June 24, 2022

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Canadian Stocks Likely To Open Higher; Jobs Data In Focus

2 min read

Slightly higher futures and firm European markets point to a positive start for Canadian shares on Friday. Data on Canadian employment for the month of March is likely to make a significant impact on the market.

Canadian jobs data is due at 8:30 AM ET. The Canadian economy added 336,600 jobs in February of 2022. The unemployment rate dropped to 5.5% in February, from 6.5% a month earlier.

Mty Food Group Inc. (MTY.TO) reported net income of $16.6 million, or $0.68 per diluted share, for the first quarter of 2022, up from a net income of $13.4 million, or $0.54 per diluted share, in the first quarter of the previous year.

Corus Entertainment Inc. (CJR.B.TO) reported net income attributable to shareholders of $16.2 million ( $0.08 per share basic) for the second quarter of fiscal 2022, compared with net income of $35.3 million in the year-ago quarter.

Despite spending much of the day’s session in negative territory, the Canadian market ended modestly higher on Thursday thanks to strong gains in energy and materials shares. The benchmark S&P/TSX Composite Index ended with a gain of 46.29 points or 0.21% at 21,834.89, recovering from a low of 21,635.34.

Asian stocks ended mixed on Friday amid lingering worries about the war in Ukraine and the U.S. Federal Reserve’s hawkish stance on future rate hikes.

European stocks are up in positive territory on Friday, recovering after two successive days of losses, with investors taking in stride a new round of sanctions against Russia, the prospect of tighter monetary policy and China’s worsening Covid-19 outbreak.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.34 or 0.35% at $96.34 a barrel.

Gold futures are down $2.00 or 0.1% at $1,935.80 an ounce, while Silver futures are up marginally at $24.750 an ounce.

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2022-04-08 08:07:53

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