CANADA STOCKS-TSX set to open lower as jobs data disappoints

Fri May 9, 2014 8:47am EDT

(Updates Canadian jobs data)

May 9 (Reuters) - Canadian stocks looked set to open lower on Friday following disappointing jobs data, with June futures on the S&P TSX index <0#SXF:> down 0.07 percent at 0845 ET.

Canada's economy lost 28,900 jobs in April, Statistics Canada said in a report that revealed across-the-board weakness, confirming the labor market is stalled and adding jobs at a more sluggish pace than in the United States.

The index dropped on Thursday as investors took profits in energy stocks after a strong run-up.

Dow Jones Industrial Average futures were down 0.21 percent at 0845 ET, while S&P 500 futures were down 0.18 percent and Nasdaq 100 futures were down 0.41 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

TMX Group Ltd, the operator of the Toronto Stock Exchange, reported a 23 percent rise in first-quarter profit as a recovery in trading activity picked up speed.

Canadian Natural Resources Ltd, the country's largest independent oil and gas producer, said on Thursday its first-quarter profit rose nearly three-fold on higher oil and natural gas prices as it boosted capital spending to develop newly acquired properties.

Mining financier Silver Wheaton Corp reported a 40 percent drop in profit for the first quarter, hurt by fall in metal prices.

COMMODITIES AT 0845 ET

Gold futures : $1,287.4; 0.00 pct

US crude : $100.57; +0.31 pct

Brent crude : $108.52; +0.44 pct

LME 3-month copper : $6,715.00; -0.21 pct

ANALYST RESEARCH HIGHLIGHTS

Calfrac Well Services : Canaccord Genuity raises target price to C$47 from C$44

Canadian Tire Corp : National Bank Financial, Canaccord Genuity up target price

Dorel Industries Inc : National Bank Financial raises target to C$42 from C$36

U.S. ECONOMIC DATA DUE ON FRIDAY

1000 Wholesale inventories mm for March: Expected +0.5 pct prior +0.5 pct

1000 Wholesale sales mm for March: Expected +0.8 pct prior +0.7 pct

1030 ECRI weekly index: Prior +134

1030 ECRI weekly annualized: Prior +4.2 pct

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1= $1.08 Canadian) (Reporting by Nikhil Kumar in Bangalore; Editing by Ted Kerr)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.