Bay Street Seen Opening On Mixed Note
(RTTNews) - Canadian shares are likely to see a mixed open Tuesday morning, tracking weak European stocks and higher crude oil prices. Worries about the ongoing tensions in Ukraine and rising inflation are likely to weigh on stocks.
On the economic front, data on Canada's trade balance for the month of February is due at 8:30 AM ET. Canada posted a trade surplus of C$ 2.62 billion in January of 2022, as against a downwardly revised deficit of C$ 1.58 billion in December. It was the widest trade surplus since September of 2008.
In corporate news, Kinross Gold Corporation (K.TO) said that it has inked a deal with the Highland Gold Mining Group of Companies and its affiliates to sell all of its Russian assets for $680 million in cash. Kinross will get a sum of $400 million in cash for the Kupol mine and the surrounding exploration licenses by the end of 2025, and receive a total of $280 million in cash for its Udinsk project before end of 2027.
The Canadian stock market closed on a firm note on Monday despite escalating tensions in Ukraine, and concerns over inflation and imminent policy tightening. Riding on gains in technology, healthcare and energy stocks, the benchmark S&P/TSX Composite Index ended with a gain of 132.65 points or 0.6% at 22,085.60, slightly off the day's high.
Asian stocks ended higher on Tuesday, though regional gains remained capped amid talks of more sanctions against Russia and rising prices of commodities, including crude oil. Trading volumes were thin due to public holidays in China, Hong Kong and Taiwan.
European stocks are exhibiting some weakness in cautious trade amid reports the U.S. and Europe are keen on imposing new sanctions against Russia following allegations of civilian killings in Ukraine.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.95 or 0.93% at $104.23 a barrel.
Gold futures are down $2.50 or 0.14% at $1,931.50 an ounce, while Silver futures are gaining $0.230 or 0.94% at $24.820 an ounce.
