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Bay Street Likely To See Positive Start
(RTTNews) - The Canadian market is likely to open on a positive note on Thursday, tracking higher crude oil and bullion prices.
Worries about inflation and looming interest rate hikes might limit market's upside.
In company news, Mullen Group Ltd. (MTL.TO) reported a net income of $38 million for the quarter ended September 2022, compared with $17.5 million in the year-ago quarter.
The Canadian stock market ended notably lower on Wednesday, weighed down by losses in healthcare, technology, financials and materials shares. The mood remained cautious as data showing a slightly bigger than expected increase in Canadian inflation raised concerns the Bank of Canada will continue to aggressively hike interest rates.
The benchmark S&P/TSX Composite Index, which dropped to 18,577.02 about an hour past noon, settled at 18,674.40, down 123.78 points or 0.66%.
Asian stocks settled mostly lower on Thursday, tracking Wednesday's losses at Wall Street. PBoC's status quo on rates and concerns about economic growth in China also dampened sentiment.
European stocks are turning in a mixed performance in cautious trade with investors tracking earnings updates and regional economic data for direction.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.95 or 2.28% at $87.50 a barrel.
Gold futures are gaining $8.00 or about 0.5% at $1,642.20 an ounce, while Silver futures are up $0.316 or 1.72% at $18.675 an ounce.
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