July 20, 2024

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Bay Street Likely To Open Slightly Higher

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The Canadian market may open marginally higher Wednesday morning, with energy stocks likely to move up, tracking firm crude oil prices.

In company news, SSR Mining Inc. (SSRM.TO) announced that it has inked a deal with Scotiabank (BNS.TO) under which Scotiabank will purchase by way of a block trade 6,161,524 units at a price of C$1.93 per unit.

SSR will the gross proceeds of about C$ 11.891 million towards the company’s organic growth initiatives and ongoing capital returns.

Cameco Corporation (CCO.TO) is likely to be in focus following Canaccord Genuity raising upward the stock’s target price to C$ 72 from C$ 67.

Athbasca Oil (ATH.TO) announced on Tuesday that it would work with Cenovus Energy (CVE.TO) to create Duvernay Energy. Athabasca, which will hold 70% equity in the new company will manage the firm. Cenovus will own the remaining 30% stake.

The Canadian benchmark S&P/TSX Composite Index climbed to fresh 52-week intraday and closing highs on Tuesday on fairly widespread buying amid rising optimism the Fed will start cutting interest rates from the first quarter of 2024.

The S&P/TSX Composite Index ended with a strong gain of 216.92 points or 1.05% at 20,839.63, slightly off the session’s high of 20,848.83.

Asian stocks ended higher on Wednesday amid hopes the Federal Reserve will cut interest rates three times in 2024.

European stocks are turning in a mixed performance. The U.K. market is outperforming after data showed the nation’s inflation slowed more sharply than expected in November to 3.9%, down from 4.6% a month earlier.

In commodities, West Texas Intermediate Crude oil futures are rising $1.00 or 1.35% at $74.94 a barrel.

Gold futures are down $5.10 or 0.25% at $2,047.00 an ounce, while Silver futures are lower by $0.041 or 0.16% at $24.280 an ounce.

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2023-12-20 07:31:18

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