Canadian Shares Advance, Look Set To Snap 4-day Losing Streak
(RTTNews) - Canadian stocks are up in positive territory Friday morning, tracking gains in U.S. and European markets amid a slew of earnings reports and on upbeat U.S. jobs data.
Higher energy and materials prices too contributed to the positive opening on Bay Street this morning.
The benchmark S&P/TSX Composite Index is up 65.66 points, or 0.4%, at 16,476.54.
On Thursday, the index ended down 91.87 points, or 0.56%, at 16,410.88, extending losses to a fourth straight session.
Suncor Energy (SU.TO) is rising 1.85%, Whitecap Resources (WCP.TO) is up by about 1% and Precision Drilling Corporation (PD.TO) is advancing 2%, while Crescent Point Energy (CPG.TO) is up 2.6%.
Baytex Energy (BTE.TO) is soaring 11% after the company reported net income of $0.02 per basic share for the quarter ended March 2019, compared to net loss of $0.42 per basic share in the fourth quarter of 2018 and net loss of $0.27 per basis share in the first quarter of 2018.
CannTrust Holdings (TRST.TO), which ended with a hefty loss in the previous session, has rebounded strongly and is up more than 8.5% this morning.
Hexo Corp. (HEXO.TO) is gaining 4.3% and Green Organic Dutchman Holdings (TGOD.TO) is up 1.5%.
Eldorado Gold Corporation (ELD.TO) is plunging more than 10% after the company reported adjusted net loss was $17.9 million ($0.11 per share) for the first quarter of 2019, compared to adjusted net earnings of $14.0 million ($0.09 per share) in the year-ago quarter.
U.S. stocks are trading higher, lifted by upbeat jobs data. The Dow is gaining about 0.43% and the S&P 500 is up 0.66%, while the Nasdaq is rising 1.11%.
According to data released by the U.S. Labor Department this morning, non-farm payroll employment surged up by 263,000 jobs in April following a downwardly revised increase of 189,000 jobs in March. Economists had expected employment to climb by 185,000 jobs compared to the addition of 196,000 jobs originally reported for the previous month.
The report also said unemployment rate fell to 3.6% in April from 3.8% in March. Economists had expected the rate to remain unchanged.
European markets closed mostly higher, reacting to positive earnings reports and most of the markets across the Asia-Pacific region ended mixed, with investors looking ahead to the crucial U.S. jobs data.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.