June 29, 2022

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Positive Start Likely On Bay Street As Oil, Gold Prices Surge Higher

2 min read

Canadian shares are likely to open with a positive bias on Monday, tracking firm crude oil and bullion prices. Worries about escalation in the Russia-Ukraine conflict and calls for further sanctions on Moscow might limit market’s upside.

Data on Canadian building permits for the month of February is due at 8:30 AM ET. Building permits in Canada dropped to C$10.12 billion in January 2022 from 11.16 billion in December 2021.

At 10:30 AM ET, the Bank of Canada will relese its Business Outlook Survey.

After a positive start Friday morning, the Canadian market suffered a setback around noon, but emerged above the flat line about an hour or so and eventually ended the session modestly higher.

The benchmark S&P/TSX Composite Index ended with a gain of 62.79 points or 0.29% at 21,952.95 after scaling a low of 21,840.16 and a high of 22,031.74 intraday.

Asian stocks ended higher on Monday as concerns about global growth eased a bit thanks to solid U.S. jobs report. However, gains were limited due to escalations in the Ukraine crisis after Ukraine accused Russia of carrying out a “massacre” in the town of Bucha.

European stocks are struggling to move higher amid reports the European Union is planning to introduce fresh sanctions against Moscow in response to multiple reports that Russian troops executed unarmed civilians in Ukrainian towns.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $1.30 or 1.3% at $100.57 a barrel.

Gold futures are up $9.90 or 0.51% at $1,933.60 an ounce, while Silver futures are up $0.236 or 0.96% at $24.890 an ounce.

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2022-04-04 08:10:21

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