Bay Street Likely To Open Higher On Firm Commodity Prices, Scotiabank Earnings

(RTTNews) - Canadian shares are likely to open on a positive note on Tuesday, reacting to firm crude oil and metal prices, and on Bank of Nova Scotia's strong quarterly earnings.

Bank of Nova Scotia (BNS.TO) reported a net income of $1,689 million for the fourth quarter ended October 31, 2024, compared to $1,354 million in the fourth quarter last year. The bank has announced a dividend of $1.06 per share on the outstanding shares of the Bank, payable January 29, 2025, to shareholders of record at the close of business on January 7, 2025:

The Canadian market closed weak on Monday, weighed down by losses in healthcare, energy and materials sectors. The decline was due to a stronger dollar and fears of a trade war. Investors, looking ahead to some crucial economic data from the U.S., and Canada, stayed largely cautious.

The benchmark S&P/TSX Composite Index closed down 57.67 points or 0.22% at 25,590.33, after scaling a low of 25,492.57 and a high of 25,706.50 intraday.

Asian stocks fluctuated before closing higher on Tuesday as new U.S. curbs on semiconductor exports to China proved to be less harsh than previously expected. Expectations of a Federal Reserve rate cut later this month and speculation that a key economic meeting expected in December may unleash more Chinese stimulus lifted sentiment.

European stocks are up in positive territory, led by gains in mining, energy and technology sectors, as new U.S. curbs on tech exports to China fell short of earlier proposals.

Meanwhile, investors continue to keep an eye on the latest political developments in France with Prime Minister Michel Barnier bracing for a no-confidence vote this week over a budget dispute.

In commodities, West Texas Intermediate Crude oil futures are up $0.96 or 1.37% at $69.06 a barrel.

Gold futures are gaining $6.50 or 0.25% at $2,665.00 an ounce, while Silver futures are up $0.451 or nearly 1.5% at $31.315 an ounce.