Canadian stocks are anticipated to open on a slightly positive note on Thursday, considering the favorable trends in global markets. Nonetheless, the prospect of any significant upward movement seems grim considering the subdued commodities markets and caution in anticipation of the vital U.S. non-farm payroll data set for release on Friday.
In terms of earnings, Dollarama Inc reported net earnings of $323.8 million, or $1.15 per diluted common share, for the fourth quarter of Fiscal 2024. This is an increase from $261.3 million, or $0.91 per diluted common share, recorded during the fourth quarter of Fiscal 2023.
Likewise, AGF Management Limited announced an adjusted net income of $33.7 million ($0.51 adjusted diluted EPS) for the three months ending February 29, 2024. This is higher compared to $18.5 million ($0.28 adjusted diluted EPS) for the quarter ending November 30, 2023, and $17.8 million ($0.27 adjusted diluted EPS) for the same period from the previous year.
In the economic front, Canadian trade data for February will be released at 8:30 am ET. Canada experienced a trade surplus of C$0.5 billion in January, succeeding a revised deficit of C$0.9 billion from the previous month. Exports in January saw a 1.7% decrease, reaching $62.3 billion, with imports dropping by 3.8% to C$61.8 billion.
On Wednesday, the Canadian market closed on a slightly positive note, fueled by gains in materials and energy stocks due to the upward movement in bullion and oil prices. Consequently, the S&P/TSX Composite Index closed with a gain of 37.36 points or 0.17% at 22,112.46.
Asian stocks exhibited positive movement in a frail holiday trade on Thursday due to the closure of China, Taiwan, and Hong Kong markets for a public holiday.
Investor confidence was somewhat bolstered after Jerome Powell, Federal Reserve Chair, reinforced his view that U.S. rates will be cut this year, but not anytime soon.
European stocks are trending somewhat higher after revised data revealed that the private sector economic activity in the eurozone expanded for the first time in ten months in March. The eurozone services PMI rose to 51.5 from 50.2 in February.
Conversely, the producer price index in the Eurozone and the European Union dropped by 1% and 0.9% respectively in February, according to Eurostat, the European Commission's statistical office.
In the commodities market, West Texas Intermediate Crude oil futures are down by $0.09, priced at $85.34 per barrel. Gold futures have dropped by $2.50, trading at $2,312.50 per ounce. In contrast, Silver futures have seen a slight increase of $0.080, priced at $27.140 per ounce.
