Bay Street Set For Another Firm Start

(RTTNews) - Canadian shares are set to open on a positive note on Thursday, extending recent gains, thanks to firm commodity prices, and positive European markets amid easing worries about a global banking crisis.

In economic news, the Canadian Federation of Independent Business released a report showing Canada's business barometer long-term optimism index rose to a nine-month high of 55.3 in March, from an upwardly revised 51.8 in February.

Data on Canadian average weekly earnings for the month of January is due at 8:30 AM ET.

In earnings news, K92 Mining Inc (KNT.TO) reported fourth-quarter net income of US$13.3 million or $0.06 per share. The company's annual net income was US$35.5 million or $0.16 per share, the second highest on record.

The Canadian market ended on a bright note on Wednesday, extending gains to a fourth straight session, as stocks from several sectors surged higher on sustained buying support.

The mood was positive as worries about banking crisis eased further after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

The benchmark S&P/TSX Composite Index ended with a gain of 180.12 points or 0.92% at 19,837.65, almost near the day's high.

Asian stocks ended mostly higher on Thursday despite uncertainty about the global growth outlook and rising tensions between China and the United States.

Chinese and Hong Kong stocks fluctuated before closing higher ahead of an expected meeting between Taiwan's President Tsai Ing-wen and U.S. House Speaker Kevin McCarthy during the former's transit to central America. China warned of countermeasures, saying the planned visit "undermines peace across Taiwan Strait."

European stocks are surging higher as banking concerns continue to ease. Strong results from Swedish retail giant H&M and data showing Spanish inflation cooling to a twenty-month low contribute as well to the bullish mood in European markets.

In commodities, West Texas Intermediate Crude oil futures are up $0.55 or 0.75% at $73.52 a barrel.

Gold futures are up $3.40 or 0.17% at $1,970.30 an ounce, while Silver futures are gaining $0.474 or 2.02% at $23.940 an ounce.