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Bay Street Likely To Open Higher

Canadian shares may open on a positive note on Wednesday, tracking higher crude oil and gold prices. Uncertainty about Brexit and progress in U.S.-China trade negotiations may weigh on sentiment and limit market's upside.

On Tuesday, the benchmark S&P/TSX Composite Index, which dropped to 16,099.62 after a positive start, ended up 30.42 points, or 0.19%, at 16,136.66, after rising to 16,148.95, a five-month high.

In company news, Frontera Energy Corporation (FEC.TO) announced that it acquired 12,181,000 rights to acquire common shares of CGX Energy Inc. The aggregate purchase price for the Rights was C$60,905 (or C$0.005 per Right).

B2Gold Corp. (BTO.TO) reported adjusted net income of $14 million ($0.01 per share) for the fourth quarter of 2018, compared to adjusted net income of $6 million ($0.01 per share) in the fourth quarter of 2017.

Aurora Cannabis Inc. (ACB.TO) today announced that it has appointed Nelson Peltz as a Strategic Advisor. Mr. Peltz and Aurora will work collaboratively and strategically to explore potential partnerships that would be the optimal strategic fit for successful entry into each of Aurora's contemplated market segments, the company said. Peltz will also advise on the Company's global expansion strategy.

Asian markets ended mostly lower on Wednesday after British Prime Minister Theresa May lost voting on her second Brexit proposal in a parliamentary showdown.

Sentiment was also dented after Robert Lighthizer, the U.S. trade representative, said that "major issues" must still be resolved for a successful U.S.-China trade deal.

European stocks were quite subdued as investors kept a close eye on Brexit proceedings. A "free vote" will take place today on a no-deal Brexit. If that fails, a further vote on Thursday will decide whether to extend the Brexit deadline.

In economic releases, Eurostat data showed that Eurozone industrial output rose 1.4% month on month in January after dropping by 0.9% in December. Analysts had expected a 1% rise.

On the U.S. economic front, data on durable goods for January, Producer price inflation for the month of February and construction spending in January, are due this morning.

In commodities, crude oil futures for April were gaining $0.60, or 1.08%, at $57.47 a barrel.

Gold futures for April were rising $10.10, or 0.78%, at $1,308.20 an ounce.

Silver futures for May were up $0.117, or 0.76%, at $15.530 an ounce, while Copper futures for May were rising $0.0075, or 0.24%, at $2.9360 per pound.

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