Bay Street May Open With Slightly Negative Bias

(RTTNews) - Canadian shares may open with a slightly negative bias on Friday due to weak crude oil prices. Gold stocks may edged higher on steay bullion prices. Activity is most likely to be stock specific with quarterly earnings updates providing some direction.

Onex Corporation (ONEX.TO) reported net earnings of $373 million, or $4.81 per diluted share, for the quarter ended December 2023, compared to net earnings of $435 million, or $5.32 per share, in the corresponding quarter of the previous year.

Lundin Gold Inc (LUG.TO) reported fourth quarter 2023 net income of $11.06 million, as against a net loss of $68.3 million in the year-ago quarter.

TransAlta Corp (TA.TO) reported net loss of $84 million in the fourth quarter of 2023, significantly down from a net loss of $163 million a year ago.

Docebo Inc (DCBO.TO) reported fourth-quarter net income of $3.2 million, or $0.10 per share, compared to net income of $1.6 million, or $0.05 per share in the year-ago quarter.

Jamieson Wellness Inc (JWEL.TO) reported a 5.4% jump in adjusted net earnings at $15.0 million in the fourth quarter ended December 2023, as a result of higher revenue and gross profit. The Canadian market ended on a firm note on Thursday, led by gains in technology, healthcare, industrials and consumer staples sectors.

Strong fourth quarter results and upbeat revenue guidance from U.S. chipmaker NVIDIA buoyed up technology stocks.

The benchmark S&P/TSX Composite Index, which opened with a positive gap of nearly 90 points at 21,259.99 and advanced to 21,365.35, ended the day's session with a gain of 145.70 points or 0.69% at 21,318.08.

Asian stocks rose broadly in thin trade on Friday, with Japanese markets closed for a public holiday. While a rally on Wall Street to record closing highs boosted sentiment, potential gains were capped by heightened geopolitical tensions, hawkish comments from a Federal Reserve official and signs that China's real-estate downturn is getting worse.

European stocks are turning in a mixed performance with investors reacting to hawkish comments from a Fed official, and digesting earnings news and regional economic data. Standard Chartered shares are soaring after the lender reported an 18% surge in pre-tax profits.

In commodities, West Texas Intermediate Crude oil futures are down $1.17 or 1.49% at $77.44 a barrel.

Gold futures are up $5.70 or 0.28% at $2,036.40 an ounce, while Silver futures are up $0.019 or 0.08% at $22.765 an ounce.