Bay Street Likely To Open On Firm Note On Commodities Strength

(RTTNews) - Canadian shares look headed for a positive start Wednesday morning as some strong buying is expected in materials and energy stocks amid rising commodity prices. Easing geopolitical tensions, and recent soft inflation data may also aid sentiment.

In company news, Power Corporation of Canada (POW.TO) announced today that President and Chief Executive Officer R. Jeffrey Orr will become Vice-Chair of the company, effective July 1, 2026. On the same date, President and CEO of IGM Financial Inc., James O'Sullivan will succeed Orr as part of a well-planned and robust succession planning process, the company added.

IGM Financial Inc. (IGM.TO) announced that it has appointed Damon Murchison as Chief Executive Officer, effective July 1, as James O'Sullivan, current CEO of IGM, has been appointed as the executive chief of Power Corporation.

IamGold Corp. (IMG.TO) reported net earnings and adjusted net earnings attributable to equity holders of $406.6 million and $405.8 million for the fourth quarter, and $664.4 million and $709.2 million for the year, respectively.

Constellation Software, Nutrien, Pan American Silver Corp., Alamos Gold, Ivanhoe Mines, Iamgold Corp., Torex Gold Resources, B2Gold Corp and Bausch Health Companies are scheduled to announce their quarterly results.

The Canadian market closed on a weak note on Tuesday, weighed down by weakness in materials stocks after prices of precious metals fell sharply.

Despite regaining some ground over the course of the trading day, the benchmark S&P/TSX Composite Index ended down by 177.16 points or 0.5% at 32,896.55.

Asian stocks rose in thin holiday trade on Wednesday as Iran-U.S. nuclear talks showed progress, Japan clocked a smaller-than-expected trade deficit in January, and Reserve Bank of New Zealand Governor Anna Breman reinforced the central bank's "accommodative for some time" stance after holding interest rates at the lowest level in 3-1/2 years.

The major European markets are up in positive territory today, lifted by soft inflation data from France and the U.K., and on easing geopolitical tensions.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.68 or 2.68% at $64.01 a barrel.

Gold futures are gaining $37.40 or 0.78% at $4,943.30 an ounce, while Silver futures are up $1.885 or 2.56% at $75.425 an ounce. Copper futures are up $0.575 or 1.02% at $5.7000 per pound.