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Bay Street Likely To Open On Mixed Note

bay-street-likely-to-open-on-mixed-note

(RTTNews) – Canadian shares are likely to open on a mixed note Wednesday, tracking cues from Asian and European markets.

While crude oil prices are surging higher amid rising optimism that energy demand will pick up going forward, bullion prices are down with recent upbeat economic data prompting investors to go in for riskier assets.

Data on Canadian building permits for the month of April is due out at 8:30 AM ET.

The Canadian market rose sharply on Tuesday and its benchmark S&P/TSX Composite Index breezed past the coveted 20,000 mark for the first ever time, as shares from across various sectors climbed higher on optimism about economic recovery. The index ended with a gain of 245.02 points or 1.24% at 19,976.02, after hitting a new high at 20,022.13.

Laurentian Bank (LB.TO) reported adjusted net income of $56.7 million or $1.23 per share in the second quarter, compared with $11.9 million or $0.20 per share in the year-ago quarter.

Descartes Systems Group (DSG.TO) and Enghouse Systems Ltd. (ENGH.TO) are scheduled to announce their quarterly earnings later in the day.

Asian stocks turned in a mixed performance on Wednesday as investors stayed largely cautious and chose to wait for fresh signals.

European stocks are slightly up in positive territory with investors looking ahead to more economic data, including the jobs report from the U.S., for directional clues.

In commodities, West Texas Intermediate Crude oil futures for July are gaining $0.66 or 0.97% at $68.38 a barrel.

Gold futures for are down $4.10 or 0.22% at $1,900.90 an ounce, while Silver futures are lower by $0.167 or 0.59% at $27.935 an ounce.

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