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02/17/2017 08:37:41 AM
02/17/2017 08:37:41 AM UTC-0500

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.

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