Bay Street Seen Opening Higher

Canadian shares are likely to open higher Thursday morning, tracking firm crude oil and bullion prices, and on comments by the Federal Reserve Chairman Jerome Powell.

The Fed left its interest rates unchanged on Wednesday. Powell said in a press conference that the economic recovery is "uneven and far from complete," and added that it's still not time to discuss reducing policy accommodation, including asset purchases.

The Canadian stock market ended on a strong note on Wednesday, riding on gains in healthcare, energy and information technology shares. The benchmark S&P/TSX Composite Index ended up by 181.86 points or 0.95% at 19,356.95, after hitting a fresh all-time high at 19,403.54.

Surge Energy Inc. (SGY.TO) announced Wednesday evening that it has entered into an agreement with a syndicate of underwriters, led by Cormark Securities Inc. and National Bank Financial Inc., pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 25,425,000 common shares of Surge at a price of $0.59 per Flow-Through Share, for gross proceeds to the Company of approximately $15 million.

Asian stocks ended higher on Thursday as investors reacted to Fed Chair Jerome Powell's dovish comments and U.S. President Joe Biden's congressional speech about increasing taxes on the rich.

European stocks are broadly higher, reacting to a slew of upbeat earnings reports and dovish comments from the Fed. The German market is down, weighed down by data showing an unexpected increase in unemployment in April.

In commodities, West Texas Intermediate Crude oil futures for June are up $0.95 or 1.48% at $64.18 a barrel.

Gold futures are gaining $1.50 or 0.1% at $1,775.40 an ounce, while Silver futures are up $0.300 or 1.15% at $26.385 an ounce.

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