logo
Plus   Neg
Share
Email

Bay Street Seen Opening Flat Or Slightly Higher

Canadian shares may open on a flat or slightly positive note on Tuesday, tracking marginally higher crude oil prices and index futures.

With the focus on Brexit news, the mood is likely to stay a bit cautious for much of the trading session.

On Monday, the benchmark S&P/TSX Composite Index ended up 110.03 points, or 0.69%, at 16,106.24, after scaling a low of 16,028.11 and a high of 16,131.94 in the session.

In company news, SNC-Lavalin (SNC.TO) announced that it has been awarded a three-year framework agreement by Chevron Australia to provide general engineering services, in addition to reliability and integrity management services for its Western Australia oil asset base on Barrow Island and Thevenard Island.

Energy Fuels Inc. (EFR.TO) reported a net loss attributable to the Company of $25.4 million for the year 2018, compared to net loss of $27.7 million a year earlier.

Asian markets closed higher on Tuesday after U.S. retail sales stabilized in January, helping ease concerns over the state of the economy.

Chinese shares gained ground on trade optimism after media reports suggested that Chinese Vice Premier Liu He held a telephone call with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer on key issues in their trade talks.

European stocks were mixed amid cautious moves after U.K. Prime Minister Theresa May and the European Commission President Jean-Claude Juncker agreed to some last minute changes to the divorce agreement.

With just over two weeks until the United Kingdom is due to leave the European Union, the British Parliament is due to hold a series of votes on Brexit starting today.

In economic releases, U.K. GDP grew 0.5% month-on-month in January after a 0.4% decline in December, official data showed. Economists had expected a 0.2% increase.

Industrial production rose 0.6% from December, when it fell 0.5%. Construction output rose 2.8%, reversing a similar size fall in December.

U.S. inflation data for the month of February is due out at 8:30 AM ET. Data on durable goods orders for the month of January is also due at 8:30 AM ET.

In commodities, crude oil futures for April were gaining $0.22, or 0.39%, at $57.01 a barrel.

Gold futures for April were up $5.50, or 0.43%, at $1,296.60 an ounce.

Silver futures for May were moving up $0.146, or 0.96%, at $15.420 an ounce, while Copper futures for May were higher by $0.0305, or 1.05%, at $2.9315 per pound.

For comments and feedback contact: editorial@rttnews.com

Follow RTT