Bay Street Likely To Open Higher On Firm Commodity Prices
(RTTNews) - Canadian shares may open with a positive bias Monday morning, tracking higher crude oil and gold prices. However, the market is likely to move in a tight band amid a lack of fresh triggers.
SNC-Lavalin Group (ATRL.TO) announced that it has landed a contract to provide engineering and design services for a planned hydrogen renewable-energy hub in Quebec.
The Canadian market ended weak on Friday due to profit taking. Communications, real estate, technology and consumer discretionary stocks were among the prominent losers.
The benchmark S&P/TSX Composite Index ended down by 77.44 points or 0.35% at 22,009.82, after scaling a low of 21,964.98 and a high of 22,123.09 intraday.
Asian stocks ended mostly lower on Monday after a busy week of central bank meetings. A cautious undertone prevailed as the trade war between the U.S. and China escalated and Atlanta Federal Reserve president Raphael Bostic trimmed his forecast to just one rate cut this year.
European stocks are lower in cautious trade amid an escalation in trade war between the U.A. and China, and on comments from Federal Reserve Atlanta head Bostic that forecast just one rate cut his year.
In commodities, West Texas Intermediate Crude oil futures are up $0.40 or 0.5% at $81.03 a barrel.
Gold futures are gaining $14.50 or 0.67% at $2,174.50 an ounce, while Silver futures are up marginally at $24.850 an ounce.
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