Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares are likely to open higher on Friday, tracking positive European markets and higher crude oil prices.

Activity is likely to be a bit stock specific with investors reacting to quarterly earnings updates.

In earnings news, Crescent Point Energy Corp. (CPG.TO) reported Friday that net income for the first quarter plunged to C$216.7 million or C$0.39 per share from C$1.18 billion or C$2.03 per share in the prior-year quarter.

Emera Inc. (EMA.TO) reported first quarter net income of $560 million, up $198 million, compared with net income of $362 million in the first quarter of 2022.

Onex Corporation (ONEX.TO) reported net loss of $232 million for the quarter ended March 2023, compared with net income of $164 million in the year-ago quarter.

Softchoice Corporation (SFTC.TO) reported adjusted net income of $7.1 million in the first quarter of 2023, compared with $4.6 million in the first quarter of 2022.

The Canadian market ended moderately lower on Thursday due to sustained selling in materials, energy and healthcare stocks. Worries about economic slowdown and weak commodity prices contributed to market's decline.

The benchmark S&P/TSX Composite Index ended with a loss of 81.70 points or 0.4% at 20,417.61.

Asian stocks ended weak on Friday on lingering worries over the health of U.S. banks, ongoing impasse over the U.S. debt ceiling and Chinese economic recovery.

European stocks are broadly higher, with financials and luxury goods makers posting strong gains on impressive results.

Optimism that the Federal Reserve would hald interest-rate increases in the next policy review in June is also aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $0.29 or 0.41% at $71.16 a barrel.

Gold futures are down $11.10 or 0.55% at $2,009.10 an ounce, while Silver futures are lower by $0.404 or 1.65% at $24.020 an ounce.