Bay Street Is Likely To See Positive Start

Canadian shares are likely to open on a positive note Tuesday morning, tracking higher crude oil and bullion prices.

Although worries about inflation and supply-chain bottlenecks are likely to weigh on sentiment, the focus is likely to be on earnings updates.

The Canadian market ended modestly higher on Monday after posting fresh record high, with shares from information technology and industrial sectors posting strong gains.

The benchmark S&P/TSX Composite Index, which dropped to 20,853.29 in early trades, ended with a gain of 57.27 points or 0.27% at 20,985.37, a new all-time high.

B2Gold Corp. (BTO.TO) has reported that it produced 310,261 oz of gold in the third quarter of this financial year, up 7% above the budget, and 18% higher than the production in the third quarter of the previous year. The company has increased its annual production guidance range to 1,015,000 to 1,055,000 oz.

K92 Mining Inc (KNT.TO) has reported record quarterly plant throughput in the third quarter, saying it processed 87,621 tonnes, representing a 35% increase from the year ago quarter.

Asian stocks ended broadly higher on Tuesday as Treasury yields edged lower after disappointing data from China and the United States. Chinese shares clawed back losses a day after the country reported its weakest economic growth in a year.

European shares are largely subdued on Tuesday with investors reacting to the latest batch of earnings announcements, and awaiting more results for fresh insight into how companies are faring with inflation and supply-chain disruptions.

Johnson & Johnson and Procter & Gamble have reported better than expected earnings, while Netflix and United Airlines are scheduled to report their earnings later in the day.

In commodities, West Texas Intermediate Crude oil futures for November are gaining $0.70 or 0.82% at $83.14 a barrel.

Gold futures are up $18.10 or 1.03% at $1,783.20 an ounce, while Silver futures are gaining $0.706 or 3.05% at $23.970 an ounce.

For comments and feedback contact: editorial@rttnews.com

Follow RTT