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Bay Street Likely To Open On Positive Note

(RTTNews) - Canadian shares are likely to open higher Monday morning, amid easing concerns over the Omicron variant of the coronavirus. Firm crude oil prices also point to a higher opening in the market.

The Canadian market faltered after a slightly positive start on Friday and ended the session on a weak note as worries about the Omicron variant of the coronavirus rendered the mood bearish.

The benchmark S&P/TSX Composite Index, which plunged to 20,492.03, ended the day with a loss of 128.76 points or 0.62% at 20,633.27. The index shed about 2.3% in the week.

Teck Resources Limited (TECK.B.TO) announced that rail service betwen west coast terminals and Teck's B.C. operations remains impacted by recent heavy rains and flooding, with both CN and CP operating at reduced levels following service interruptions. The company said it now estimates fourth-quarter steelmaking coal sales at 5.2 - 57. million tonnes, lower than pervious estimate of 6.4 - 6.8 million tonnes.

Asian stocks ended lower on Monday as lingering worries over a U.S. rate hike offset investor optimism that the Omicron coronavirus variant might not have as much impact on the global economy as feared. Chinese shares ended lower as concerns over the fallout from a likely default by China Evergrande Group overshadowed Premier Li Keqiang's comments on cut in reserve requirement ratios.
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