Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares are likely to open on a mixed note on Friday with investors reacting to the nation's GDP data, and treading cautiously ahead of the February 1 deadline for the imposition of trade duties on Canada.
Data from Statistics Canada showed Canadian real gross domestic product decreased 0.2% in November. According to preliminary estimates, the economy rebounded in December and GDP likely grew 0.2%.
In earnings news, Imperial Oil Ltd. (IMO.TO) reported that fourth-quarter net income declined to C$1.23 billion or C$2.37 per share from C$1.37 billion or C$2.47 per share in the prior-year quarter. Total revenues and other income for the quarter decreased to C$12.61 billion from C$13.11 billion in the same quarter last year.
Analysts polled expected the company to report earnings of C$2.18 per share on revenues of C$13.21 billion for the quarter.
The Canadian market climbed to a record high on Thursday, lifted by strong gains in technology and materials sectors. While encouraging earnings from a few big name U.S. tech companies triggered heavy buying in the tech space, firm metal prices pushed up materials shares.
Healthcare, utilities, real estate and industrials stocks were the other major gainers.
Investors digested U.S. and European economic data, and the European Central Bank's monetary policy announcement.
The benchmark S&P/TSX Composite Index ended with a solid gain of 334.95 points or 1.31% at 25,808.25. The index scaled a fresh record high of 25,875.61 in the session.
Most Asian markets rose on Friday following encouraging earnings updates from Apple and Intel. Seoul stocks underperformed amid a sell-off in tech shares on concerns over China's growing AI capabilities.
The major European markets are up in positive territory, reacting to some encouraging earnings news, and on optimism about more monetary easing by central banks.
In commodities, West Texas Intermediate Crude oil futures are up $0.23 or about 0.32% at $72.96 a barrel.
Gold futures are flat at $2,854.20 an ounce, while Silver futures are gaining $0.177 or 0.54% at $32.670 an ounce.
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