Bay Street Likely To Open With Negative Bias

RTTNews | 837 days ago

(RTTNews) - Canadian shares are likely to open with a negative bias on Thursday, tracking mixed global cues and commodity markets.

In company news, BRP Inc. (DOO.TO) reported second-quarter earnings of C$338.7 million, or C$4.26 per share, compared to C$237.7 million, or C$2.94 per share, in the year-ago quarter.

BlackBerry Limited (BB.TO) said it expects preliminary revenue for second quarter fiscal year 2024 to be about $132 million. Analysts polled by Thomson Reuters expect the company to report revenues of $156.85 million for the second quarter.

Precision Drilling Corp. (PD.TO) announced that it has inked a deal to acquire CWC Energy Services Corp. (CWC) for around $141 million in stock and cash.

The deal comprises of 947,909 Precision shares valued at around $88 million as of September 1, a cash portion of $14 million, and the assumption of CWC's outstanding debt.

Peyto Exploration & Development Corp. (PEY.TO) said on Thursday that it entered into a deal to acquire Repsol Canada Energy Partnership, for $468 million in cash.

On the economic front, the total value of building permits in Canada fell by 1.5% from a month earlier to $11.7 billion in July 2023, after an upwardly revised 7.5% rise in the previous month.

The Ivey Business School will release a report on Canadian economic activity for the month of August later in the morning. The Ivey Purchasing Managers Index in Canada fell to 48.6 in July 2023 from 50.2 in the prior month.

The Canadian market ended on a weak note on Wednesday due to sustained selling at several counters after the Bank of Canada held its interest rate unchanged but did not rule out further tightening.

The central bank left its main interest rate unchanged at 5% after two back-to-back rises. The bank cited a shift in the economy to a weaker phase and easing labor market pressures as the reason for its decision.

The central bank, which said it will continue to monitor inflation dynamics, has not ruled out further tightening.

Healthcare, utilities, industrials and consumer discretionary stocks were among the major losers.

The benchmark S&P/TSX Composite Index, which dropped to a low of 20,181.61, ended with a loss of 186.80 points or 0.92% at 20,226.96.

Asian stocks drifted lower on Thursday after China reported weak trade figures for August, adding to worries about slowing growth in the world's second-largest economy.

European stocks are turning in a mixed performance, with some counters finding support after recent sharp declines.

In commodities, West Texas Intermediate Crude futures are down $0.57 or 0.65% at $86.97 a barrel.

Gold futures are up $1.40 or 0.7% at $1,945.60 an ounce, while Silver futures are down $0.228 or 0.97% at $23.275 an ounce.

Japan Stock Market May Add To Its Winnings On Tuesday

The Japanese stock market has finished higher in two consecutive trading days, soaring more than 1,400 points or 2.7 percent along the way. The Nikkei 225 now sits just above the 50,400-point plateau and it may extend its gains on Tuesday. The global forecast for the Asian markets is mixed to higher, with gold, oil and technology shares likely to lead the way higher. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The Nikkei finished sharply higher on Monday following gains from the financial shares, technology stocks and automobile producers. For the day, the index jumped 895.18 points or 1.81 percent to finish at 50,402.39 after trading between 49,982.20 and 50,590.88. Among the actives, Nissan Motor improved 0.75 percent, while Mazda Motor accelerated 4.34 percent, Toyota Motor advanced 0.91 percent, Honda Motor strengthened 1.61 percent, Softbank Group soared 4.09 percent, Mitsubishi UFJ Financial jumped 1.86 percent, Mizuho Financial vaulted 1.40 percent, Mitsubishi Electric rallied 1.74 percent, Panasonic Holdings spiked 3.47 percent and Hitachi expanded 1.89 percent.

RTTNews | 1h 14min ago

Additional Support Called For South Korea Shares

The South Korea stock market has moved higher in two straight sessions, advancing more than 110 points or 2.7 percent along the way. The KOSPI now sits just above the 4,100-point plateau and it may add to its winnings on Tuesday. The global forecast for the Asian markets is mixed to higher, with gold, oil and technology shares likely to lead the way higher. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

RTTNews | 1h 29min ago