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What To Watch In The Canadian Markets This Week

Published 2019-11-04, 09:01 a/m
Updated 2023-07-09, 06:31 a/m

Canadian Job Numbers Out Friday

Statistics Canada will release the latest job numbers for October on Friday. In September, the Canadian economy added 54,000 jobs, according to StatsCan’s Labour Force Survey. That was better than expected.

The September job gain, fuelled mostly by an increase in full-time positions, dropped the national unemployment rate to 5.5% from 5.7%. The increases were mostly concentrated in Ontario, where 41,000 jobs were created, dropping the provincial unemployment rated down 0.3 percentage points to 5.3%. The second largest gain of jobs was found in Nova Scotia, where employment rose by 3,200 full-time positions, decreasing the unemployment rate by 0.7 percentage points to 7.2%

Trade Balance Released Tuesday

Canada’s trade balance for September is due out on Tuesday, with analysts expecting it to remain around the $1-billion mark.

In August, the difference between what Canada buys from other countries and what it sells to the rest of the world narrowed to $955 million. That was down from $1.4 billion in July.

The August numbers were driven by higher energy exports and aircraft sales, which pushed exports to top the $50 billion level.

Aurora Cannabis Meeting On Friday

One of Canada’s big cannabis companies, Aurora Cannabis Inc (TSX:ACB), hosts its annual general meeting of shareholders Friday to provide an update.

In September, the Edmonton-based medical marijuana grower reported its fourth quarter earnings that failed to meet its own guidance revenue figures, with company officials stating problems with the rollout of retail shops primarily in Ontario will delay its turning the corner on profitability.

Aurora’s net revenue from cannabis sales hit $94.6 million in the fourth quarter that ended June 30, a 61% increase compared to the previous three-month period.

“The introduction of new product formats to the Canadian consumer market this fall represents a significant opportunity for the company. Aurora expects to have a robust product line-up ready to launch in December. Given the very early stage of development of the consumer market in Canada and international medical markets, management anticipates that quarter to quarter sales volumes and revenues may be volatile,” the company said in a statement.

Several Large Companies Reporting This Week

Among the large Canadian corporations reporting earnings this week are Enbridge Inc (TSX:ENB) and WSP Global Inc (TSX:WSP).

The Calgary-based Enbridge reports Friday, fresh off a victory in the courts in the U.S. which upheld the deal that approved a pipeline that runs under the Straits of Mackinac at the junction of Lake Huron and Lake Michigan. The twin pipelines ship propane and 540,000 barrels of light crude per day, delivering Canadian crude exports to the U.S. and eastern Canada.

The court battle is expected to continue, however, as Michigan’s attorney general has said the state will appeal the ruling.

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