July 21, 2024

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Bay Street Seen Opening Higher On Firm Commodity Prices

2 min read

The Canadian market is likely to open with a positive bias Friday morning thanks to higher crude oil and bullion prices. Once again, activity is likely to remain stock specific as investors are likely to react to a slew of earnings updates from Canadian companies.

In earnings news, SNC Lavalin Inc (ATRL.TO) reported fourth-quarter adjusted net income of $79.5 million, or $0.45 per diluted share, compared to an adjusted net loss of $32.5 million , or $(0.19) per diluted share in Q4 2022.

Boralex Inc (BLX.TO) reported net earnings of $58 million for the fourth quarter of 2023, and $115 million for the full-year, compared to a net loss of $7 million in the fourth quarter of 2022, and $8 million in financial year 2022.

Denison Mines Corp. (DML.TO) reported earnings per share from continuing operations of C$0.11 for the year ended December 31, 2023, representing a 450% increase from the 2022 EPS of C$0.02. A C$134.2 million fair value gain on its investments in physical uranium boosted the company’s 2023 earnings from continuing operations to C$89.4 million or C$0.11 per share.

Canadian Western Bank (CWB.TO) reported a net income of $88 million for the three months ended January 31, 2024, down 7% from the corresponding period last year.

Ensign Energy Services Inc (ESI.TO) said its net income for 2023 was $41.2 million, up from $8.1 million in 2022.

On the economic front, A reading on Canadian manufacturing activity during the month of February is due at 9:30 AM ET. The S&P Global Canada Manufacturing PMI improved to 48.3 in January from 45.4 in the previous month.

The Canadian market ended on a firm note on Thursday, led by gains in energy, materials and utilities sectors. Slightly easing concerns about inflation and hopes that the Federal Reserve will announce an interest-rate cut in the second quarter aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 119.84 points or 0.56% at 21,363.61.

Asian shares ended on a mixed note on Friday, digesting key…

2024-03-01 07:57:38

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