OTTAWA (dpa-AFX) - Canadian shares are likely to see a mixed start Friday morning, with investors reacting to fairly encouraging jobs data, and weighing the likely impact of surging coronavirus cases on economic recovery. Lower crude oil prices may also weigh on sentiment.
In economic news, data released by Statistics Canada showed employment in the country rose by 952,900 in June 2020, after rising 289,600 in May. Full-time employment was up by 488,100 in the month, compared to an increase of 219,400 a month earlier.
Meanwhile, unemployment rate fell to 12.3% in June 2020, from 13.7% a month earlier.
On Thursday, the market ended weak despite a strong recovery from the day's lows. The benchmark S&P/TSX Composite Index which fell nearly 240 points to 15,391.73 at one stage, ended the day with a loss of 60.55 points or 0.39% at 15,568.64.
In company news, MTY Food Group Inc. (MTY.TO) reported a second-quarter loss of $99.1 million after taking a $120.3-million non-cash impairment charge related to property, plant and equipment, intangible assets and goodwill due to the pandemic. The loss amounted to $4.01 per diluted share for the quarter ended May 31 compared with a profit of $19.3 million or 76 cents per share a year earlier.
Aritzia Inc. (ATZ.TO) reported net loss of $26.5 million for the first quarter ended May 31, down from a net income of $16.2 million in the same quarter last year.
Asian stocks drifted lower on Friday amid rising fears new lockdowns could hurt economic recovery. Also, investors appeared a bit reluctant to make significant moves ahead of the earnings season.
Despite opening on a weak note amid concerns over surging coronavirus cases in the U.S., European stocks are up in positive territory Friday afternoon with investors making selective purchases in cautious trade.
In commodities, West Texas Intermediate Crude oil futures are down $0.52 or 1.32% at $39.10 a barrel.
Gold futures for August are rising $8.40 or 0.47% at $1,812.20 an ounce.
Silver futures for September are gaining $0.128 or 0.68% at $19.090 an ounce, while Copper futures for September are up $0.0180 or 0.62% at $2.8565 per pound.
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