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.
European Shares Drift Lower Ahead Of US Inflation Reading
Antipodean Currencies Rise As Traders Await U.S. PCE Inflation Data
Asian Shares Mixed Ahead Of US PCE Inflation Data
NZ Dollar Advances Against Majors
Australian Dollar Rises Against Majors
European Shares Seen Mostly Lower Before US Inflation Data
Sensex, Nifty Struggle For Direction In Early Trade
