TORONTO, Dec 4 (Reuters) - Canada’s main stock market could open higher on Friday as a strong domestic employment report and more positive bank results bring a brighter tone to the market ahead of key U.S. data expected before the start of the session.
But weak commodity prices could temper any gains as falling gold and energy prices weigh on the resource-heavy market.
Toronto’s main stock index fell on Thursday, snapping a two-session advance, as a decline in commodity prices erased an earlier rally that had lifted the resource-heavy index to its highest level in more than 14 months.[ID:nN0392474]
Here is some of the news that could affect the market:
Canada’s economy added far more jobs than expected in November, more than erasing the losses in October and suggesting a recovery is in the making.[ID:nN04141170]
Oil prices fell for a third consecutive day on Friday, to below $76 a barrel, under pressure from high levels of inventories and nervousness ahead of the latest employment data from the world’s top energy consumer, the United States. [nSP472653]
Gold eased back toward $1,200 an ounce in Europe on Friday as a slight recovery in the dollar prompted traders to cash in gains after the previous day’s run-up to record highs. [ID:nGEE5B30P4]
Royal Bank of Canada RY.TO said on Friday that quarterly profit rose 10 percent as strong wealth management and domestic banking offset losses in the lender’s big U.S. operations. [nN04143770]
The Canadian dollar extended gains on Friday after government figures showed that the economy created far more jobs than expected last month and the unemployment rate surprisingly fell. [nGEE5B30Q1]
CI Financial Corp CIX.TO said on Thursday it has agreed in principle with senior management of the capital markets operations of Blackmont Capital Inc to sell that business to a group of employees. [nN03123655]
Following is a summary of research actions on Canadian companies reported by Reuters on Friday [RCH/CA]
* UBS raises CIBC CM.TO price target to C$77 from C$73; Keeps “buy” rating
* UBS raises TD Bank TD.TO price target to C$71 from C$70; keeps “neutral” rating
* MacQuarie cuts National Bank of Canada NA.TO price target to C$63 from C$66; Rating “outperform.”
* Raymond James raises Cameco Corp CCO.TO price target to C$38.50 from C$37.50; Rating Market Perform ($1=$1.05 Canadian) (Reporting by Scott Anderson; Editing by Padraic Cassidy) ((email@example.com; +1 416 941 8106; Reuters Messaging: firstname.lastname@example.org))