Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares are likely to open with a positive bias on Monday, tracking higher crude oil prices and steady European markets.

Quarterly earnings updates are likely to provide some direction. Worries about economic slowdown might limit market's upside.

In earnings news, Premium Brands Holdings Corporation (PBH.TO) reported first-quarter adjusted EBITDA of $110.7 million representing a 15.6%, or $14.9 million, increase as compared to the first quarter of 2022.

Centerra Gold Inc. (CG.TO) reported adjusted net loss of $52.9 million, or $0.24 per common share for the first quarter of 2023, compared to $56.4 million, or $0.19 per share, in the first quarter of 2023.

K92 Mining Inc. (KNT.TO) has reported first-quarter net income of US$5.0 million or $0.02 per share.

On the economic front, data on Canadian housing starts for the month of April, and wholesale sales for March are due at 8:15 AM and 8:30 AM, respectively.

Celsius Resources Limited (CLA), an Australian copper and gold miner, said that it has inked a non-binding term sheet with Canadian miner- Silvercorp Metals Inc., (SVM), allowing SVM to buy CLA for A$0.03 per share in share and cash transaction. Using SVM's current share price of C$4.64 or A$5.14 as of the close of May 12 trading of SVM shares on TSX, the proposed acquisition will result in Silvercorp issuing around 9.7 million shares and A$5.6 million to the shareholders of Celsius.

The Canadian market ended flat on Friday after a lackluster session. The mood was cautious amid concerns about slowing growth in the U.S. and China.

The benchmark S&P/TSX Composite Index ended with a gain of 2.01 points or 0.01% at 20,419.62. The index, which climbed to 20,492.07 in early trades, touched a low of 20,346.90 around mid afternoon. The index shed about 0.6% in the week.

Asian stocks ended mixed on Monday as investors awaited key U.S. and Chinese data as well as speeches from Federal Reserve officials this week for additional cues on the global economic outlook.

Worries over a standoff on raising the U.S. government's $31.4 trillion borrowing limit also rendered the underlying mood cautious.

European stocks are up in positive territory with investors assessing the results of Turkey's presidential election and looking for progress in talks on the U.S. debt ceiling. Traders are largely shrugging off data showing a bigger than expected drop in Eurozone industrial production in March.

In commodities, West Texas Intermediate Crude oil futures are up $0.46 or 0.66% at $70.50 a barrel.

Gold futures are down $2.60 or 0.13% at $2,017.20 an ounce, while Silver futures are lower by $0.029 or 0.12% at $24.125 an ounce.