Bay Street May Open Slightly Higher

(RTTNews) - Canadian shares may open slightly higher Thursday morning, tracking positive cues from global markets. However, the market is unlikely to see any substantial move up north due to subdued commodities markets and caution ahead of crucial U.S. non-farm payroll data, which is due on Friday.

In earnings news, Dollarama Inc (DOL.TO) reported net earnings of $323 .8 million, or $1.15 per diluted common share, for the fourth quarter of Fiscal 2024, compared to $261 .3 million, or $0.91 per diluted common share, in the fourth quarter of Fiscal 2023.

AGF Management Limited (AGF.B.TO) reported adjusted net income of $33.7 million ($0.51 adjusted diluted EPS) for the three months ended February 29, 2024, compared to $18.5 million ($0.28 adjusted diluted EPS) for the three months ended November 30, 2023 and $17.8 million ($0.27 adjusted diluted EPS) for the comparative prior year period.

On the economic front, Canada trade data for the month of February is due at 8:30 AM ET. Canada reported a trade surplus of C$ 0.5 billion in January, after posting a revised deficit of C$ 0.9 billion a month earlier. Exports were down 1.7% from a month earlier at $62.3 billion in January, while imports decreased by 3.8% to C$ 61.8 billion.

The Canadian market ended slightly higher on Wednesday, supported by gains in materials and energy stocks thanks to rising bullion and oil prices. The benchmark S&P/TSX Composite Index ended with a gain of 37.36 points or 0.17% at 22,112.46.

Asian stocks moved higher in thin holiday trade on Thursday, with China, Taiwan and Hong Kong markets closed for a public holiday.

Underlying sentiment remained supported somewhat after Federal Reserve Chair Jerome Powell reaffirmed his view that U.S. rates will be cut this year, but not anytime soon.

European stocks are slightly higher after revised data showed economic activity in the eurozone's private sector expanded for the first time in ten months in March. The eurozone services PMI improved to 51.5 from 50.2 in February.

Meanwhile, the producer price index declined 1% month-on-month in the Eurozone and 0.9% in the European Union in February, the European Commission's statistical office Eurostat said.

In commodities, West Texas Intermediate Crude oil futures are down $0.09 at $85.34 a barrel.

Gold futures are lower by $2.50 at $2,312.50 an ounce, while Silver futures are up $0.080 at $27.140 an ounce.