Bay Street Likely To Open First Session Of 2025 On Positive Note

(RTTNews) - Higher Canadian and U.S. futures and rising crude oil and bullion prices indicate a positive open for the Canadian market Thursday morning. Weak manufacturing activity data from major European countries may hurt a bit.

Investors will also be reacting to a report on Canadian manufacturing activity, due this morning.

The S&P Global Canada Manufacturing PMI improved to 52.0 in November 2024, up from 51.1 in October, marking the strongest growth in factory activity since February 2023 and the third consecutive month of expansion.

Cameco Corporation (CCO.TO) announced that the Inkai uranium mine in Kazakhstan, its joint venture with National Atomic Company Kazatomprom, has suspended production activity as of Jan. 1. The joint venture notified the company that it had not received an extension of the timeline to submit an updated project for uranium deposit development documentation, which was expected before the end of 2024.

The Canadian market ended on a firm note on Tuesday, the final session of 2024, as energy and materials stocks moved higher on firm commodity prices. Shares from real estate and communications sectors were the other notable gainers in the session.

Amid a lack of economic data and corporate news, trading volumes were thin and movements were a bit lackluster for much of the day's trading session.

The benchmark S&P/TSX Composite Index, which climbed to 24,767.80, settled with a gain of 107.35 points or 0.44% at 24,727.94. The index gained about 18% in the year, scaling a a record high of 25,843.20 in the process.

Asian stocks closed on a mixed note on Thursday. Some of the markets in the region succumbed to selling pressure after U.S. stocks slipped Tuesday, closing 2024 with an uncharacteristic down note after a roaring year of trading.

European stocks are a bit weak, weighed down by data showing contraction in Germany, France, UK and Eurozone manufacturing activity in the month of December.

In commodities, West Texas Intermediate Crude oil futures are up $0.99 or nearly 1.4% at $72.71 a barrel.

Gold futures are gaining $16.50 or 0.62% at $2,657.50 an ounce, while Silver futures are up $0.603 or 2.06% at $29.845 an ounce.