Bay Street Likely To Extend Gains

(RTTNews) - Canadian shares are likely to extend recent gains as the mood is likely to remain positive Friday morning amid easing tensions about tariffs.

Lower crude oil and bullion prices could hurt resources stocks a bit and limit market's upside.

Fresnillo Plc, a Mexican precious metals miner, said on Friday that it has sold its stake in MAG Silver Corp. (MAG.TO) following the announcement of the deal that Pan American Silver Corp. (PAAS.TO) is set to buy MAG Silver.

Fresnillo had earlier acquired its stake in MAG Silver to support the strong partnership at Juanicipio, a silver mine, where Fresnillo is the operator and majority owner.

The Canadian market continued its moves up north on Thursday, rising for the eighth consecutive session, and recorded its highest close ever, settling at 25,897.48 with a gain of 205.03 points or 0.8%.

The market gained amid easing trade concerns after the U.S. announced trade deals with the U.K. and China.

Gold stocks helped lead the way higher amid a rebound by the price of the precious metal, driving the S&P/TSX Global Gold Index up by 2.2%.

Asian stocks ended mostly lower on Friday as Japanese GDP data disappointed and investors awaited clarity on how the global economy would be impacted by U.S. tariffs on its trading partners.

European stocks are up in positive territory today amid easing trade tensions following the U.S.-China deal earlier in the week, and recent reports about a positive progress in the EU bloc's discussions with the U.S. for tariff reductions.

In commodities trading, West Texas Intermediate Crude oil futures down $0.27 or 0.44% at $61.35 a barrel.

Gold futures are lower by $24.25 or 0.75% at $3,202.35 an ounce, while Silver futures are down $0.300 or 0.91% at $32.380 an ounce.