Bay Street Likely To See Positive Start

RTTNews | 1312 days ago

(RTTNews) - Higher commodity prices and U.S. futures point to a positive start for the Canadian market on Thursday.

Firm European stocks, and some fairly strong quarterly earnings updates from Canadian companies are also likely to aid sentiment.

In earnings news, Thomson Reuters (TRI.TO) reported diluted earnings per share of $0.59 for the fourth quarter of 2022, as against net loss of $0.36 per share in the year-ago quarter.

Telus Corporation (T.TO) reported adjusted net income of C$333 million for the quarter ended December 2022, compare with adjusted net income of C$331 million a year ago.

Cameco Corporation (CCO.TO) reported adjusted net earnings of $36 million for the fourth quarter of 2022, up from $23 million in the year-ago quarter.

Colliers International Group Inc (CIGI.TO) reported adjusted EPS of $2.31 for the three months ended December 31, 2022, compared with adjusted EPS of $2.25 for the three months ended December 31, 2021.

Bombardier Inc (BBD.A.TO) reported net income of $241 million for the quarter ended December 2022, compared with net income of $239 million in the year-ago quarter.

Canopy Growth Corporation (WEED.TO) said its net loss in the third quarter of fiscal 2023 was $267 million, which is a $151 million increase compared with the net loss in the year-ago quarter.

The Canadian market ended weak on Wednesday, weighed down by losses in healthcare and materials stocks. The benchmark S&P/TSX Composite Index ended with a loss of 45.46 points or 0.22% at 20,679.54.

Asian stocks ended on a muted note on Thursday after comments from several Federal Reserve officials suggested that U.S. interest rates will keep climbing for some time to cool prices.

European stocks are firmly higher, reacting to a slew of positive earnings updates and amid expectations of a milder-than-expected recession.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.26 or 0.33% at $78.21 a barrel.

Gold futures are up $2.90 or 0.15% at $1,893.60 an ounce, while Silver futures are up $0.025 or 0.11% at $22.445 an ounce.

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