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Bay Street Likely To Open With Negative Bias
(RTTNews) - Canadian shares are likely to open with a negative bias on Monday, weighed down by weak crude oil and gold prices.
Canadian and U.S. futures are slightly down as well.
Cargojet Inc. (CJT.TO) reported a net income for $30.5 million for the quarter ended March 31, 2023, compared to a net loss of $56.4 million in the year-ago quarter.
A reading on Canadian manufacturing activity in the month of April is due at 9:30 AM ET. The S&P Global Canada Manufacturing PMI dropped to 48.6 in March 2023 from a seven-month high of 52.4 in February.
The Canadian market ended on a firm note on Friday, extending gains from the previous session, thanks largely to strong buying in the energy sector as oil prices rose sharply.
The benchmark S&P/TSX Composite Index ended with a gain of 113.90 points or 0.55% at 20,636.54. The index shed about 0.27% in the week.
Asian markets ended mixed on Monday amidst holidays in several regions including China, Hong Kong and South Korea. Bank of Japan continuing with its ultra-loose monetary policy and maintaining status quo on the yield curve control policy helped sentiment.
In commodities, West Texas Intermediate Crude futures are down $1.76 or 2.29% at $75.02 a barrel.
Gold futures are down $1.80 or 0.09% at $1,997.30 an ounce, while Silver futures are gaining $0.304 or 1.21% at $25.530 an ounce.
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