Futures pointed to a lower start for equities in this country on Friday as oil prices slid further and investors digested the release of U.S. and Canada gross domestic product data.
The S&P/TSX Composite eked up 6.18 points to close Thursday at 14,552.72. Futures hesitated 0.1% Friday morning.
The Canadian dollar dipped 0.11 cents to 75.9 cents U.S. early Friday
Air Canada reported a better-than-expected quarterly profit on lower fuel expenses and the country's largest airline cut its cost estimate for the year.
Enbridge reported a 47.8% fall in quarterly profit as the company's liquids pipeline business was hit by a massive wildfire in Fort McMurray, Alberta.
UBS raised the price target on Cenovus Energy to $20.00 from $19.00, with a neutral rating
Paradigm raised the price target on First Quantum Minerals to $15.50 from $8.50
Canaccord Genuity cut the price target on Goldcorp to $27.00 from $30.00
On the economic beat, Statistics Canada reported that real gross domestic product fell 0.6% in May, the largest monthly decline since March 2009.
The decrease in May was primarily due to lower non-conventional oil extraction, as a result of the Fort McMurray wildfire and evacuation
The agency industrial product price index came in 0.6% higher in June, mainly due to higher prices for energy and petroleum products.
Its raw materials price index jumped 1.8%, as a result of higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange was still positive 3.24 points Thursday to 784.95
ON WALLSTREET
U.S. stock index futures pointed to a mostly lower open Friday amid earnings and after second-quarter GDP showed a 1.2% annualized growth rate.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped 56 points, or 0.3%, to 18,320, while futures for the S&P 500 slipped 4.75 points, or 0.2%, at 2,160. NASDAQ futures inched up 2.5 points, or 0.1%, to 4,722.25.
On the earnings front Chevron, Exxon Mobil, UPS and Xerox are among companies set to report before the bell.
Exxon reported earnings that badly missed expectations. United Parcel Service reported earnings in-line with expectations, on revenue that beat.
Economists estimated the U.S. economy grew by 2.6% in the second quarter, but the Atlanta Federal Reserve on Thursday came out with a new 1.8% forecast, off from 2.3% the day before.
Elsewhere on the data front, Friday will see the release of the employment cost index, with Chicago PMI due slightly later, and consumer sentiment set for last.
In Europe, markets were holding their own on Friday morning.
In Asia, Japan's Nikkei closed 0.6% higher on Friday while in China, the Shanghai Composite closed 0.5% lower.
Oil prices backed off 46 cents to $40.68 U.S. a barrel
Gold prices added $4.90 at $1,346.10 U.S. an ounce.
