Canadian Shares Likely To See Mixed Open

(RTTNews) - Bay Street is likely to see a mixed start on Monday, tracking crude oil's uptick and weak bullion prices. With the focus on the release of the minutes from U.S. central bank's latest policy meeting, the mood is likely to remain somewhat cautious.

Teck Resources Limited (TECK.A.TO) has announced that the Toronto Stock Exchange has accepted the notice filed by the company to establish a normal course issuer bid to purchase class B subordinate voting shares. Following this, Teck may purchase up to 40 million class B shares, representing approximately 7.8% of the outstanding class B Shares, or 7.9% of the public float, as at November 15, 2023.

Franco-Nevada Corp (FNV.TO) has lowered its production guidance for the year following the Cobre Panama mine ramping down operations due to protests that have blocked supplies.

The Canadian market ended on a strong note on Friday, lifted by gains in energy, healthcare and consumer discretionary stocks.

The mood was positive on hopes that central banks, including the Federal Reserve, will pause interest rate hikes, and some banks may even start reducing rates from the middle of next year.

A sharp jump in crude oil prices triggered heavy buying in the energy sector.

The benchmark S&P/TSX Composite Index ended with a gain of 122.70 points or 0.61% at 20,175.77. The index gained about 2.65% in the week.

Asian stocks gained on Monday amid bets that global central banks will start cutting interest rates next year to support uneven economic recovery.

The upside, however, remained capped ahead of key quarterly earnings from NVIDIA Corporation and the release of the Federal Reserve's minutes from its November meeting due this week.

European stocks are struggling for direction after last week's sharp rally on expectations that falling inflation across industrialized countries will prompt global central banks to start cutting interest rates next year.

Investors are awaiting comments from officials of several central banks, and the minutes from the Federal Reserve's latest meeting, for more clues about interest rates.

In commodities, West Texas Intermediate Crude oil futures are gaining $1.26 or 1.66% at $77.15 a barrel.

Gold futures are down $10.80 or 0.55% at $1,973.90 an ounce, while Silver futures are down $0.407 or 1.71% at $23.445 an ounce.