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Bay Street Likely To See Positive Start

Higher futures amid continued optimism about global economic rebound point to a positive start for the Canadian stock market on Thursday. Firm bullion prices are also likely to aid sentiment.

The Canadian market hit fresh record high on Wednesday, riding on gains in consumer, real estate and telecom shares this time. The benchmark S&P/TSX Composite Index, which hit a new high at 19,177.96, ended the day with a gain of 24.93 points or 0.13% at 19,129.07, a new closing high.

Roots Corp. (ROOT.TO) said it earned a profit of $12.3 million in its fourth quarter even as its sales fell due to the pandemic. The retailer said its profit amounted to 29 cents per share for the quarter. The company had posted a loss of $44.6 million or $1.06 per share in the year-ago quarter when it took a large goodwill harge.

Asian stocks ended broadly higher on Thursday after the minutes from the Federal Reserve's March meeting indicated that officials have little concern over inflation despite rising longer-term government bond yields. Hong Kong's Hang Seng Index climbed 1.2% after a survey showed the private sector in the country expanded at a slightly faster pace in March.

European stocks are higher, reacting to the minutes of the Federal Reserve that said officials were united on the need to see more progress on the recovery before scaling back their massive bond-buying program. Strong data from Germany and the UK too contribute to the positive mood in the markets.

In commodities, West Texas Intermediate Crude oil futures are down $0.25 or 0.4% at $59.52 a barrel.

Gold futures are rising $6.50 or 0.4% at $1,748.10 an ounce, while Silver futures are gaining $0.178 or 0.71% at $25.425 an ounce.

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