Bay Street Likely To Open On Slightly Positive Note

(RTTNews) - Higher crude oil and bullion prices point to a slightly positive start for the Canadian market Monday morning. However, with the U.S. market closed today for Martin Luther King Jr. Day, and Canadian consumer price inflation data due this week, the mood is likely to remain cautious.

In company news, Alamos Gold Inc. (AGI.TO) announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Orford Mining Corporation by way of a court-approved plan of arrangement. Alamos currently owns approximately 27.5% of Orford's basic common shares outstanding.

Eldorado Gold Corporation (ELD.TO) said in a report that it produced 143,166 ounces of gold in the fourth quarter and 485,140 ounces in the full year 2023. For the year full year 2022, the company had reported total gold production of 453,916 ounces.

The company also said its full-year preliminary production was at the midpoint of the tightened guidance range of 475,000 - 495,000 ounces, as projected earlier in the third quarter 2023 results.

On the economic front, data on Canadian manufacturing sales, and new motor vehicles sales, both for the month of November, are due at 8:30 AM ET.

The Canadian market ended modestly higher on Friday, lifted by gains in technology, materials and energy sectors.

The benchmark S&P/TSX Composite Index, which climbed to 21,140.88 in early trades, ended the session with a gain of 71.82 points or 0.34% at 20,990.22. The index gained 0.25% in the week.

Asian stocks ended mixed on Monday ahead of a busy week of corporate earnings, economic releases and speeches by central bank officials at the Davos World Economic Forum meeting 2024.

The dollar and Treasury yields were little changed in Asian trade amid a public holiday in the U.S. Gold ticked higher due to lingering Middle East tensions and early Fed rate cut hopes.

European stocks are down in negative territory, weighed down by data showing the German economy contracted in the whole year of 2023. Destatis said Germany's GDP shrank 0.3% sequentially in 2023, in contrast to the 1.8% expansion seen in 2022.

In commodities, West Texas Intermediate Crude oil futures are down $1.16 or 1.6% at $71.52 a barrel.

Gold futures are gaining $5.30 or 0.26% at $2,056.90 an ounce, while Silver futures are up $0.021 or 0.09% at $23.350 an ounce.