Bay Street Headed For Positive Start

(RTTNews) - Firm commodity prices and steady global stocks amid optimism about trade deals point to a positive start for the Canadian market on Friday. Canadian jobs data for the month of April, and corporate earnings updates are also set to make an impact.

Investors hope the U.S. and China will strike a trade deal or agree on a preliminary framework for the same this weekend.

Data released by Statistics Canada showed the Canadian economy added 7,400 jobs in the month of April, after seeing a drop of 32,600 jobs in March.

Meanwhile, the unemployment rate in Canada increased to 6.9% in April, up from 6.7% a month earlier.

Enbridge Inc. (ENB.TO) reported adjusted earnings of $2.2 billion or $1.03 per common share for the first-quarter of its current financial year, compared with $2.0 billion or $0.92 per common share in the year-ago quarter.

Telus Corporation (T.TO) reported net income of $301 million for the first quarter of 2025, up 115% compared to a year ago.

Onex Corporation (ONEX.TO) reported first-quarter net earnings of $168 million, compared to $10 million in the year-ago quarter.

Algonquin Power & Utilities (AQN.TO) reprted net earnings of $95.4 million for the second quarter of its current financial year, as against net loss of $56.8 million a year ago.

Air Canada, Canadian Tire Corporation, MAG Silver, NuVista Energy and Pembina Pipeline reported higher earnings for their latest quarter.

The Canadian market closed on a firm note on Thursday following U.S. President Donald Trump unveiling the framework of a trade agreement with the U.K.

The benchmark S&P/TSX Composite Index pulled back off its best levels in the latter part of the trading day but still closed up 92.88 points or 0.7% at a one-month closing high of 25,254.06.

European stocks are up in positive territory amid hopes of more major countries striking trade deals with the U.S., after Trump unveiled the framework for an agreement with the U.K.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.30 or 2.15% at $61.21 a barrel.

Gold futures are gaining $30.40 or 0.91% at $3,336.40 an ounce, while Silver futures are up $0.098 or 0.3% at $32.715 an ounce.