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Bay Street May Open Higher On Oil Prices

The Canadian stock market may open higher on Monday, tracking a sharp surge in crude oil prices. Higher bullion prices will also aid sentiment.

Geopolitical concerns may render the mood cautious at times and limit market's upside.

Crude oil prices rose to near 6-month high earlier in the day amid speculation the U.S. may toughen its sanctions against Iran.

According to a Washington Post report, the U.S. is likely to announce that buyers of Iranian oil will have to end their imports soon, or be subject to U.S. sanctions. China, India and South Korea are among the major buyers of Iranian oil.

On Thursday, the benchmark S&P/TSX Composite Index rose to a record high of 16,615.08 and settled at 16,612.81, the best closing mark ever, with a gain of 68.57 points, or 0.41%. The index gained about 0.8% last week.

In company news, CannTrust Holdings Inc. (TRST.TO) announced today that it is planning a secondary offering of $200 million of its common shares to raise finance for cultivation and facility expansion and for upgrading its extraction capacity.

CannTrust said it expects revenue of about C$17 million, up from C$7.8 million in the year-earlier period. Net income is expected to range from C$12 million to C$14 million, up from C$11.4 million, the company said.

The Green Organic Dutchman Holdings Ltd. (TGOD.TO) announced that it has received its oil sales licence from Health Canada pursuant to the Cannabis Act for its Hamilton, Ontario facility.

Largo Resources Ltd. (LGO.TO) has announced that its first quarter 2019 financial results will be significantly impacted by the decline in the price of vanadium pentoxide since the start of 2019 and the impact of the remeasurement of trade receivables under the Glencore off-take agreement during the quarter.

Asian markets failed to hold early gains and ended mixed. Markets in Australia, New Zealand and Hong Kong remained closed for Easter Monday holiday.

European markets remained shut for Easter Monday.

In commodities, crude oil futures for May are up $1.50, or 2.35%, at $65.50 an ounce.

Gold futures for June are rising $4.70, or 0.37%, at $1,280.70 an ounce.

Silver futures for May are up $0.050, or 0.31%, at $15.005 an ounce, while Copper futures for May are down $0.019 or 0.66%, at $2.901 per pound.

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