Markets

TSX Headed for Gains As Commodities, Jobs Data Offer Support

Canada's benchmark index is headed for a strong start on Friday, spurred by rising commodity prices and better-than-expected Canadian jobs data.

Stock futures for the June quarter on the S&P TSX index edged up 0.01% at 8.58am ET.

Brent crude rose above the US$56-per-barrel mark, while the bullion moved back above US$1,200-an-ounce levels. Oil prices increased after concerns over the possibility of more supply from Iran subsided.

Still on economic news, Statistics Canada said employment increased in March by 29,000, driven by gains in part-time work, although the unemployment rate was unchanged at 6.8%. The forecasts were for zero jobs to be created and for the jobless rate to reach 6.9%.

In corporate news, investors will keep an eye out on Cameco (CCO.TO), which is reportedly in talks with India on a uranium supply deal that would provide fuel for nuclear power plants, and on Bombardier (BBD-B.TO), which Reuters said is exploring options to monetize its transportation unit potentially worth up to $5 billion.

The TSX rose 112 points at closing on Thursday, led by energy stocks.

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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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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