Bay Street Likely To Open On Slightly Negative Note

(RTTNews) - Canadian shares are likely to open lower Thursday morning, tracking lower crude oil prices and reacting to some weak quarterly earnings announcements.

The impasse over a new coronavirus relief bill in the U.S. might weigh on sentiment.

On Wednesday, the market closed on a firm note, extending gains from a session earlier. The benchmark S&P/TSX Composite Index ended up 133.58 points or 0.82% at 16,501.61, just a few points off the day's high of 16,507.32.

Canadian Natural Resources Ltd. (CNQ.TO) reported that its second-quarter net loss was C$310 million or C$0.26 per share compared to net earnings of C$2.83 billion or C$2.36 per share in the prior year.

Bombardier (BBD_B.TO) has reported its net loss widened to $223 million in the second quarter of this financial year from $36 million in the prior year. Adjusted net loss attributable to equity holders of the company widened to $713 million or $0.30 per share from $101 million or $0.04 per share in the prior year.

Bausch Health Companies Inc. (BHC.TO) announced that it intends to spin off its eye health business into an independent publicly traded entity from the remainder of Bausch Health. Once implemented, there will be two separate companies, such as a fully integrated, pure play eye-health company built on the iconic Bausch + Lomb brand, as well as a diversified pharmaceutical company.

WSP Global Inc. (WSP.TO) said it posted net earnings of $88.3 million or 83 cents per share in the quarter ended June 2020, little changed from $89.2 million or 84 cents in the same period a year ago. In its updated guidance, WSP says it expects adjusted earnings of between $1 billion and $1.05 billion this year on net revenues of between $6.7 billion and $7.0 billion.

Asian stocks ended mostly higher on Thursday although the mood remained largely cautious amid concerns about the economic outlook due to continuous surge in coronavirus cases.

European stocks are drifting lower on growth concerns after the Bank of England held rates steady and forecast a slower post-pandemic economic rebound in the U.K. Continued impasse over coronavirus relief talks in the U.S. is also hurting sentiment.

In commodities, West Texas Intermediate Crude oil futures for September are down $0.29 or 0.7% at $41.90 a barrel.

Gold futures for December are rising $26.50 or 1.3% at $2,075.80 an ounce.

Silver futures for September are gaining $1.555 or 5.78% at $28.445 an ounce, while Copper futures for September are down $0.0210 or 0.72% at $2.8960 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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