Bay Street Seen Opening On Slightly Positive Note

(RTTNews) - Canadian shares are likely to open on a slightly positive note Monday morning amid optimism about a fiscal stimulus deal in the U.S.

Higher gold prices may also support the market. However, uncertainty about the pace of economic recovery amid the second wave of coronavirus disease is likely to weigh and limit market's upside.

On Friday, the market failed to hold early gains and ended weak after a lackluster session. The S&P/TSX Composite Index ended down 62.28 points or 0.38% at 16,438.75. The index shed 0.75% in the week.

Cogeco Inc's (CGO.TO) top investor, Gestion Audem, has rejected Altice USA Inc's C$11.1 billion or $8.43 billion revised buyout offer for Cogeco. Gestion Audem holds 69% of all voting rights of Cogeco Inc., which in turn controls 82.9% of all voting rights of Cogeco Communications Inc.(CCA.TO).

Asian stocks ended mixed on Monday as lingering hopes for a new U.S. stimulus package were offset by data showing that China's economy expanded at a slower rate than expected in July-September.

After a positive spell early on in the session amid hopes of a U.S. stimulus deal and optimism about a coronavirus vaccine, European stocks are losing with the mood turning cautious due to worries about the spread of coronavirus infections.

In commodities, West Texas Intermediate Crude oil futures are up marginally at $40.94 a barrel.

Gold futures are rising $10.60 or 0.56% at $1,917.00 an ounce. Silver futures are up $0.585 or 2.4% at $24.990 an ounce, while Copper futures are up $0.0335 or 1.1% at $3.1010 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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