Bay Street Likely To Open Higher
(RTTNews) - Canadian shares are likely to open with a positive bias on Tuesday, tracking higher crude oil and bullion prices.
Amid a lack of fresh economic and earnings updates, the mood is likely to remain somewhat cautious, and investors might choose to stay cautious at higher levels.
The Canadian market ended on a firm note on Monday, led by gains in energy, consumer staples and utilities sectors.
The mood remained positive amid easing concerns about global banking crisis following the latest developments in the sector.
U.S. Federal Deposit Insurance Corporation (FDIC) said First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of Silicon Valley Bank (SVB).
Remarks by U.S. Fed officials that there is no indication that financial stress is worsening also contributed to the positive sentiment in the market.
The benchmark S&P/TSX Composite Index ended with a gain of 123.25 points or 0.63% at 19,624.74.
Asian stocks closed broadly higher on Tuesday as concerns over the banking crisis eased and China's top leaders pledged to keep embracing foreign capital despite economic and geopolitical headwinds.
European stocks have shed early gains but are holding in positive territory in early afternoon trades, as fears of a wider banking contagion continue to ease.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.17 or 0.22% at $72.98 a barrel.
Gold futures are up $5.00 0r 0.28% at $1,958.80 an ounce, while Silver futures are higher by $0.040 or 0.16% at $23.180 an ounce.
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