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Bay Street Seen Opening On Firm Note
(RTTNews) - Canadian shares look headed for a positive start Tuesday morning, tracking firm European markets and higher crude oil prices amid news China has eased Covid-19 restrictions in the country.
The Canadian market ended on a strong note on Monday, extending gains to a second straight session, after having hit a new 52-week low last Thursday.
Energy and materials shares led the market up north. Several stocks from utilities, consumer discretionary and financial sectors too closed with impressive gains. Technology stocks closed on a weak note.
The benchmark S&P/TSX Composite Index ended with a gain of 195.41 points or 1.03% at 19,258.32.
Asian stocks ended mostly higher on Tuesday after China announced changes to testing and quarantine rules in the first step towards easing border controls.
China's Shanghai Composite Index reversed an early slide to close 0.9% higher as health authorities cut the mandatory quarantine period for inbound visitors to 10 days from three weeks.
European stocks are up firmly in positive territory Tuesday afternoon, reacting positively to news China has cut quarantine time for international travelers, which marks a big step toward easing Covid-19 controls.
ECB President Christine Lagarde's comments at the Sintra Forum that played down fears of a recession in the euro zone contribute as well to the positive mood in the markets.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.80 or 1.63% at $111.37 a barrel.
Gold futures are up $1.90 or 0.1% at $1,826.70 an ounce, while Silver futures are gaining $0.087 or 0.41% at $21.255 an ounce.
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