Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Tuesday morning with investors reacting to a slew of earnings updates, and tracking slightly weaker commodity prices.

George Weston Ltd. (WN.TO) reported adjusted net earnings of $312 million for the first-quarter of 2024, up $30 million or 10.6%, compared to its net earnings in the year-ago quarter.

MEG Energy Corp (MEG.TO) announced after trading hours on Monday that its net earnings increased to $98 million in the first quarter of 2024 from $81 million in the same period of 2023.

Finning International Inc (FTT.TO) reported first-quarter net income of $121 million, compared to $134 million a year ago.

CT Real Estate Investment Trust (CRT.UN.TO) reported first-quarter net income of C$1.01 billion, compared to C$70.5 million in the year-ago quarter.

On the business front, the Ivey Business School will release the Canadian Purchasing Managers Index score for the month of April, at 10 AM ET. The Ivey Purchasing Managers Index in Canada increased to 57.5 in March, up from 53.9 in February. That was the highest reading in the last one year, and the eighth consecutive monthly increase.

The Canadian market ended sharply higher on Monday, extending gains to a third straight session, thanks to firm commodity prices and rising optimism about interest rate cuts by several central bans.

The benchmark S&P/TSX Composite Index ended with a gain of 312.06 points or 1.42% at 22,259.47, near the day's high.

Asian stocks advanced on Tuesday amid expectations that the U.S. Federal Reserve will start cutting interest rates later this year.

European stocks are up firmly in positive territory with investors reacting to some positive regional data and encouraging bank earnings.

In commodities, West Texas Intermediate Crude oil futures are down $0.11 at $78.37 a barrel.

Gold futures are down $9.90 or 0.42% at $2,321.30 an ounce, while Silver futures are lower by $0.084 or 0.3% at $27.530 an ounce.