logo
Plus   Neg
Share
Email

Bay Street Likely To Open Lower

Lower futures amid fading prospects for an interest rate cut by the Federal Reserve and sluggish crude oil prices point to a lower opening for shares on Bay Street Monday morning.

Worries about global economic slowdown and geopolitical tensions may continue to weigh on the market. Activity is likely to be mostly stock specific with investors tracking corporate news for direction.

Shares of miners may edge higher, tracking a surge in metal prices and a few rating upgrades.

On Friday, the benchmark S&P/TSX Composite Index ended down 46.86 points, or 0.28%, at 16,541.99, after being down nearly 120 points at 16,469.92 at one stage. The index shed nearly 1% in the week.

In company news, Encana Corp. (ECA.TO) announced that its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer for $165 million in cash.

Asian markets ended lower on Monday as fading hopes for a near-term interest rate cut by the Federal Reserve and worries about geopolitical tensions weighed on sentiment.

European markets were mostly lower with investors largely refraining from creating fresh positions amid worries about global growth and anxiety ahead of resumption of U.S.-China trade talks.

In commodities, crude oil futures for August were down $0.12, or 0.2%, at 57.39 a barrel.

Gold futures for August were moving up $6.10, or 0.44%, at $1,406.20 an ounce.

Silver futures for September were gaining $0.104, or about 0.7%, at $15.110 an ounce, while Copper futures for September were advancing $0.0250, or 0.9%, at $2.6860 per pound.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>