Bay Street Seen Opening On Firm Note

(RTTNews) - Canadian shares are likely to open on a positive note on Thursday thanks to better-than-expected quarterly earnings reports from a few big-name companies and firm European markets.

On Wednesday, the benchmark S&P/TSX Composite ended down 55.59 points, or 0.34%, at 16,335.93, after touching a low of 16,309.18 intraday.

In company news, Husky Energy Inc. (HSE.TO) announced that it earned $273 million, or 26 cents per share, in its latest quarter, down from $545 million, or 53 cents per share, in the same quarter last year.

Teck Resources (TECK.B.TO) reported adjusted net profit of $403 million or 72 cents per share in the third-quarter, compared with an adjusted net profit of $466 million or 81 cents per share a year ago.

Canfor Corp. (CFP.TO) reported a loss of $90.4 million for the quarter ended September 30, compared with a $125.3-million profit in the prior year.

Canadian Pacific Railway (CP.TO) reported net income of $618 million for the third quarter, down down 0.6% from $622 million in the same period in 2018.

Agnico Eagle Mines Limited (AEM.TO) reported adjusted net income of $87.5 million, or $0.37 per share, for the third quarter of 2019, up from $17.1 million or $0.07 per share in the year-ago quarter.

Asian markets ended mostly higher with investors tracking earnings for direction. However, buying interest was somewhat subdued in most of the markets in the region due to lingering worries about global economic slowdown.

European markets were up in positive territory with investors reacting to corporate earnings and tracking the developments on Brexit. Worse-than-expected euro zone manufacturing and services data weighed on sentiment.

The European Central Bank has left its key interest rates, forward guidance, and stimulus measures unchanged as expected in the final policy session chaired by President Mario Draghi.

Gold futures for December were declining $1.40, or 0.09%, at $1,494.30 an ounce.

Silver futures for December were down slightly at $17.575, while Copper futures for December were gaining $0.0020, or 0.07%, at $2.6735 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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