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Highlights
- Futures following the main Canadian stock index remained quite unchanged on Friday morning, October 8.
- Statistics Canada reported on Friday morning that employment in the country bounced back to its pre-pandemic level in the month of September 2021.
- Oil prices were heading for their seventh weekly gain on October 8 as energy crisis continued to hit markets in Europe and Asia.
Futures following the main Canadian stock index remained unchanged on Friday morning (7AM EST), October 8, as investors awaited the latest data of employment in Canada for the month of September jobs data.
The day before, on October 7, the Toronto Stock Exchange’s benchmark index climbed by 224.55 points, or 1.1 per cent, to 20,416.21, noting its largest jump over four months and the highest closing point since September 27.
Before the markets open, let’s check out some events in Canada today.
Also read: 5 events that can influence Canadian markets on October 7
Latest data on Canada’s labour market conditions
Statistics Canada reported on Friday morning that employment in the country bounced back to its pre-pandemic level in the month of September 2021, with some notable differences.
Employment in September was up by 157,000, or 0.8 per cent, while the employment rate of 60.9 per cent was about 0.9 percentage points below what it was in February 2020.
In August 2021, Canada’s employment was up by 90,000, or 0.5 per cent.
Oil prices inching towards 7th weekly gain
Oil prices were heading for their seventh weekly gain on October 8 as energy crisis continued to hit markets in Europe and Asia. This is expected to be the longest run for oil prices since December last year.
Also read: Which TSX energy stocks to buy as oil hits highest price since 2014?
Oil futures in the US were reportedly heading toward a value of US$ 80 a barrel, which they have not achieved since 2014.
On Thursday, the S&P/TSX Capped Energy Index closed 2.37 per cent higher.
Alcanna Inc (TSX:CLIQ) to be bought by Sundial Growers (NASDAQ:SNDL)
Stocks of Canadian alcohol retailer Alcanna Inc shot up on Thursday after the announcement that US-listed cannabis company Sundial Growers is set to acquire it for about US$ 346 million.
Alcanna is said to be among the top private liquor retailers in the country, with operations 171 locations, primarily in Alberta, and 25 years of experience under its belt.
CLIQ stocks jumped by more than two per cent to close at C$ 8.09 on Thursday.
MTY Food Group (TSX:MTY) stocks rise after Q3 profit surge
Canadian restaurant franchisor MTY Food Group Inc saw its stocks rise by nearly four per cent on Thursday after it reported a profit of C$ 24.3 million for the third quarter of 2021, up from C$ 22.9 million in Q3 2020.
The Montreal-based company said that it noted the net income surge amid a rebound in customer traffic.
Also read: 5 TSX retail stocks to buy as industry rebounds
MTY Food Group also posted a revenue of C$ 150.8 million in Q3 2021, up from C$ 135.4 million in Q3 2020.
Bottom line
The latest labour survey is likely to impact investor sentiments as it reflects the possibility of companies being able to hire more people and expanding their operations and production.
