Canadian Market Likely To Open Higher

(RTTNews) - Higher Canadian and U.S. futures, and firm crude oil prices point to a positive start on Bay Street on Thursday. The focus will be on earnings, and Fed Chair Jerome Powell's speech, as well as on U.S. producer price inflation data.

Keyera Corporation (KEY.TO) reported net earnings of $184.6 million for the quarter ended September 30, 2024, compared with net earnings of $78.1 million in the year-ago quarter.

Canadian Utilities Limited (CU.TO) reported third quarter 2024 adjusted earnings of $102 million ($0.38 per share), which were $15 million ($0.06 per share) higher compared to $87 million ($0.32 per share) in the third quarter of 2023.

ATCO Limited (ACO.X.TO) reported adjusted earnings of $91 million ($0.81 per share) for the third quarter of this year, up $10 million ($0.10 per share) compared to $81 million ( 0.71 per share) in the third quarter of 2023.

Seabridge Inc. (SEA.TO) reported a net loss of $27.6 million ($0.31 per share) for the third quarter of this year, compared to a net loss of $5.3 million ($0.06 per share) for the same period last year.

Enerflex Limited (EFX.TO) announced today that it posted net earnings of $30 milion in the quarter ended September 30, 2024, compared with net earnings of $4 million in the corresponding quarter last year.

The Canadian market posted a new record closing high on Wednesday thanks to strong buying in the technology sector. Energy stocks found some support, while materials shares drifted lower.

The benchmark S&P/TSX Composite Index closed up 66.01 points or 0.26% at 24,989.02. The index touched a low of 24,860.56 and a high of 25,002.96 in the session.

Asian stocks closed weak on Thursday. Chinese and Hong Kong markets tumbled on worries of a possible trade war between China and the United States in the wake of Donald Trump's return to the White House.

It is feared that Trump's plan for lower taxes and higher tariffs will stoke inflation, result in larger U.S. deficits and reduce the Fed's scope to ease interest rates during 2025 and beyond.

European stocks are up firmly in positive territory after flash estimate from Eurostat showed the euro area economy expanded at a faster pace in the third quarter, as initially estimated. GDP grew 0.4% sequentially after rising 0.2% in the second quarter.

In commodities, West Texas Intermediate Crude oil futures are up $0.15 or 0.23% at $68.58 a barrel.

Gold futures are down $27.60 or 1.07% at $2,558.90 an ounce, while Silver futures are lower by $0.608 or 1.97% at $30.055 an ounce.