The June crude contract gave up some early gains and was up three cents at US$43.68 per barrel.
Advertisement
“Currently prices are falling even with only few bearish fundamentals”, said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg. “People tend to use that as a barometer for global growth”.
USA and Canadian stocks opened higher on Thursday as oil rose for the first time this week, helping boost energy shares, and investors awaited the monthly jobs data on Friday for both countries.
The loonie had hit 80 cents United States briefly on Friday.
The June crude contract was up 23 cents at US$44.55 per barrel and June natural gas was up 2.3 cents at US$2.10 per mmBTU. July copper shed two cents to US$2.27 a pound. Its shares rose 2.2 per cent to $33.88, while the overall energy group rose 1.2 per cent as oil prices turned higher.
The pessimism from investors also pulsated through NY markets in mid morning trading.
The real concern about the report, he said, is that Canada lost 16,500 manufacturing jobs in April.
However, it fell 1.8 percent for the week after having touched a six-month high last Friday at 13,972.62.
Despite Friday’s losses, Brent crude prices have risen 64 percent since a near 13-year low reached in mid-January and as much as 20 per cent over the past four weeks, triggering some profit taking among investors. The company has a market cap of $854.39M and now has 121.19M shares outstanding. The stock was 2.9 percent.
Primero Mining Corp. (PPP) recently recorded 0.53 percent change and now at $1.89 is 34.04 percent away from its 52-week low and down -57.91 percent versus its peak. Its shares fell 1.3 percent to C$41.99.
Advertisement
June gold dropped $17.40, or 1.4%, to settle at 1,274.40/oz. There were about 164.18M shares outstanding which made its market cap $310.30M. Canadian government bond prices were higher across the maturity curve, with the two-year price up 1.5 Canadian cents to yield 0.561 percent and the benchmark 10-year rising 6 Canadian cents to yield 1.351 percent.
