Bay Street Likely To Open Lower
(RTTNews) - Canadian shares are likely to open on a negative note Wednesday morning, tracking lower commodity prices.
Data on Canadian housing starts for the month of January is due at 8:15 AM ET.
Data on new motor vehicles sales and manufacturing sales for December are due at 8:30 AM ET.
Barrick Gold Corp. (ABX.TO) posted a fourth quarter net loss of $735 million or $0.42 per share. The company reported adjusted net earnings per share of $0.13, for the quarter. Fourth quarter revenues were $2.77 billion.
Barrick's Board has authorized a new program for the repurchase of up to $1.0 billion of the company's outstanding common shares over the next 12 months.
The Canadian market ended flat after a somewhat volatile session Tuesday. The benchmark S&P/TSX Composite Index ended with a small gain of 2.56 points at 20,704.79, after scaling a low of 20,553.17 and a high of 20,766.81 intraday.
Asian stocks ended weak on Wednesday as markets weighed the risk of sticky inflation on central bank's monetary policy. The likelihood of economic recession weighed as well.
European stocks are higher with investors indulging in some strong buying at several counters.
Data from the Office for National Statistics showed U.K.'s inflation fell for the third month in a row in January, dropping to 10.1%.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.65 or 0.81% at $78.41 a barrel.
Gold futures are lower by $19.50 or 1.05% at $1,845.90 an ounce, while Silver futures are down $0.343 or 1.51% at $21.530 an ounce
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