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Bay Street Looks Set To Open On Firm Note
(RTTNews) - Canadian shares are likely to open higher on Monday, tracking positive European markets, and higher crude oil and gold prices.
On the economic front, a report on Canad's new home prices is due at 8:30 AM ET.
In company news, Tenaz Energy (TNZ.TO) will repurchase up to 2.47 million shares over the next one year. This represents 9.1% of the outstanding shares and 10% of the public float of shares as at August 10,2023.
Shares of Bank of Montreal (BMO.TO) may be in focus following Baclays raising the stock's target price sharply to C$131 from C$123.
The Canadian market edged up slightly on Friday after a lackluster session, as investors stayed cautious amid fears of interest rate hikes and on concerns about the health of the Chinese economy.
The benchmark S&P/TSX Composite Index ended with a small gain of 6.16 points or 0.03% at 19,818.39.
Asian stocks ended on a mixed note on Monday, amidst disappointment over weak policy response from Beijing to the deepening property crisis.
European stocks are up firmly in positive territory Monday afternoon. The U.K.'s FTSE 100 is up 0.52%, Germany's DAX is advancing 0.78% and France's CAC 40 is rising 1.2%. The pan European Stoxx 500 is up by about 0.75%.
In commodities, West Texas Intermediate Crude oil futures are up $1.14 or 1.4% at $82.39 a barrel.
Gold futures are up $4.30 or 0.23% at $1,920.80 an ounce, while Silver futures are gaining $0.277 or 1.22% at $23.010 an ounce.
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