Bay Street Likely To Open With Negative Bias
(RTTNews) - Canadian shares are likely to open with a slightly negative bias on Thursday, weighed down by some disappointing earnings updates.
Sluggish commodity prices may also weigh on sentiment.
Manulife Financial (MFC.TO) reported fourth-quarter earnings of C$1.89 billion, or C$0.95 per share, compared with C$2.08 billion, or C$0.1.03 per share in the year-ago quarter.
Shopify Inc (SHOP.TO) posted earnings per share of 7 cents in the fourth quarter. The company expects year-on-year revenue growth in the high-teen percentages, worse than the consensus estimate of a 23% year-over-year growth.
Cenovus Energy Inc. (CVE.TO) reported fourth quarter net income of C$784 million or C$0.39 per share compared to a net loss of C$408 million or C$0.21 per share, previous year.
Canadian Tire Corporation (CTC.TO) reported fourth-quarter net income of C$562.6 million, compared with net income of C$535.7 million in the year-ago quarter.
MTY Food Group Inc. (MTY.TO) reported fourth-quarter net income of $7.1 million, or $0.29 per diluted share, compared with net income of $24.9 million, or $1.00 per diluted share a year ago.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.10 or 0.13% at $78.69 a barrel.
Gold futures are up $1.30 or 0.07% at $1,846.60 an ounce, while Silver futures are down marginally at $21.565 an ounce.
Canadian stocks recovered from an initial move to the downside during trading on Wednesday to end the day roughly flat.
The benchmark S&P/TSX Composite Index inched up 15.60 points or 0.1 percent to 20,720.39 after falling as low as 20.576.60 in early trading.
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