Bay Street Seen Opening On Positive Note

(RTTNews) - Firm bullion prices, slightly higher European stocks and data showing a marginally higher than expected jump in U.S. durable goods orders in February point to a positive start for Canadian stocks Tuesday morning.

Silvercorp Metals Inc. (SVM.TO) announced that, further to its off-market takeover bid for all of the ordinary shares in OreCorp Limited (ORR.AX), Silvercorp did not satisfy the 50.1% minimum acceptance condition prior to the close of the Offer on March 22, 2024 and elected not to exercise its "right to match" a competing offer for OreCorp.

Silvercorp will remain entitled to payment of a break fee of about A$2.8 million in certain circumstances.

Enbridge Inc. (ENB.TO) has entered into a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint-venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and U.S. Gulf Coast demand.

Bragg Gaming Group Inc. (BRAG.TO) reported that its fourth-quarter operational loss was 0.4 million euros or $0.4 million, compared to last year's profit of 0.2 million euros.

On the economic front, according to preliminary estimates, wholesale sales in Canada rose by 0.8% month-over-month in February, after rising 0.1% a month earlier.

The Canadian market failed to hold early gains and ended lower on Monday, pulled down by losses in healthcare, industrials, utilities and consumer discretionary stocks. The overall mood remains a bit cautious with investors awaiting a slew of crucial U.S. and Canadian economic data.

The benchmark S&P/TSX Composite Index ended down by 41.80 points or 0.19% at 21,942.28, coming off the day's high of 22,069.13.

Asian stocks turned in a mixed performance on Tuesday as geopolitical tensions intensified and interest rate jitters persisted.

European stocks recovered after a flat start, and are up in early afternoon trades, thanks to positive German economic data.

In commodities, West Texas Intermediate Crude oil futures are up $0.13 or 0.15% at $82.08 a barrel.

Gold futures are gaining $19.10 or 0.88% at $2,195.50 an ounce, while Silver futures are up $0.109 or 0.44% at $25.000 an ounce.