the total retail market in April.
ON BAYSTREET
The TSX Venture Exchange fell 1.52 points Thursday to 558.27.
ON WALLSTREET
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U.S. stock futures were higher early Friday following a muted session in which traders grappled with disappointing unemployment data and worried about rising coronavirus cases.
Futures for Dow Jones Industrials leaped 345 points, or 1.3%, early Friday, to 26,250.
Futures for the S&P 500 gathered 38 points, or 1.2%, to 3,136.50.
Futures for the NASDAQ Composite Index shot higher 103 points, or 1%, to 10,086.
The Dow, S&P 500 and NASDAQ Composite headed into Friday’s session on pace for their fourth weekly gain in five weeks. The Dow is up 1.9% week to date through Thursday’s close while the S&P 500 has gained 2.4% in that time. The NASDAQ has climbed more than 3% over that time period.
Futures gained amid a report by Bloomberg News that China was set to up its purchases of U.S. farm products to comply with phase one trade deal. The report eased concerns about U.S.-China trade relations as the two countries exchange heated rhetoric regarding the coronavirus.
Stocks tied to the reopening of the economy gained in the pre-markets. United Airlines rose 2%, while Kohl’s gained 5%
Overseas, in Tokyo, the Nikkei 225 gained 0.6% Friday, while in Hong Kong, the Hang Sang picked up 0.7%.
Oil prices advanced $1.20 at $40.04 U.S. a barrel.
Gold prices added $10.90 to $1,742.
