Bay Street Likely To Open On Firm Note

(RTTNews) - Canadian shares look headed for a firm start Friday morning, tracking higher commodity prices, and on optimism about interest rate cuts from major central banks sooner than later. Data on Canadian employment is also set to make an impact.

The Canadian employment data for the month of April is due at 8:30 AM ET. Data on average hourly wages for April is also due at 8:30 AM ET.

Employment in Canada edged down by 2,200 jobs in March, following an addition of 40,700 jobs in February. The unemployment rate jumped to 6.1% in March from 5.8% in the earlier month.

Algonquin Power & Utilities Corp. (AQN.TO, AQN) reported a first quarter net loss to shareholders of $89.1 million compared to profit of $270.1 million, last year. Loss per share was $0.13 compared to profit of $0.39.

Enbridge Inc (ENB.TO) reported adjusted earnings of $2.0 billion or $0.92 per common share, for the first quarter of 2024, an increase of 8% per share, compared with $1.7 billion or $0.85 per common share in 2023.

Onex Corporation (ONEX.TO) reported a net profit of US$10 million for the first-quarter of this year, compared to net loss of $232 million in the year-ago quarter.

Crescent Point Energy (CPG.TO) reported a net loss of $411.7 million for the quarter ended March 31, 2024 , compared to net profit of $216.7 million a year ago.

CI Financial Corp (CIX.TO) reported adjusted net income of $132.8 million for the first quarter of 2024, compared to $136.8 million in the first quarter of 2023.

In other corporate news, Canfor Corp. (CFP.TO) announced the permanent closure of its Polar sawmill in Bear Lake, BC, and the suspension of its planned reinvestment in Houston, BC, citing persistent timber shortage and challenging operating conditions in northern British Columbia.

The Canadian market ended on a firm note on Thursday, bouncing back after snapping a five-session winning streak a day earlier, as data showing a bigger than expected increase in U.S. jobless claims raised expectations the Federal Reserve will cut interest rates in September.

The benchmark S&P/TSX Composite Index, which opened marginally up at 22,287.01, climbed to one-month high 22,426.97, ended with a gain of 116.67 points or 0.52% at 22,375.83.

Asian stocks advanced on Friday while the dollar and bond yields dipped as fresh signs of cooling in the U.S. labor market revived hopes for U.S. rate cuts this year.

European stocks are up firmly in positive territory amid optimism that the Federal Reserve may cut interest rates in September or November, after data from the Labor Department on Thursday showed the U.S. labor market is weakening.

Better-than-expected U.K. GDP growth data, and the Bank of England's dovish rate decision are also aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $0.55 or 0.71% at $79.81 a barrel.

Gold futures are gaining $39.60 or 1.69% at $2,379.90 an ounce, while Silver futures are up $0.460 or 1.62% at $28.825 an ounce.