Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market is likely to open higher on Thursday, tracking positive European markets and slightly higher commodity prices. Investors will also be reacting to the European Central Bank's decision to lower interest rates.

Canopy Growth Corporation (WEED.TO) announced today that it has made early prepayment on its senior secured term loan equal to $100 million at a discounted price of $97.5 million. Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million.

BRP Inc. (DOO.TO) announced today that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater, and Marine parts, accessories and apparel. BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.

The Canadian market recorded new intraday and closing highs on Wednesday thanks to strong gains in utilities, healthcare and financial sectors. The mood was positive on expectations of a larger interest rate cut by the Bank of Canada next week.

The benchmark S&P/TSX Composite Index, which climbed to a high of 24,603.11, settled at 24,561.20 with a gain of 122.12 points or 0.5%.

Asian stocks ended mixed on Thursday, with Chinese and Hong Kong markets giving up early gains to end sharply lower after China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.

The measures included expanding a "white list" of housing projects eligible for financing and increasing bank lending for such developments to 4 trillion yuan.

The briefing from China's housing minister lacked substantial new measures, leaving investors skeptical regarding further economic growth ahead of third quarter GDP data due on Friday.

European stocks are notably higher. The European Central Bank (ECB) today cut its key interest rate to 3.25%, in its third quarter-percentage-point reduction of the year. The move marks the first time the central bank has reduced rates at consecutive meetings since December 2011.

In commodities, West Texas Intermediate Crude oil futures are up $0.07 at $70.46 a barrel.

Gold futures are gaining $6.00 or 0.22% at $2,697.30 an ounce, while Silver futures are down slightly at $31.965 an ounce.