February 1, 2023

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Canadian Market Likely To Open Lower

2 min read

Lower futures and weak commodity prices point to a negative start for the Canadian market Friday morning. U.S. non-farm payroll data for the month of May is likely to make a significant impact on the market.

In Canadian company news, Calfrac Well Services Ltd. (CFW.TO) said on Friday that it has appointed Pat Powell as Chief Executive Officer with effect from June 3. Powell takes over the role of chief executive from George Armoyan who had been serving as CEO on an interim basis from December 17, 2021.

Frontera Energy Corporation (FEC.TO) announced that its Chief Financial Officer Alejandro Piñeros has stepped down with effect from June 3, to pursue other career opportunities. Subsequently, the company has appointed its former director René Burgos Díaz as CFO, effective the same day.

Brp Inc (DOO.TO) reported net income of $121.0 million for the quarter ended April 30, 2022, compared with net income of $244.4 million in the corresponding quarter last year.

On the economic front, data on Canadian labor productivity for the first quarter is due at 8:30 AM ET.

Canadian stocks moved sharply higher over the course of the trading day on Thursday, more than offsetting the pullback seen over the two previous sessions.

The benchmark S&P/TSX Composite Index surged 318.09 points or 1.5 percent to 21,031.81, ending the session at its best closing level in almost a month.

The rally came stock as on Wall Street moved sharply higher amid optimism the Federal Reserve could alter its plans to aggressively raise interest rates in the light of some weak economic data.

Asian stocks advanced on Friday amid easing COVID-19 restrictions in China and bets that the Fed might slow its current aggressive pace of rate hikes over the coming months.

Investors awaited U.S. employment data due later in the day for further clues about how far the Federal Reserve may tighten policy to curb inflation.

European stocks have pared early gains and are roughtly flat in early afternoon trade with investors…

2022-06-03 08:07:55

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