Bay Street Likely To Open On Positive Note
(RTTNews) - Canadian shares are likely to open higher Wednesday morning, tracking positive global cues, and encouraging earnings from National Bank of Canada.
The market is also likely to react positively to news about U.S. and Ukraine agreeing on a minerals deal. U.S. President Donald Trump's $4.5 trillion tax-cut and border security agenda may also lift sentiment. The agenda will be sent to the U.S. Senate after passing the Republican-controlled House of Representatives.
The National Bank of Canada reported first-quarter net income of $997 million, up 8% from $922 million in the first quarter of 2024. First-quarter diluted earnings per share stood at $2.78 compared to $2.59 in the first quarter of 2024.
George Weston Ltd. (WN.TO) reported adjusted net earnings of $415 million for the fourth-quarter of 2024, an increase of $73 million, or 21.3%, compared to earnings in the year-ago quarter.
The Canadian market closed higher on Tuesday as a firm show by Bank of Montreal thanks to encouraging results, and gains in consumer staples and real estate sectors outweighed weakness in energy, materials and technology sectors.
Worries about imminent tariffs by Trump administration limited the market's upside.
The benchmark S&P/TSX Composite Index closed up 52.72 points or 0.21% at 25,203.98, recovering well from an early low of 24,946.06.
Asian markets ended mixed on Wednesday as inflation and trade war fears offset Chinese AI optimism.
Tariff worries prevailed as U.S. President Donald Trump ordered a probe into potential tariffs on copper imports to boost U.S. production of the critical metal.
Treasury yields rebounded but the dollar remained undermined by growth worries. Gold lingered near one-week lows despite rising bets on earlier Fed rate cuts.
European stocks are up firmly in positive territory with investors reacting to earnings updates and news about U.S. and Ukraine agreeing on a minerals deal
In commodities, West Texas Intermediate crude oil futures are down $0.19 or 0.27% at $68.74 a barrel.
Gold futures are gaining $9.70 or 0.33% at $2,928.70 an ounce, while Silver futures are up $0.319 or 1% at $32.145 an ounce.
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