TSX Set for Weak Start As Oil Prices Slide
Canada's benchmark index looked set to open lower on Thursday, weighed down by weak oil prices , although BCE (BCE.TO) may help cap losses after reporting better-than-expected quarterly results.
The drop in oil prices came as the US dollar continued to gain strength, with the ICE dollar index rising for six-straight sessions. As well, falling stock markets in Europe and Asia, and futures pointing to a lower open for US markets have investors looking to safer investments.
In stocks, investors will keep an eye on BCE, which reported adjusted EPS of $0.89 for Q4, up 8.5% from last year's $0.82, exceeding the Capital IQ consensus of $0.86. Great-West Lifeco (GWO.TO) will also be in focus after i t report ed adjusted EPS of $0.72 for Q4, down from $0.74 for the same period last year, missing Street view of $0.75.
The TSX closed up by 9 points on Wednesday, held higher by financial stocks.
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