Markets

Bay Street Likely To Open Higher

(RTTNews) - Canadian shares are likely to open on a positive note Friday morning, reacting to news that an experimental Covid-19 treatment remdesivir is showing promise in a Chicago clinical trial.

The U.S. President Donald Trump's guidelines on gradual re-opening of the economy may also significantly aid sentiment.

Falling crude oil and gold prices may weigh on stocks and limit market's upside.

On Thursday, the benchmark S&P/TSX Composite Index, which spurted to 14,046.92 at the start, ended with a loss of 59.26 points, or 0.42%, at 13,899.32.

Canopy Growth Corp. (WEED.TO) said Thursday that it will trim its global cannabis operations and cut 85 full-time jobs as part of an ongoing strategic review of its business. The company continues to expect to incur a pre-tax charge of up to C$800 million for the quarter ended March 31, 2020.

The Stars Group Inc. (TSGI.TO) announced that it expects first quarter revenue of $735 million, a 27% increase over revenue of $580 million it posted a year-ago. Adjusted net earnings is forecast at $185 million, compared with $106 million recorded in the year-ago quarter.

Asian stocks posted strong gains on Friday as reports of promising early data related to a potential Covid-19 treatment from Gilead Sciences and U.S. President Donald Trump's plans to reopen businesses helped investors shrug off weak economic data from China.

European stocks are up sharply with investors shrugging off weak Chinese GDP data and indulging in some brisk buying at several counters, with a potential drug to treat Covid-19, and Trump's guidelines on re-opening of the U.S. economy lifting sentiment.

In commodities, West Texas Intermediate Crude oil futures for May are down $1.63, or 8.2%, at $18.24 a barrel.

Gold futures for June are declining $17.00, or 0.98%, at $1,714.70 an ounce.

Silver futures for May are down $0.234, or 1.49%, at $15.388 an ounce, while Copper futures for May are up $0.0555, or 2.41%, at $2.3465 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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