Bay Street Likely To Open Slightly Higher

(RTTNews) - The Canadian market, set to resume trading Friday morning after Christmas holidays, may open higher with energy stocks seeing some buying thanks to higher crude oil prices. An upward revision in China's growth forecast by the World Bank is also likely to aid sentiment a bit.

Sierra Metals Inc. (SMT.TO) announced Thursday that a majority of its shareholders have committed not to tender their shares in the event that Alpayana S.A.C. formalizes its proposed unsolicited all-cash take-over bid to acquire all of the issued and outstanding common shares of Sierra Metals for C$0.85 per share.

Loblaw Companies Limited (L.TO), a Canadian retailer, Friday said that it has entered into an automatic share purchase plan (ASPP) with a broker to facilitate repurchases of 5% of the 306.74 million shares outstanding, under its previously announced normal course issuer bid (NCIB).

The Canadian market ended a shortened trading session on Tuesday modestly higher thanks to gains in energy and technology sectors.

The benchmark S&P/TSX Composite Index closed up 97.84 points or 0.4% at 24,846.82.

Asian stocks turned in a mixed performance on Friday, with Japanese markets leading regional gains on yen weakness while Seoul stocks tumbled amid an ongoing political turmoil in the country.

Mainland Chinese and Hong Kong markets ended on a muted note after official data showed China's industrial profits dropped in November for a fourth straight month. Japanese markets rallied as signs that the Bank of Japan may delay interest rate hikes amid Trump's tariff threats offset a stronger-than-expected Tokyo inflation reading.

European stocks are broadly higher Friday afternoon. Healthcare and energy stocks are among the notable gainers.

In commodities, West Texas Intermediate crude oil futures are up $0.71 or 1.01% at $70.33 a barrel.

Gold futures are lower by $11.00 or 0.41% at $2,642.90 an ounce, while Silver futures are down $0.209 or 0.69% at $30.180 an ounce.