Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares are likely to open with a positive bias, tracking higher commodity prices and steady European stocks. However, Canadian and U.S. employment data for the month of September will significantly impact the mood on Bay Street.

Canadian employment data for the month of September is due at 8:30 AM ET.

The Canadian economy added 39,900 jobs in August, much larger than an expected addition of 15,000 jobs. The unemployment rate in Canada was 5.5% in August, unchanged from the 18-month high from the previous month.

Data on average hourly wages for the month of September is also due at 8:30 AM ET.

The U.S. Labor Department is expected to show employment increased by 170,000 jobs in September after climbing by 187,000 jobs in August, while the unemployment rate is expected to edge down to 3.7% from 3.8%.

In company news, Loblaw Companies Ltd. (L.TO) announced Friday that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of Loblaw's common shares under its previously announced normal course issuer bid.

Loblaw previously announced that it had received approval from the Toronto Stock Exchange to, during the 12-month period commencing May 5, 2023 and terminating May 4, 2024, purchase up to 16.06 million Common Shares, representing approximately 5% of is issued and outstanding as of April 21, 2023.

The Canadian market ended higher on Thursday, led by gains in communications, utilities and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 103.00 points or 0.54% at 19,137.81, about 20 points off the day's high of 19,157.53.

Asian stocks ended mixed on Friday as investors awaited U.S. nonfarm payrolls data due later in the day.

European stocks are up in positive territory, lifted by data showing a jump in Germany's factory orders in the month of August.

In commodities, West Texas Intermediate crude oil futures are up $0.21 or 0.26% at $82.52 a barrel.

Gold futures are up $2.70 or 0.16% at $1,834.50 an ounce, while Silver futures are gaining $0.216 or 1.03% at $21.235 an ounce.