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Amazon.com workers at the Staten Island, New York, warehouse have so far voted 57% in favor of unionizing. (Photo: 123RF)

NEWS ESSENTIALS

US: Lower unemployment and significant employment gains expected in March. US job growth likely continued at a healthy pace in March, as the unemployment rate reportedly fell to 3.7%, its lowest level in two years, and the wage increases would have accelerated again, an enviable situation that should allow the Federal Reserve to raise its interest rates by 50 basis points in May.

Europe still supplied with Russian gas despite the threat from Moscow. Russian gas continued to flow to Europe despite a deadline set by President Vladimir Putin to block supply unless customers start paying in roubles, which seeks to retaliate against Western sanctions following the his invasion of Ukraine.

Gold miner Agnico Eagle is bullish on growth in Australia. Gold miner Agnico Eagle is optimistic about its Fosterville mine and its growth in Australia, the chief executive said on Friday after his first visit to the country since its merger with Kirkland Lake Gold.

Amazon Syndication: Potential Gain in NY, Expected Loss in Alabama. Amazon.com workers at the Staten Island, New York, warehouse have so far voted 57% in favor of unionizing, with the final tally slated for Friday in what could be a historic labor victory with the second largest private employer in the United States.

Alberta is moving forward with six carbon dioxide sequestration projects. Canada’s main oil-producing province, Alberta, on Thursday selected six proposals to move forward with the development of Canada’s first carbon storage centers, intended to help reduce emissions responsible for global warming in permanently sequestering them underground.

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TRENDS BEFORE OPENING

Futures contracts for the main Canadian stock index are up, following the optimistic trend observed around the world. Oil prices fell ahead of a meeting of member countries of the International Energy Agency to tap into strategic reserves. Wall Street futures are gaining ground ahead of the release of U.S. jobs data, as U.S. markets posted the biggest quarterly decline in two years the day before. European stocks are slightly ahead, while the rise in banking sector stocks helped to offset fears related to inflation and economic growth. Asian stocks ended the session in positive territory, but the Japanese Nikkei was down as several investors cashed in their gains. The strength of the US dollar hurt gold prices.

TITLES TO FOLLOW

Others

Agnico Eagle Mines: The gold miner is optimistic about its Fosterville mine and its growth in Australia, the chief executive said on Friday after his first visit to the country since its merger with Kirkland Lake Gold. The mine located in the Australian state of Victoria is part of the Canadian company’s strategy to focus on politically stable regions with high geological potential to support many mines over several decades. Seeking to expand its operations near Fosterville, Kirkland Lake bid last year for four exploration blocks offered by the Victorian government and won three of them in October. Agnico Eagle plans to spend US$60 million on exploration in Australia this year, out of a total exploration budget of US$324 million.

Results

Blackberry: The company on Thursday reported fourth-quarter revenue below analysts’ forecasts as growth in its cybersecurity division, which accounts for the bulk of its business, stalled due to increased competition and BlackBerry’s stock on the US stock exchange fell in trading after the close. The company’s net profit for the year ending Feb. 28 was US$144 million, compared with a loss of US$315 million on the same date last year. Excluding certain items, the company returned US$0.01 per share, while analysts had expected a loss of US$0.04 per share, but revenue fell from US$210 million to US$185 million from a year ago. Instead, analysts were expecting average revenue of US$186.8 million.

RECOMMENDATIONS

Rocker Media Boat: Canaccord Genuity cut its target price from C$13 to C$11 after a readjustment to the company’s expected EBITDA trajectory.

Galiano Gold: Berenberg cut its target price from C$0.9 to C$0.5 after the company reported annual results below expectations and lower-than-expected targets.

MAIN INDICATORS ON THE AGENDA

09:30 S&P Global Manufacturing PMI, seasonally adjusted (March): previous 56.6

PUBLICATIONS OF RESULTS

1East and April 4

No publication of major results is expected.

CORPORATE AGENDA

08:30 Medipharm Labs: Q4 earnings conference call

09:00 GCM Mining: Q4 earnings conference call

10:00 a.m. Pyrogenesis Canada: Q4 earnings conference call

10:00 a.m. Greenbrook TMS: Q4 earnings conference call

COUPON SECONDMENTS

Acquisition of Alignvest II: Amount $0.05 CAD

BRP: amount of C$0.16

Stella Jones: amount of C$0.20

All analyst forecasts are based on I/B/E/S data from Refinitiv.

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