Bay Street Likely To Open On Positive Note
(RTTNews) - Canadian shares are likely to open higher on Wednesday, tracking positive European stocks, and higher crude oil prices. Optimism about interest rate cuts from the first quarter of 2024 is also likely to support the market.
Franco-Nevada Corporation (FNV.TO) has reaffirmed that its revised 2023 GEO guidance issued earlier in the month remains unchanged.
Alimentation Couche-Tard Inc (ATD.TO) reported second-quarter net earnings of $819.2 million, compared with $810.4 million in the year-ago quarter.
The Canadian market ended flat after a choppy ride on Tuesday as investors once against showed no big interest in making significant moves.
After a weak start and a subsequent rebound, stocks struggled to find support and largely moved in a tight band. With a slew of crucial Canadian and U.S. economic data due in coming days, the mood continued to remain cautious.
The benchmark S&P/TSX Composite Index ended up 4.11 points or 0.02% at 20,036.77 after scaling a low of 19,918.47 and a high of 20,075.97 intraday.
Asian stocks closed on a negative note on Wednesday amidst anxiety ahead of release of PMI readings from China.
European stocks are broadly higher today amid optimism the Federal Reserve is done raising interest rates, and it might even start reducing rates as early as March 2024. Encouraging inflation data from Germany is also aiding sentiment.
In commodities, West Texas Intermediate Crude oil futures are up $1.34 or 1.75% at $77.75 a barrel.
Gold futures are up marginally at $2,040.30 an ounce, while Silver futures are up $0.040 or 0.16% at $24.975 an ounce.
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