Bay Street Likely To Post New Highs
(RTTNews) - Canadian shares are likely to open on a firm note Tuesday morning with higher oil and bullion prices set to trigger buying in energy and materials sectors.
The focus will be on Fed Chair Jerome Powell's speech later in the day. Several Fed officials are also set to speak this week.
Data from Statistics Canada showed the house price index in Canada dropped to -0.3% in August from -0.1% in July.
Canadian stocks posted modest gains but scaled a new peak on Monday, continuing a rally triggered by the positivity gained from last week's central bank's rate cut which is seen as a support for an economy that has been hurt by US tariffs.
After opening just above the previous week's close, the benchmark S&P/TSX Composite Index saw further upside to reach an intraday high of 29,990.70 - a new record - and finally settle at 29,958.98, up by 190.62 points (or 0.64%).
Five of the 11 sectors posted gains today, with the materials sector leading the pack.
Data released by Statistics Canada today revealed that for the month of August, Canadian industrial producer prices rose 0.5% month-over-month and surged 4.0% year-over-year.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.85 or 1.36% at $63.13 a barrel.
Gold futures are gaining $41.40 or 1.1% at $3,816.50 an ounce, while Silver futures are up $0.341 or 0.73% at $44.555 a barrel.
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