Bay Street Looks Headed For Positive Start

Canadian shares are likely to open higher on Friday, tracking firm crude oil prices and a rally in European stock markets.

The market is also likely to see some bargain hunting after six successive days of losses. Quarterly earnings announcements will continue to be in focus.

Onex Corporation (ONEX.TO) reported first-quarter net earnings of $164 million, compared to $415 million in the year-ago quarter.

Cineplex Inc. (CGX.TO) said it posted a net loss of $42.2 million in the first quarter of this year, compared with net loss of $89.7 million in the first quarter of 2021.

The Canadian stock market ended on a weak note on Thursday, extending losses to a sixth straight session, as the mood remained bearish amid rising concerns about growth and interest rate hikes.

The benchmark S&P/TSX Composite Index, which was down nearly 360 points at 19,480.00 at one stage, ended the session with a loss of 138.20 points or 0.7% at 19,699.05.

Asian stocks ended higher on Friday after the latest U.S. consumer and producer price data confirmed a slowdown in inflation. There is a broad sense among market participants that larger 75 basis point U.S. rate hikes are off the table for now.

European stocks are firmly up in positive territory on Friday, due largely on bargain hunting after suffering sharp losses in recent sessions on concerns over interest rate hikes and slowing global economic growth.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.70 or 1.6% at $107.83 a barrel.

Gold futures are down $8.90 or 0.5% at $1,815.70 an ounce, while Silver futures are lower by $0.033 or 0.16% at $20.740 an ounce.

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