Bay Street May Open With Positive Bias

(RTTNews) - Canadian shares are likely to open with a slightly positive bias Tuesday morning, tracking higher crude oil and gold prices. However, with a slew of crucial economic data from Canada, the U.S. and China due during the course of this week, the mood is likely to remain cautious once again.

Bank of Nova Scotia (BNS.TO) reported fourth-quarter net income of $1,385 million, or $1.02 per diluted share, compared to net income of $2,093 million, or $1.63 per diluted share, in the year-ago quarter.

For fiscal 2023, BNS posted a net income of $7,528 million, compared to $10,174 million in the previous year.

TC Energy Corp (TRP.TO) has upgraded its growth outlook for 2023 and 2024. The company projects comparable EBITDA growth of 8%. amd 5-7% from 2023 to 2024.

Organigram Holdings Inc. (OGI.TO) announced that Phylos Bioscience Inc., a U.S. cannabis genetics company and provider of production ready seeds, has achieved the first milestone under the loan agreement entered into in May 2023. Phylos has closed the second tranche under the Loan Agreement with Organigram advancing $2.75 million to Phylos.

The Canadian market ended weak on Monday despite some strong buying in the technology sector. Losses in energy, industrials and utilities sectors weighed on the market.

The benchmark S&P/TSX Composite Index ended lower by 70.45 points or 0.35% at 20,032.66, near the day's low.

Asian stocks closed on a mixed note on Tuesday amidst anxiety ahead of crucial macro-economic updates.

European stocks are down in negative territory amid lingering concerns about global economic slowdown and uncertainty about the outlook for interest rates.

In commodities, West Texas Intermediate Crude oil futures are up $0.84 or 1.12% at $75.70 an ounce.

/Gold futures are up $2.60 or 0.13% at $2,015.00 an ounce, while Silver futures are up marginally at $24.700 an ounce.