Bay Street Likely To Open Higher On Firm Metal Prices
(RTTNews) - Canadian shares may open higher Wednesday morning, with materials stocks finding some support thanks to rising metal prices. The mood is likely to remain cautious and the market is once again likely to move in a narrow range.
Canadian GDP data, U.S. GDP report, Canadian non-farm payroll employment report, and U.S. Personal Consumption Expenditure readings are all due later in the week.
Endeavour Mining plc (EDV.TO) reported fourth-quarter net loss of $160 million, compared to net loss of $10 million in the year-ago quarter. Net loss per share in the latest quarter was $0.65, compared to $0.04 in the year-ago quarter.
After an early drop and a subsequent recovery that resulted in a positive spell till the penultimate hour, the Canadian market retreated in the closing minutes of the session on Tuesday.
Amid a lack of fresh triggers, investors once again stayed reluctant to make significant moves.
The benchmark S&P/TSX Composite Index ended with a loss of 29.76 points or 0.14% at 21,912.52, settling lower for a third straight session. The index touched a low of 21,906.24 and a high of 22,037.66 in the session.
Asian stocks closed on a mixed note on Wednesday with investors making cautious moves amid concerns about economic slowdown.
European stocks are slightly higher with investors digesting a slew of economic data from the region.
In commodities, West Texas Intermediate Crude oil futures are down $0.48 or 0.59% at $81.14 a barrel.
Gold futures are gaining $30.70 or 1.4% at $2,207.90 an ounce, while Silver futures are up $0.017 or 0.07% at $24.640 an ounce.
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