Bay Street Likely To Open With Slightly Positive Bias

(RTTNews) - Canadian shares may open with a positive bias Thursday morning, tracking higher gold prices and reacting to some encouraging earnings reports. The focus will be on U.S. weekly jobless claims data for more clarity about the extent of the U.S. economic downturn and the rate trajectory.

In Canadian earnings news, Canadian Tire Corporation Limited (CTC.TO) reported net income of C$198.8 million or C$3.56 per share for the second quarter, significantly higher than C$99.4 million or C$1.76 per share in the same quarter a year ago, primarily due to exceptional items.

Excluding one-time items, normalized net income was C$223.5 million or C$3.56 per share, that beat the analysts' average estimate of C$2.42 per share. Revenue was $4.133 billion, down 2.9% from $4.256 billion in the same period last year.

Keyera Corp (KEY.TO) reported net earnings of C$142.18 million for the quarter ended June 30, 2024, compared to net earnings of C$158.94 million in the year-ago quarter.

Quebecor Inc. (QBR.B.TO) reported adjusted net income of $205.1 million for the second quarter, up $22.8 million or 12.5% from a year ago.

Primo Water Corporation (PRMW.TO) reported adjusted net income of US$41.8 million for the second-quarter, compared to US$31.2 million a year ago.

Boyd Group Services Inc. (BYD.TO) announced that adjusted net earnings decreased to $11.9 million in the second quarter of this year, compared with $27.0 million in the same period of 2023.

Maple Leaf Foods (MFI.TO) reported a loss of $26 million ($0.21 per basic share) for the second quarter, compared to a loss of $54 million ($0.44 loss per basic share) last year.

Premium Brands Holdings Corporation (PBH.TO) reported adjusted earnings of $56.9 million for the second quarter, compared to $56.3 million in the year-ago quarter.

ATS Corporation (ATS.TO) reported a net income of $35.3 million for the first quarter of its current financial year, compared to $47.7 million a year ago.

Linamar Corporation (LNR.TO) reported net earnings of $178.5 million for the first quarter of its current financial year, compared to $117.0 million in the year-ago quarter.

The Canadian market failed to hold early gains and ended weak on Wednesday, even as most of the markets across the globe closed higher with stocks bouncing back on profit taking after recent sharp losses. Wall Street too failed to hold early gains.

The benchmark S&P/TSX Composite Index, which climbed to 22,267.16, gaining nearly 290 points, dropped to a low of 21,835.69 before settling at 21,880.95 with a loss of 98.41 points or 0.45%.

Asian stocks ended mostly lower on Thursday after another tumble on Wall Street overnight. Japanese markets fell notably amid lingering concern over slowing U.S. growth and recent market volatility.

European stocks are down in negative territory today after two days of gains. Investors await more U.S. economic data and comments from Federal Reserve officials for additional clues on whether the Fed is behind the curve on inflation and interest rates.

In commodities, West Texas Intermediate Crude oil futures are up $0.13 or 0.17% at $75.36 a barrel.

Gold futures are gaining $16.80 or 0.71% at $2,449.20 an ounce, while Silver futures are up $0.126 or 0.45% at $27.070 an ounce.