Canadian Markets Market

Bay Street Markets Market

Canadian stocks may open lower Friday amid easing energy prices and on lingering worries that fiscal austerity in some euro nations might cripple economic growth.

Meanwhile, a mixed bag of earnings reports from a host of Canadian companies will likely to lead to stock specific action during the day. Gold stocks may be in play as the price of bullion was near its all-time high.

On Thursday, the S&P/TSX Composite Index lost 79.38 points or 0.65% to 12,116.59, snapping its three-day rally.

The price of crude oil continued to drift lower for a fourth session, with crude for June delivery shedding $1.06 to $73.34 a barrel.

The price of gold jumped back near its all-time, with gold for June was up $17.80 to $1,247 an ounce.

In corporate news, toys and stationery maker MEGA Brands swung to profit in first-quarter, reporting net earnings of $2.28 per share, compared to net loss of $0.71 per share last year.

Oil and natural gas explorer Petrobank Energy swung to profit in first quarter, reporting C$0.76 per share, compared to a loss of C$0.02 in the year ago period. Analysts were expecting the company to post C$0.54 per share this quarter.


Energy company Provident Energy Trust reported a wider first-quarter net loss of C$0.23 per unit compared to a loss of C$0.16 per unit last year.

Exploration and production company Bankers Petroleum swung to profit in first-quarter, reporting net income $0.002 versus a loss of $0.014 in the year-ago period.

Oil and gas explorer Pacific Rubiales Energy reported higher funds flow from operations of $0.60 per share for the first quarter, compared to $0.15 per share in the prior year quarter.

Oil and gas firm Nuvista Energy reported lower funds from operations of $0.60 per share for the first quarter, compared to $0.72 per share in the prior year quarter.

Oil and gas industry services provider Flint Energy Services reported first quarter net earnings of C$0.38 per share, compared to C$0.40 per share in the same quarter last year.

Oil and natural gas explorer Galleon Energy swung to profit in first quarter, reporting net income of C$0.15 per share, compared to a net loss of C$0.07 per share in the same quarter last year.

Hydrocarbon drilling and fracturing fluids company Enerchem International swung to profit in first quarter, reporting net income of C$0.30 per share, compared to a net loss of C$0.02 per share in the prior year quarter.

Mineral properties explorer International Tower Hill Mines announced plans to undertake a spin-out transaction to segregate its assets into two separate companies. ITH will retain all assets relating to the Livengood gold project in Alaska. Corvus Gold Inc. will hold all of ITH's other existing Alaska and Nevada assets.

Clearwater Seafoods Limited Partnership slipped into the red in first-quarter, reporting net loss of C$0.12 per share compared with a profit of C$0.32 per share in the prior year period.

Bio-technology development company Allon Therapeutics reported a wider net loss of C$0.04 per share for the first quarter, compared to a net loss of C$0.03 per share in the prior year quarter.

Forest products company Ainsworth Lumber turned to profit in first quarter, reporting net income of C$0.15 per share, compared to a net loss of C$0.54 per share in the same quarter last year.


Insurance solutions provider Kingsway Financial Services turned to profit in first-quarter, reporting net income of $0.46 per share, compared to net loss of $1.06 per share last year.

In economic news, Statistics Canada said Manufacturing shipments advanced 1.2% to $44.50 billion in March. Economists were expecting manufacturing sales to rise 1%.

In another report the agency said new motor vehicle sales decreased 4.2% to 132,867 units in March. Sales of new trucks slipped 5.7% to 67,960 units and passenger cars sales dipped 2.5% to 64,907 units.

From the U.S., the Commerce Department said retail sales edged up 0.4% in April following an upwardly revised 2.1% increase in March. Economists were expecting retail sales to increase by 0.5% compared to the 1.6% growth originally reported for the previous month.