May 15, 2021

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Bay Street Seen Opening With Slightly Positive Bias

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VIXC Financial and Market News

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Canadian shares may open with a positive bias Tuesday morning, tracking higher crude oil prices and data showing a marked jump in building permits.

However, weak bullion prices and worries about rising coronavirus cases in Asian countries may hurt sentiment and limit market’s upside.

Data released by Statistics Canada a little while ago said Canada recorded a trade deficit of C$1.14 billion in March 2021, up from C$1.04 billion a month earlier.

Exports increased marginally to C$50.62 billion in March from a revised C$50.49 billion a month earlier, while imports were up at C$51.76 billion in the month, after coming in at C$49.07 billion in February.

Another data from Statistics Canada showed building permits in Canada shot up by 5.7% in March, after rising 3.1% in February.

The Canadian market closed on a positive note on Monday, rebounding well after two successive days of losses, as firm commodity prices and fairly encouraging factory data aided sentiment. The benchmark S&P/TSX Composite Index ended with a gain of 104.83 points or 0.55% at 19,213.16, after scaling a low of 19,193.56 and a high of 19,276.0

Suncor Energy Inc. (SU.TO) reported first-quarter net earnings of $821 million or 54 cents per share, compared to a net loss of $3.5 billion or $2.31 per share in the year-ago quarter.

Bausch Health Companies Inc. (BHC.TO) reported a first-quarter loss of US$610 million compared with a loss of US$152 million a year earlier. On an adjusted basis, Bausch Health said it earned US$370 million for the quarter, up from an adjusted profit of US$316 million for same quarter last year.

Thomson Reuters Corp. (TRI.TO) reported a first-quarter profit of approximately US$5.04 billion as it completed the sale of its investment in financial data firm Refinitiv to the London Stock Exchange Group. The company said the profit amounted to US$10.13 per diluted share for the quarter ended March 31, up from a profit of US$193 million or 39 cents per diluted share a year earlier.

Asian stocks closed mostly higher on Tuesday despite lingering concerns about the spike in coronavirus cases in the region.

European stocks are turning in a mixed performance, with U.K. shares outperforming as trading resumed after a holiday-extended weekend. The mood is cautious amid a surge in U.S. government bond yields.

In commodities, West Texas Intermediate Crude oil futures are gaining $0.87 or 1.35% at $65.36 a barrel.

Gold futures are down $8.90 or 0.5% at $1,782.90 an ounce, while Silver futures are down $0.125 or 0.45% at $26.835 an ounce.

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2021-05-04 08:44:54

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