TSX May Start Slightly Changed After Jobs Data, Decline in Commodities

The TSX looked set to open slightly changed on Friday, with commodity prices in the negative territory. Disappointing jobs data out of Canada were unlikely to move sentiments too much, given strong gains over the previous months.

Data showed that Canada employment slipped 7.2k in March after the 55.9k gain in February. Full time employment eased 6.4k after a 67.4k surge. Part time jobs dipped 0.9k after an 11.6k decline. The unemployment rate was 5.8% from 5.8%.

Energy stocks were likely to decline after oil prices edged down from five-month highs, as traders took profits following a near 4% rise in the contract over the past week. Also in the red was gold, which was down for a third-straight session as the US dollar continued to gain steam following strong employment numbers an optimism over a trade deal with China.

In stocks, investors may keep an eye on Aphria Inc. (APHA.TO) after its German subsidiary Aphria Deutschland GmbH has been selected by the German Federal Institute for Drugs and Medical Devices (BfArM) to receive a license for the cultivation of medical cannabis in Germany. Focus will also be on Aurora Cannabis Inc. (ACB.TO), which said that BfArm has chosen it as one of three winners in the public tender to cultivate and distribute medical cannabis in Germany.

The TSX gained 31 points on Thursday, led higher by material 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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