Bay Street May Open Higher
(RTTNews) - Higher futures and firm European stocks point to a higher opening for Canadian shares Wednesday morning.
However, weak commodity prices may weigh on gold and energy stocks a bit.
Investors will be looking ahead to Canadian Prime Minister Justin Trudeau's broadcast, due later in the day. Trudeau is due to talk about the urgency to fight Covid-19 as the country faces the prospect of a second wave of virus.
The benchmark S&P/TSX Composite Index ended with a gain of 161.12 points or 1.01% at 16,142.89 despite hitting a low of 16,000.50 around mid morning.
Fortis Inc. (FTS.TO) announced Wednesday its new five-year capital investment plan of $19.6 billion for the period 2021 to 2025, up $800 million from the prior year's plan.
Asian stocks moved higher on Wednesday, tracking overnight gains in the U.S. and European markets after Fed Chair Jerome Powell said the U.S. central bank is committed to helping the economy.
European markets are notably higher with investors continuing to pick up stocks, reacting to comments from Powell that the Fed will use all its monetary policy tools for as long as necessary to support the economy.
In commodities, West Texas Intermediate Crude oil futures for November are down $0.05 or 0.13% at $39.75 a barrel.
Gold futures are declining $22.00 or 1.1% at $1,885.60 an ounce. Silver futures are down $1.038, or 4.2% at $23.485 an ounce, while Copper futures are lower by $0.0320 or 1.05% at $3.0290 per pound.
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