Plus   Neg

Bay Street Looks Headed For Mixed Start

Canadian shares are likely to open mixed amid cautious moves by traders on Wednesday. While a recovery in European markets and higher gold prices are likely to aid sentiment, trade war concerns and falling crude oil prices are expected to upset the mood.

Traders may look for some bargain hunting after six successive days of losses. The index shed more than 2.3% during this losing streak.

On the economic front, Canada's IVY PMI data for the month of July is due out at 10 am ET.

On Tuesday, the benchmark S&P/TSX Composite Index ended down 122.17 points, or 0.75%, at 16,149.49.

In company news, Alamos Gold has pre-paid for the reforestation at its mine project in western Turkey, according to Reuters report. The agency quotes the company's chief executive officer as saying that it is impossible for cynaide to leak into the environment as feared by protesters.

SNC-Lavalin (SNC.TO) announced that it will be proceeding with closing the sale of the 10.01% stake in 407 International Inc. with Canada Pension Plan Investment Board following the Ontario Superior Court dismissing the application by Cintra Global S.E.

B2Gold Corp. (BTO.TO) reported net income of $45 million ($0.04 per share) for the second quarter of this fiscal, compared to $28 million ($0.03 per share) in the same period last year.

Asian markets ended mostly lower, while European markets were moving up on bargain hunting.

In commodities, crude oil futures for September were declining $0.82, or 1.52%, at $52.81 a barrel.

Gold futures were rising $21.40, or 1.44%, at $1,505.60 an ounce.

Silver futures for September were up $0.470, or 2.86%, at $16.915 an ounce, while Copper futures for September were little changed at $2.5580 per pound.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT