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Bay Street Seen Opening On Firm Note

Canadian shares are likely to open higher Monday morning, tracking firm commodity prices, and on continued optimism about economic recovery and hopes that interest rates will remain low for the foreseeable future.

The Canadian market ended on a strong note on Friday. The benchmark S&P/TSX Composite Index ended up by 181.76 points or 0.94% at 19,472.74, after hitting a new high at 19,491.51. The index gained about 1.9% in the week.

Ensign Energy Services Inc. (ESI.TO) reported a loss of $43.6 million or 27 cents per share in the quarter ended March 31, compared with a loss of $29.3 million or 18 cents per diluted share a year earlier.

Westshore Terminals Investment Corporation (WTE.TO) said its profit in the quarter increased slightly to $29.6 million in the first quarter of 2021 from $29.1 million during the same period of 2020.

Asian stocks ended mostly higher on Monday as weaker than expected U.S. job growth in April eased concerns over the prospect of higher interest rates.

European stocks are subdued with investors making cautious moves after recent record gains on optimism about the reopening of economies and expectations of extended easy monetary policies.

In commodities, West Texas Intermediate Crude oil futures are up 0.56 or 0.86% at 65.46 a barrel.

Gold futures are rising $8.70 or 0.48% at $1,840.00 an ounce, while Silver futures are gaining $0.353 or 1.28% at $27.830 an ounce.

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