Bay Street Seen Opening Higher On Firm Commodity Prices

(RTTNews) - The Canadian market is likely to open with a positive bias Friday morning thanks to higher crude oil and bullion prices. Once again, activity is likely to remain stock specific as investors are likely to react to a slew of earnings updates from Canadian companies.

In earnings news, SNC Lavalin Inc (ATRL.TO) reported fourth-quarter adjusted net income of $79.5 million, or $0.45 per diluted share, compared to an adjusted net loss of $32.5 million , or $(0.19) per diluted share in Q4 2022.

Boralex Inc (BLX.TO) reported net earnings of $58 million for the fourth quarter of 2023, and $115 million for the full-year, compared to a net loss of $7 million in the fourth quarter of 2022, and $8 million in financial year 2022.

Denison Mines Corp. (DML.TO) reported earnings per share from continuing operations of C$0.11 for the year ended December 31, 2023, representing a 450% increase from the 2022 EPS of C$0.02. A C$134.2 million fair value gain on its investments in physical uranium boosted the company's 2023 earnings from continuing operations to C$89.4 million or C$0.11 per share.

Canadian Western Bank (CWB.TO) reported a net income of $88 million for the three months ended January 31, 2024, down 7% from the corresponding period last year.

Ensign Energy Services Inc (ESI.TO) said its net income for 2023 was $41.2 million, up from $8.1 million in 2022.

On the economic front, A reading on Canadian manufacturing activity during the month of February is due at 9:30 AM ET. The S&P Global Canada Manufacturing PMI improved to 48.3 in January from 45.4 in the previous month.

The Canadian market ended on a firm note on Thursday, led by gains in energy, materials and utilities sectors. Slightly easing concerns about inflation and hopes that the Federal Reserve will announce an interest-rate cut in the second quarter aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 119.84 points or 0.56% at 21,363.61.

Asian shares ended on a mixed note on Friday, digesting key U.S. and Chinese economic data. China reported mixed data, increasing pressure on policymakers to unveil more stimulus.

An official survey showed China's factory activity shrank for the fifth straight month in February. The Caixin survey contrasted with the official data as both production and new orders grew faster in February.

The non-manufacturing activity expanded at a faster pace in the month, but home sales slump dragged on despite increased support from regulators to salvage the beleaguered property market.

European stocks are broadly higher on hopes the Federal Reserve will cut interest rate in June. Investors are also digesting data showing a slowdown in eurozone manufacturing activity in February.

In commodities, West Texas Intermediate Crude oil futures are up $1.22 or 1.56% at $79.48 a barrel.

Gold futures are gaining $8.00 or 0.4% at $2,062.70 an ounce, while Silver futures are up $0.045 or 0.2% at $22.930 an ounce.