TORONTO, Sept 4 (Reuters) - Toronto’s main stock index may open higher on Friday, underscored by stronger-than-expected job gains in Canada and strengthening commodity prices.
Canada unexpectedly added jobs last month, a further sign that the economy is healing, but overall market tone is likely to be determined by the U.S. jobs figures, due at 8:30 a.m. (1230 GMT).
The S&P/TSX composite index .GSPTSE closed Thursday’s session up 220.17 points, or 2.06 percent, at 10,921.49.
Here is some of the news that may affect the market.
Canada’s economy added 27,100 jobs in August but the unemployment rate rose to an 11-1/2 year high 8.7 percent from 8.6 percent in July as more people entered the labor market, Statistics Canada said. [ID:nN04153956]
The U.S. unemployment rate was forecast to have inched up in August to 9.5 percent after dipping slightly the previous month, while 225,000 jobs were likely lost, a Reuters survey showed. [ID:nN01485399]
Gold steadied below $990 an ounce, consolidating a potent two-day rally that took the market to within a whisker of $1,000, with inflation concerns and jitters over stock market gains stoking investor interest. [ID:nL4410302]
Oil ticked up above $68 a barrel in relatively thin dealing. [ID:nSIN394754]
Shares in K+S SDFG.DE rose on Friday as traders pointed to market talk that peer Potash Corp of Saskatchewan POT.TO might be considering bidding 50 euros per share for the German salts and fertilizer firm. [ID:nWEA9459]
Suncor Energy Inc (SU.TO) said on Thursday it expects to cut 1,000 jobs by the middle of next month as it consolidates operations and reduces costs after its C$22.7 billion acquisition of Petro-Canada last month. [ID:nN03124007]
The following is a summary of research actions on Canadian regional banks after Laurentian Bank of Canada (LB.TO) and Canadian Western Bank (CWB.TO) both posted better-than-expected earnings to round out a string of upside surprises by Canada’s major banks in the third quarter. [ID:nN039427]
* Macquarie, Genuity, Dundee raise Laurentian Bank price target
* Macquarie, Genuity raise CWB price target
For more research, please double click [RCH/CA]
A weak back-to-school shopping period for Canadian retailers could signal a drop in quarterly results, though the low expectations of investors are likely to protect the sector’s share prices from an autumn plunge. With most students heading back to school next week, the usual stampede of shoppers has yet to materialize at Canada’s big stores, though Walmart Canada may be an exception. [ID:nN0386261] (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)