RTTNews - Canadian stocks could see strength in the early going on Friday morning, adding to yesterday's gains. More earnings from the financial sector and gross domestic product data from the U.S. will be in focus.
Energy stocks may receive a boost from crude oil, which is up 93 cents to $66.01 in electronic moves. Other commodities are also higher, with gold up $12.30 to $975 per ounce and copper up 4.5 cents to $2.182.
Royal Bank of Canada (RY.TO) reported adjusted second-quarter earnings for the quarter were C$950 million or C$0.63 per share, compared to C$928 million or C$0.70 per share in the prior year quarter. The other five big banks reported earnings earlier this week.
Meanwhile, Scotiabank (BNS.TO) does not expect to make more acquisitions while the recession lasts, according to Bloomberg.
Héroux-Devtek Inc. (HRX.TO) announced that its fourth quarter net income amounted to C$6.4 million or C$0.20 per share, compared to C$6.5 million or C$0.20 per share in the same quarter of last year.
The Canadian Press reported Fiat will not attend a meeting with German government regarding its offer for Opel. Fiat is in competition with Magna International (MG.A.TO) for the deal.
In economic news, Stats Canada reported the nation's balance on current account transactions with the rest of the world on a seasonally adjusted basis was a $9.1 billion deficit in the first quarter of 2009. Economists expected a deficit of $10.5 billion.
In the U.S., the Commerce Department reported gross domestic product fell 5.7 percent in the first quarter compared to the advance estimate of a 6.1 percent decrease. Economists had been expecting the pace of contraction to be revised to 5.5 percent.
On Thursday, the S&P/TSX Composite Index rose 250.21 points or 2.46% to end at 10,392.37. This was the best close since early October.
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