Toronto Stocks Dip Amidst Second-Quarter Earnings; Laurentian Bank Gains on Profit

Canadian stocks slipped 0.2% as most sectors declined, with tech, consumer durables, and energy taking the biggest losses. However, health services, communications, and retail sectors gained. Laurentian Bank of Canada shares rose 7.6% after reporting a profit and lower provisions for credit losses. Canopy Growth shares fell 19% after reporting a wider loss. MEG Energy's board urged shareholders not to take action with regards to Strathcona Resources' unsolicited takeover bid.

The Indian stock market is poised for a positive start on Friday, with the Nifty 50 expected to open higher. Market experts predict that strong buying from foreign investors and hopes of faster economic growth will drive the market. As of 8:14 am, Nifty futures were trading at 24,950, indicating a positive opening above Thursday’s close of 24,833.6. If the Nifty 50 index moves above 24,900, it may show bullish momentum, according to VLA Ambala, Co-Founder of Stock Market Today (SMT) [1].

Foreign portfolio investors (FPIs) bought Indian shares worth Rs 884 crore on Thursday, marking the fifth consecutive day of net buying. This trend has contributed to a significant increase in net foreign inflows, with May on track to be one of the best months for foreign inflows since September 2024. Domestic institutional investors (DIIs) have also been net buyers for eight straight trading sessions, bolstering market confidence [1].

The Nifty 50 has risen around 2% so far this month, driven by strong earnings and reduced global trade uncertainties. Investors are hopeful that the Reserve Bank of India may consider reducing interest rates in its upcoming policy meeting next week, as inflation appears to be easing [1].

Later today, the Indian government will release its GDP figures for the January–March quarter, with expectations of faster economic growth driven by increased rural demand and higher government spending. However, private investment remains low due to global market uncertainties [1].

In contrast, Canadian stocks experienced a mixed performance on Thursday. The tech, consumer durables, and energy sectors saw the biggest losses, while health services, communications, and retail sectors gained. Laurentian Bank of Canada shares rose 7.6% after reporting a profit and lower provisions for credit losses. Canopy Growth shares fell 19% after reporting a wider loss, despite a 4% increase in Canada cannabis revenue and a 13% growth in Canada medical cannabis sales [2].

MEG Energy's board urged shareholders not to take action with regards to Strathcona Resources' unsolicited takeover bid, suggesting that the board is committed to the current strategy and believes it is in the best interest of shareholders [2].

References:
[1] https://www.indiatoday.in/business/market/story/stock-market-opening-today-sensex-nifty-to-open-higher-trading-setup-nse-bse-dalal-street-expectation-2732841-2025-05-30
[2] https://finance.yahoo.com/news/canopy-growth-reports-fourth-quarter-110000629.html