July 7, 2022

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Firm Commodity Prices Might Lift Canadian Stocks At Open

2 min read

The Canadian market is likely to open on a positive note Thursday morning, tracking higher crude oil and bullion prices. Worries about monetary tightening and the impact of the ongoing war in Ukraine might limit market’s upside.

In company news, BlackBerry Limited (BB.TO) has reached an agreement in principle to settle the consolidated securities class action lawsuit captioned Pearlstein v. Blackberry Limited pending against the company and certain of its former officers in a U.S. District Court.

The agreement contemplates an aggregate cash payment by the company of $165 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired BlackBerry shares on the NASDAQ between March 28, 2013 and September 20, 2013.

Roots Corporation (ROOT.TO) reported adjusted net income of $20.3 million ($0.48 per share) for the fourth quarter of fiscal 2021, up from $16.3 million ( $0.39 per share) in Q4 2020.

The Canadian market ended notably lower on Wednesday, after languishing in the red right through the day’s session, as worries about inflation and the possibility of aggressive monetary tightening by the Federal Reserve rendered the mood bearish.

The benchmark S&P/TSX Composite Index ended down by 142.23 points or 0.65% at 21,788.60. The index touched a high of 21,894.54 and a low of 21,702.10 in the session.

Asian stocks ended lower on Thursday after minutes from the Fed’s March meeting revealed discussions on reducing the size of the central bank’s balance sheet over time in a predictable manner. Participants generally agreed to beginning to reduce the balance sheet as early as May.

European stocks are broadly higher in cautious trade. In addition to digesting the minutes of the Federal Reserve’s March meeting, investors are looking ahead to the minutes from the European Central Bank’s most recent policy meeting for clues on future monetary policy.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $1.85 or 1.91% at…



2022-04-07 08:47:02

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