Bay Street May Open On Positive Note

RTTNews | 107 days ago

(RTTNews) - The Canadian market is likely to open on a positive note on Wednesday, tracking fairly strong quarterly earnings updates from major banks. Concerns about Middle East tensions may weigh a bit and render the mood cautious.

BMO Financial Group (BMO.TO) reported a net income of C$2.49 billion for the second-quarter, compared to C$1.82 billion in the year-ago quarter. Earnings per share were C$3.53 versus C$2.50 last year.

Bank of Nova Scotia (BNS.TO) reported adjusted net income of $2,652 million for the second-quarter, compared to $2,072 million a year ago. Earnings per share (diluted) came in at $2.02, compared to $1.52 in the year-ago quarter.

National Bank of Canada (NA.TO) reported a second-quarter profit of $1.23 billion, up from $896 million a year ago. The bank's second-quarter profit amounted to $3.06 per diluted share for the quarter ended April 30, compared with $2.17 per diluted share a year ago.

The Canadian market closed weak on Tuesday, snapping a four-day winning run, as fresh U.S. military attacks on Iranian targets weighed on sentiment.

The benchmark S&P/TSX Composite Index, which traded weak right through the session, settled with a loss of 177.02 points or 0.51% at 34,653.87.

Asian stocks turned in a mixed performance on Wednesday, with Chinese and Hong Kong markets declining after China punished three brokerages for offering mainland investors access to overseas stocks without licenses.

Positive sentiment prevailed elsewhere across Asia amid a surge in technology stocks and easing geopolitical tensions.

European stocks are broadly higher amid some optimism about a resolution to the Middle East conflict. A sharp drop in oil prices is also contributing to the positive mood in most of the markets in the region.

In commodities trading, West Texas Intermediate crude oil futures are down $5.17 or 5.51% at $88.72 a barrel.

Gold futures are down $45.80 or 1.02% at $4,456.50 an ounce, while Silver futures are lower by $1.226 or 1.6% at $75.380 an ounce.

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