Canadian Shares Seen Opening Higher

(RTTNews) - Canadian shares are likely to open higher on Friday, tracking positive cues from European markets and higher crude oil and bullion prices.

Activity may remain a bit stock specific with investors reacting to quarterly earnings updates.

Data from Statistics Canada showed the nation's real Gross Domestic Product camed in unchanged in May. GDP increased 0.1% in June, the data showed.

According to a report released by the Canadian Federation of Independent Business, Canada's CFIB's Business Barometer long-term optimism index fell for a fourth consecutive month in July, dropping to 52.7, the lowest since May of 2020.

Imperial Oil (IMO.TO) reported estimated net income in the second quarter of $2,409 million, up from $1,173 million in the first quarter of 2022.

Enerplus Corp. (ERF.TO) said that it agreed to sell certain Canadian assets located in Alberta to Journey Energy Inc. for total consideration of C$140 million or US$109 million, prior to closing adjustments.

Magna International Inc. (MG.TO) reported adjusted earnings per share of $0.83 for the second quarter, compared to $1.40 in the year-ago quarter. The company said it now expects fiscal 2022 total sales in a range of $37.6 - $39.2 billion, revised from prior guidance range of $37.3 - $38.9 billion. The company continues to project adjusted EBIT margin in a range of 5.0% - 5.4%.

Enbridge Inc. (ENB.TO) announced second-quarer earnings of C$450 million, or C$0.22 per share, compared with C$1.394 billion, or C$0.69 per share a year ago.

The Canadian market ended higher on Thursday, shrugging off an early setback. Hopes that the U.S. Federal Reserve will slowdown its pace of interest rate hikes at its upcoming meetings contributed to the positive mood in the market.

The benchmark S&P/TSX Composite Index ended with a gain of 202.15 points or 1.05% at 19,456.71, slightly off the day's high of 19,472.70.

Asian stocks ended mixed on Friday as fresh concerns over economic growth in China eclipsed positive sentiment triggered by earnings news as well as potential pause or slowdown by the Fed.

European stocks are up firmly in positive territory Friday afternoon with investors reacting to some strong earnings updates and fairly good economic data.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.20 or 2.3% at $98.62 a barrel.

Gold futures are gaining $5.00 or 0.3% at $1,774.20 an ounce, while Silver futures are up $0.087 or 0.44% at $19.955 an ounce.