Bay Street Likely To Extend Gains On Commodities Strength
(RTTNews) - Higher Canadian and U.S. index futures and firm commodity prices point to a positive start on Bay Street Monday morning.
The market will have full trading sessions today and tomorrow. On Wednesday, trading will be on for just half a day, and the market will remain shut on Thursday and Friday, for Christmas and Boxing Day, respectively.
West Texas Intermediate crude oil futures are up $1.25 or 2.21% at $57.77 a barrel.
Gold futures are gaining $67.70 or 1.54% at $4,455.00 an ounce, and Silver futures are up $1.741 or 2.58% at $69.230 an ounce.
In economic news, data from Statistics Canada showed that the Canadian Industrial Product Price Index climbed 0.9% in November. On annual basis, the produce price index surged 6.1%.
Raw Materials prices in Canada increased by 6.4% in November (on yearly basis) from 5.8% in October.
The Canadian market closed on a firm note on Friday, buoyed by rising metal and oil prices.
The benchmark S&P/TSX Composite Index traded firmly positive to reach a new record intra-day high of 31,865.79, and then pared some gains before settling at 31,755.82, up by 314.97 points or about 1%.
Asian stocks closed with strong gains on Monday, tracking Wall Street's tech-led rally on Friday. Sentiment was also boosted by the People's Bank of China keeping its one-year and five-year Loan Prime Rate at record lows for the seventh consecutive month.
The major European markets are mostly subdued in thin trading today with traders largely staying on the sidelines ahead of upcoming Christmas holidays.
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