Bay Street Headed For Positive Start

(RTTNews) - Higher crude oil prices, and U.S. and Canadian futures, and firm European markets point to a positive start for the Canadian market on Wednesday.

Worries about global banking crisis have eased further after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

Dollarama Inc (DOL.TO) reported fourth-quarter diluted net earnings of $0.91 per share, up 23% from a year ago. Diluted net earnings rose 26.6% to $2.76 in fiscal 2023 from the previous year, the company said.

The Canadian market ended marginally up on Tuesday, lifted by gains in energy and materials sectors thanks to firm commodity prices.

Consumer staples and consumer discretionary stocks found some support, while healthcare, real estate and technology stocks drifted lower.

The mood was cautious with investors awaiting further updates from the banking sector, and looking ahead to some crucial economic data for direction.

The benchmark S&P/TSX Composite Index ended with a gain of 32.79 points or 0.17% at 19,657.53. The index touched a low of 19,600.53 and a high of 19,700.15 in the session.

Asian stocks ended Wednesday's session on a mixed note as rising Treasury yields offset easing concerns over the banking sector.

European stocks are up firmly in positive territory after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.87 or 1.2% at $74.07 a barrel.

Gold futures are down $3.80 or 0.19% at $1,969.70 an ounce, while Silver futures are lower by $0.065 or 0.28% at $23.355 an ounce.