Bay Street Seen Opening Flat Or Slightly Lower
(RTTNews) - Lower Canadian index futures and crude oil's retreat after two successive days of solid gains point to a flat or slightly negative start on Bay Street Wednesday morning.
Also, with the central bank scheduled to announce its rate decision at 10 AM ET., the mood is likely to remain cautious in early trades.
The Bank of Canada is widely expected to keep its key interest rate on hold at 1.75%. The bank's outlook for the economy is likely to set the trend for the market.
On Tuesday, the benchmark S&P/TSX Composite Index ended up 92.12 points, or 0.56%, at a new all-time closing high of 16,669.40, slightly off the day's best of 16,672.71.
In company news, Centamin plc (CEE.TO) reported that the Group's Sukari Gold Mine produced 116,183 ounces of gold in the first quarter, above the forecast of 105,000 - 115,000 ounces. On a year-over-year comparison, total gold production were down 7% in the first-quarter for the Sukari Gold Mine. The group said its on track and reiterated annual production guidance for 2019.
Cenovus Energy (CVE.TO) has lowered its 2019 oil sands production guidance by 7%. The company reported Cenovus said it generated net earnings from continuing operations of $110 million in the first quarter, compared with a net loss of $914 million in the same period in 2018, and operating earnings from continuing operations of $69 million compared with a $752 million operating loss in the first quarter a year earlier. However, the numbers fell short of expectations.
Asian markets ended mixed on Wednesday, while markets in Europe exhibited some weakness after recent gains.
In commodities, crude oil futures for June were declining $0.09, or 0.14%, at $66.21 a barrel.
Gold futures for June were up $1.70, or 0.13%, at $1,274.90 an ounce.
Silver futures for May were gaining $0.034, or 0.23%, at $14.825 an ounce, while Copper futures for May were up $0.014, or 0.48%, at $2.914 per pound.
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