Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares may open with a positive bias Thursday morning, tracking higher metal prices and fairly steady European stocks.

Empire Company Ltd. (EMP.A.TO) reported fourth quarter net earnings of $148.9 million ($0.61 per share) compared to $182.9 million ($0.72 per share) last year.

Aurora Cannabis Inc (ACB.TO) reported a net loss of $20.8 million from continuing operations for the three months ended March 31, 2024, compared to net loss of $76.2 million for the prior year period.

On the economic front, data on new housing prices in Canada for the mkonth of May is due at 8:30 AM ET.

The Canadian market ended at a 14-week low on Wednesday after a lackluster session, as investors looked for direction and largely stayed reluctant to make significant moves.

The benchmark S&P/TSX Composite Index ended down by 94.40 points or 0.44% at 21,516.90. The index briefly moved into positive territory in early trades but retreated soon.

Asian stocks ended mixed on Thursday as France's political crisis fueled jitters and investors look ahead to a slew of central bank decisions.

Chinese markets ended modestly lower as the People's Bank of China left benchmark lending rates unchanged at a monthly fixing and the central bank governor warned of weaker credit growth.

European stocks are up in positive territory with investors reacting to monetary policy announcements from the Bank of England (BoE) and the Swiss National Bank (SNB).

The BoE today retained its key policy rate for the seventh straight session. Policymakers said they remained prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably.

The SNB lowered its key policy rate by 25 basis points for the second consecutive meeting on Thursday, citing easing underlying inflationary pressures.

In commodities, West Texas Intermediate Crude oil futures are up marginally at $81.59 a barrel.

Gold futures are gaining $6.30 or 0.27% at $2,353.20 an ounce, while Silver futures are up $0.811 or 2.74% at $30.375 an ounce.