Bay Street Likely To Open On Positive Note

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

Investors will also be following the developments over U.S. fiscal stimulus talks, coronavirus updates and tracking earnings reports and other corporate news for direction.

On Thursday, the market ended higher despite struggling to hold gains early on in the session. Communications and energy stocks lifted the market. The benchmark S&P/TSX Composite Index ended up 49.13 points or 0.3% at 16,279.36.

TransAlta Renewables Inc. (RNW.TO) announced today that Southern Cross Energy has amended and extended its current power purchase agreement with BHP Billiton Nickel West Pty Ltd in respect of SCE's 245 MW of generation facilities in the Goldfields region of Western Australia .

Canfor Pulp Products Inc. (CFX.TO) reported net loss of $18 million or $0.28 per share for the third quarter of this financial year, compared to net loss of $32.4 million or $0.50 per share a year ago.

SNC-Lavalin (SNC.TO) announced that it has been selected as prime consultant under a US$20 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract to provide corridor planning and development services for the Texas Department of Transportation.

Asian stocks turned in a mixed performance on Friday, with uncertainty over a U.S. stimulus deal and worries about a continued surge in coronavirus cases in several parts of Europe and the U.S. keeping investors worried.

European stocks are moving higher, riding on positive earnings updates from some top companies, including Daimler and Barclays Group, and hopes about a U.S. fiscal stimulus sometime in the foreseeable future.

In commodities, West Texas Intermediate Crude oil futures for December are up $0.20 or 0.5% at $40.84 a barrel.

Gold futures are rising $10.00 or 0.53% at $1,914.60 an ounce. Silver futures are up $0.196 or 0.8% at $24.905 an ounce, while Copper futures are down $0.0017 or 0.08% at $3.1518 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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