Rally May Finally Peter Out, TSX At Record Highs -- Canadian Commentary
(RTTNews) - Canadian stocks look to end an historic week on a subdued note Friday, as traders may grow cautious after a run to all-time highs on both sides of the border.
Toronto's main index jumped this week along with the U.S. DJIA, S&P and Nasdaq to fresh record highs, powered by gains among financials.
Canadian shares have been higher eight days in a row.
However, profit-taking may kick in soon due to geopolitical tensions and uncertainty about new president Donald Trump's bold promises on U.S. policies.
Crude oil futures remained range-bound ahead of closely watched U.S. rig count figures. WTI light sweet crude was down 28 cents at $53.08 a barrel, having bounced around this level for the past few months.
Looking at corporate headlines, Saputo Inc. (SAP.TO) issued a nationwide recall of certain gouda cheese products due to listeria worries.
Air Canada (AC.TO) reported a bigger quarterly loss as its load factor fell. The airline says margins will be tight this quarter due to rising fuel costs.
Pipeline giant Enbridge Inc. (ENB.TO) reported a 3.4 percent fall in fourth-quarter profit on restructuring charges.
Enbridge has bought a 49.9 percent stake in EnBW's 1.8 billion euro North Sea offshore park.
Sherritt (S.TO) is considering a full exit from its Madagascar mine project to reduce debt, Globe and Mail reports.
Bombardier (BBD.B.TO) had its price target raised from $2.50 to $2.75 at CIBC, after reporting its quarterly loss narrowed.
In news from abroad, Kraft Heinz Co has proposed a merger with Unilever, but the European company has declined.