Bay Street Seen Extending Gains At Open; Inflation Data In Focus

(RTTNews) - Canadian shares look headed for a positive start on Tuesday, tracking positive cues from European markets, strong earnings from U.S. banks, and upbeat Chinese economic data.

Data on Canadian inflation is likely to significantly impact the market.

Data on Canadian inflation for the month of March is due at 8:30 AM ET.

Canada's inflation fell to 5.2% in February of 2023, the least sine January 2022, slowing from the 5.9% in the previous month.

Core inflation rate in Canada eased to an over one-year low of 4.7% in February 2023 from 5% in the previous month.

Data on new motor vehicles sales in Canada for the month of February is also due at 8:30 AM ET.

In company news, PrairieSky Royalty (PSK.TO) reported first-quarter net earnings of $56.8 million, compared with $67.3 million in the preceding quarter. The company's net debt at March 2023 end stood at $292.4 million, down from $315.1 million at the end of the preceding quarter.

Loblaw Companies Limited (L.TO) announced the appointment of Per Bank as President and CEO of Loblaw. Bank will formally join the company by first quarter, 2024.

Galen Weston will remain Chair of the Loblaw Board of Directors, as well as Chair of the Board of Directors and CEO of parent company, George Weston Limited, the companies announced. Richard Dufresne will continue as Loblaw's CFO and President and Chief Financial Officer of George Weston.

The Canadian market ended higher on Monday, led by gains in healthcare and real estate sectors.

A few stocks from technology, industrials and financials sectors too posted notable gains and helped lift the market higher.

The mood, however, remained cautious amid a lack of fresh data. Investors looked ahead to more earnings and economic updates from the U.S. for direction.

The benchmark S&P/TSX Composite Index ended with a gain of 62.06 points or 0.3% at 20,641.97, rising for a seventh straight session.

In commodities, West Texas Intermediate Crude oil futures are down $0.28 or 0.37% at $80.55 a barrel.

Gold futures are gaining $9.80 or about 0.5% at $2,016.80 an ounce, while Silver futures are up $0.132 or 0.53% at $25.220 an ounce.