Bay Street Likely To Open Higher

(RTTNews) - Canadian shares are likely to open higher Thursday morning, tracking positive cues from European markets and steady bullion prices.

Barrick Gold Corp. (ABX.TO) said its second quarter sales were 1.00 million ounces of gold and 101 million pounds of copper, and production was 1.01 million ounces of gold and 107 million pounds of copper.

The company added that its gold and copper production in 2023 is expected to increase through the year with the second half being higher than the first six months of 2023.

Corus Entertainment Inc. (CJR.B.TO) said its subsidiary, Nelvana Limited, has entered into a definitive agreement under which Integrated Media Company, a TPG platform, will acquire Nelvana's subsidiary, Toon Boom Animation Inc. for approximately C$147.5 million in cash.

SNC-Lavalin Group Inc. (SNC.TO) announced Thursday it has received an $85 million transportation development general engineering consultant (GEC) services contract from Florida's Turnpike Enterprise.

Canadian stocks moved sharply higher over the course of the trading session on Wednesday, adding to the gains posted in the previous session. Tamer-than-expected U.S. inflation data aided sentiment. Investors largely shrugged off the Bank of Canada's widely expected decision to raise interest rates by another quarter point.

The benchmark S&P/TSX Composite Index surged in morning trading and remained firmly positive throughout the afternoon, closing up 192.21 points or 1.0 percent at 20,070.77.

Asian stocks closed higher on Thursday, as tamer-than-expected U.S. inflation data bolstered hopes of the Federal Reserve nearing the end of its tightening campaign. Sluggish Chinese trade data also spurred calls for more government stimulus.

European stocks are higher today, with China stimulus hopes and expectations that the Federal Reserve will soon halt interest rate hikes helping underpin sentiment.

In commodities, West Texas Intermediate Crude oil futures are roughly flat at 75.78 a barrel.

Gold futures are up $2.50 or 0.13% at $1,964.20 an ounce, while Silver futures are gaining $0.180 or 0.74% at $24.490 an ounce.