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Futures for equities in Canada’s largest market rose on Friday, supported by oil prices reaching their highest in a year on economic revival hopes ahead of the monthly jobs report and as the Organization of the Petroleum Exporting Countries and its allies stuck to the supply tightening policy. The S&P/TSX Composite gained 126.06 points to conclude Thursday’s session at 18,041.97. The Canadian dollar gained 0.16 cents to 78.14 cents U.S. March futures gained 0.2% Friday. Evercore ISI raised the price target on Canada Goose Holdings to $60 from $40 Scotiabank raised the price target on Lightspeed POS to $76 from $55 It’s a busy day on the macroeconomic scene, with Statistics Canada informing us the economy lost 213,000 jobs during January, thus boosting the unemployment rate to 9.4%. Losses were entirely in part-time work and were concentrated in the Quebec and Ontario retail trade sectors. At the same time, the nation’s number crunchers reported Canada’s merchandise exports rose 1.5% in December, while imports fell 2.3%. As a result, Canada’s merchandise trade deficit with the world narrowed from $3.6 billion in November to $1.7 billion in December, the lowest deficit since June 2020. Later this morning, (about 10 a.m. EST) […]
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