Bay Street Likely To Open Lower

Canadian shares are likely to open lower on Thursday amid concerns about global economic outlook and possibility of more interest rate hikes by the Federal Reserve.

Quarterly earnings are likely to set the trend once again for individual stocks.

Endeavour Mining Inc (EDV.TO) reported net loss of $256 million of $1.04 per share for the quarter ended December 31, 2022, compared with net loss of $87 million or $0.35 per share in the year-ago quarter.

Maple Leaf Foods Inc (MFI.TO) reported fourth-quarter net loss of $41.5 million, or $0.34 per share, compare with net income of $1.9 million, of $0.02 per share in the year-ago quarter.

Magnet Forensics (MAGT.TO) reported net income of $4.2 million for the fourth quarter of 2022, up from $0.8 million in the corresponding quarter of the previous year.

Docebo Inc (DCBO.TO) posted adjusted net income of $3.4 million in the fourth quarter of 2022, compared with adjusted net loss of $0.5 million in the fourth quarter of the previous year.

The Canadian market ended modestly higher on Wednesday, led by gains in technology stocks. In addition to digesting the Bank of Canada's interest rate decision, investors reacted to a slew of earnings announcements from Canadian companies.

The benchmark S&P/TSX Composite Index ended with a gain of 70.99 points or 0.35% at 20,346.53. The index touched a low of 20,270.43 and a high of 20,438.15 in the session.

Asian stocks ended mixed on Thursday as concerns persisted about headwinds from rising global rates and China reported downbeat inflation data.

European shares are down firmly in negative territory after Fed Chair Jerome Powell reiterated his warning to lawmakers that the central bank may raise rates higher than previously anticipated. Weaker than expected inflation data from China is weighing as well.

In commodities trading, West Texas Intermediate Crude oil futures are up marginally at $76.68 a barrel.

Gold futures are up $3.00 or 0.17% at $1,821.60 an ounce, while Silver futures are down marginally at $20.140 an ounce.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT