Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Friday morning, and may move in a tight range during much of the day's trading session as investors await directional clues.

Jobs data from Canada and the U.S., due during the later part of next week, may provide some clues about the interest rate moves of the Bank of Canada and the Federal Reserve.

In company news, Rogers Communications Inc. (RCI.TO) has revised down its annual service revenue growth outlook, citing lower than expected fourth-quarter media revenue. For the full year, Rogers now expects annual service revenue growth of just over 7 percent, compared with its prior guidance range of 8 percent to 10 percent.

The Canadian market ended the first trading session on a strong note, as materials and energy stocks climbed higher on firm metal and crude oil prices on Thursday. Data showing continued expansion in Canada's manufacturing activity also helped underpin sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 25,003.17 in the session, closed with a gain of 170.09 points or 0.69% at 24,898.03.

Data from S&P Global showed Canada's manufacturing activity continued to expand for a fourth straight month.

Asian stocks ended mixed on Friday despite hopes that China will follow through on its pledges to stimulate growth in the new year.

To steer demand for credit, China's central bank is likely to cut interest rates from the current level of 1.5 percent "at an appropriate time" in 2025, the Financial Times reported.

European stocks are broadly lower in cautious trade as investors await directional clues after markets started the new calendar year on a bright note yesterday.

In commodities, West Texas Intermediate Crude oil futures are down $0.10 or 0.14% at $73.03 a barrel.

Gold futures are up marginally at $2,669.70 an ounce, while Silver futures are gaining $0.310 or 1.04% at $30.210 an ounce.