Bay Street Seen Opening On Mixed Note
Canadian shares are likely open on a mixed note Friday morning, tracking firm commodity prices and downbeat earnings updates from a few top U.S. firms.
Data on Canada’s GDP for the month of February is due at 8:30 AM ET. A report on raw materials prices in Canada is also due at 8:30 AM ET.
Magna International Inc. (MG.TO) reported adjusted net income of $183 million for the first quarter of the current financial year. Adjusted earnings per share came in at $1.28 in the quarter, compared to $1.86 a year ago.
TC Energy Corporation (TRP.TO) reported first-quarter net income of $0.4 billion or $0.36 per common share compared to a net loss of $1.1 billion or a loss of $1.11 per common share in 2021.
Imperial Oil (IMO.TO) said the company posted its highest first quarter net income in over 30 years of $1,173 million with Upstream income of $782 million and Downstream income of $389 million, driven primarily by strong market conditions
The Canadian market ended on a strong note on Thursday with investors shrugging off concerns about inflation and fears over interest rate hikes, and reacting to upbeat earnings from top companies across Canada, the U.S. and Europe.
The benchmark S&P/TSX Composite Index ended with a gain of 376.83 points or 1.82% at 21,121.06, after climbing to a high of 21,206.46 intraday.
Asian stocks closed higher on Friday, tracking Wall Street’s tech-led gains overngith that came as traders shrugged off the surprise contraction in the U.S. economy in the first quarter of 2022. Optimism over likely policy support from Beijing amidst the severe Covid curbs contributed as well to markets’ upside.
European stocks are holding in positive territory, continuing to benefit from fairly strong earnings updates.
In commodities market, West Texas Intermediate Crude oil futures are up $0.75 or 0.71% at $106.11 a barrel.
Gold futures are gaining $26.00 or 1.4% at $1,917.30 an ounce, while Silver futures are up $0.164 or 0.71% at $23.345 an ounce.