Bay Street Likely To Open Marginally Higher

(RTTNews) - Canadian shares are likely to open slightly higher Tuesday morning. However, the mood is likely to remain cautious with investors looking ahead to U.S. consumer price inflation data due on Wednesday, for clues about the Federal Reserve's possible moves with regard to interest rates.

Barrick Gold Corp. (ABX.TO) revealed on Tuesday that it has temporarily suspended operations at its Loulo-Gounkoto mining complex in Mali. This follows the execution of the interim attachment order by the Mali government that moved the existing gold stock from the site to a custodial bank, further preventing the shipment and sale of the gold.

Earlier, the Mali government had restricted the miner from shipping gold from the Loulo-Gounkoto mining complex.

Wesdome Gold Mines Ltd. (WDO.TO) has announced that gold production in the fourth quarter increased to 49,567 oz from 36,216 oz last year. For fiscal 2025, Wesdome expects gold production to be in the range of 190,000 oz - 210,000 oz.

Organigram Holdings Inc. (OGI.TO) reported a net loss of $5.4 million for the fourth-quarter of fiscal 2024, compared to a net loss of $26.6 million in the year-ago quarter. The decrease in net loss from the comparative period is primarily due to higher adjusted gross margins and lower impairment losses in the current quarter.

Cogeco Inc. (CGO.TO) reported adjusted diluted earnings per share of $2.82 for the quarter ended Nov. 30, 2024, compared to $2.57 a year earlier. Diluted earnings per share increased to $3.09 compared with the prior year figure of $2.21.

Canadian stocks turned in a weak performance on Monday as rising concerns about tariffs, and fading prospects of an interest rate cut by the Federal Reserve this month rendered the mood bearish.

The benchmark S&P/TSX Composite Index ended down 231.41 points or 0.93% at 24,536.32, closing lower for a second straight day. The index shed 1.22% on Friday.

Most Asian markets staged a smart rebound on Tuesday after a massive sell-off a day earlier. Japanese markets that were closed on Monday, however, traded in negative territory.

China's Shanghai Composite Index jumped 2.5%. The Shenzhen Component Index closed 3.8% higher at 10,165.17. The gains were attributed to reports of a gradual hike in tariffs by the incoming U.S. administration.

European stocks are broadly higher, due largely to bargain hunting after recent losses. The UK market is underperforming due to profit warnings from a few big name companies.

In commodities, West Texas Intermediate Crude oil futures are down $0.43 or 0.55% at $78.39 a barrel.

Gold futures are up $3.30 or 0.12% at $2,681.90 an ounce, while Silver futures are up marginally at $30.330 an ounce.