Bay Street Set To Open Higher As Trade Tensions Ease

(RTTNews) - Canadian shares look headed for a higher opening on Monday, buoyed by comments from U.S. President Donald Trump that he would delay the deadline for additional tariffs on Chinese goods set to begin on March 1.

Trump, who said trade talks are progressing well, indicated he plans to meet Chinese President Xi Jinping to reach a final deal.

Lower crude oil prices may weigh on energy stocks and limit market's upside. Investors will also be tracking quarterly earnings reports for direction.

On Friday, the benchmark S&P/TSX Composite Index ended up 12.15 points, or 0.08%, at 16,013.01, after scaling a low of 15,997.37 and a high of 16,070.99 in the session.

In company news, Centamin Plc (CEE.TO) said its fourth quarter profit before tax dropped to $50.49 million from last year's $77.35 million. Basic earnings per share declined to 1.69 US cents from 3.78 US cents last year, Centamin said.

Barrick Gold Corp. (ABX.TO) announced that it has made a proposal to the Newmont Mining Corporation (NEM) Board of Directors to merge with Newmont in an all-share transaction that will help Barrick unlock more than US$7 billion net present value of real synergies.

First Majestic Silver Corp. (FR.TO) reported fourth-quarter net loss of $164.4 million or $0.85 per share from $56.1 million or $0.34 per share in the year-ago period. The company said the wider net loss for the quarter was due primarily to a non-cash impairment charge of $168.0 million, or $130.6 million net of tax, on the La Parrilla and Del Toro mines and the decrease in mine operating earnings.

Asian markets ended mostly higher on Monday after U.S. President Donald Trump said he would delay the deadline for additional tariffs on Chinese goods, citing substantial progress in trade talks. Shanghai's benchmark was the biggest gainer, rising as much as 5.6%.

European markets were moving up as well, although gains were just modest or marginal in most of the exchanges as investors made cautious moves, looking ahead to the historical summit of the U.S. and North Korea.

In commodities, crude oil futures for April were declining $0.82, or 1.43%, at $56.44 a barrel.

Gold futures for April were down $0.70, or 0.05%, at $1,332.10 an ounce.

Silver futures for March were up marginally at $15.915 an ounce, while Copper futures for March were gaining $0.0135, or 0.46%, at $2.9615 per pound.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Июль 2020    »