Bay Street Likely To Open Higher

(RTTNews) - Canadian shares are likely to open on a positive note on Thursday as resources stocks may move higher on firm crude oil and metal prices. Geopolitical tensions may weigh on sentiment.

Data on Canadian producer prices and raw materials prices are due at 8:30 AM ET.

Industrial producer prices in Canada fell by 0.6% over a month in September, following a revised 0.9% decline in August. On yearly basis, producer prices decreased by 0.9% in September, after a 0.2% rise in the prior month.

The Raw Materials Price Index in Canada was down 3.1% month-over-month in September, following an upwardly revised 3% fall in August. Year-on-year prices of raw materials declined 8.8% in September, the largest drop since July 2023.

Silvercorp Metals Inc. (SVM.TO, SVM), a Canadian miner, on Thursday announced the pricing of a previously announced private offering of $130 million aggregate principal amount of 4.75% convertible senior notes, due 2029. The offering is expected to be closed on or about November 25.

Africa Oil Corporation (AOI.TO) announced that it has acquired an additional 7% of Impace Oil & Gas for US$ 60.4 million. With this, Africa Oil holds 39.5% of Imperial Oil on a fully diluted basis.

Real Matters Inc., (REAL.TO) reported consolidated revenue of $45.6 million for the fourth quarter, up 8% compared to the previous year's revenue.

The Canadian market closed slightly up on Wednesday after a cautious session as investors awaited quarterly results from U.S. megacap NVIDIA due after trading hours, and some crucial economic data due later in the week.

Worries about escalating tensions between Ukraine and Russia and uncertainty about the Federal Reserve's interest rate moves rendered the mood cautious.

The benchmark S&P/TSX Composite Index closed up 25.69 points or 0.1% at 25,036.46, slightly off the day's high. The index dropped to a low of 24,909.72 a little before noon.

Asian stocks closed lower on Thursday, weighed down by disappointing guidance from tech giant Nvidia, and uncertainty over Bank of Japan's monetary policy plans.

European stocks are turning in a mixed performance with investors reacting to corporate news and digesting the latest batch of economic data, in addition to following the developments on the geopolitical front.

In commodities, West Texas Intermediate Crude oil futures are up $1.44 or 2.03% at $70.31 a barrel.

Gold futures are up $16.30 or 0.61% at $2,668.00 an ounce, while Silver futures are up $0.120 or 0.39% at $31.125 an ounce.