Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian shares look set to open on a positive note Thursday morning, tracking gains in European markets, and higher bullion prices. Investors will be reacting to a slew of earnings updates from Canadian companies.

Cenovus Energy Inc. (CVE,CVE.TO) reported Thursday net income for the fourth quarter of $743 million or $0.39 per share, compared to $784 million or $0.39 per share in the prior-year quarter.

Canadian Tire Corporation (CTC.TO) reported fourth-quarter net income of C$197.2 million, compared to C$562.6 million in the year ago quarter. For the year 2023, the company reported net income of c$339.1 million, compared to C$1,182.8 million in 2022.

Mty Food Group Inc (MTY.TO) reported fourth-quarter net income of $16.4 million, an increase of 131% over a net income of $7.13 million in the year-ago quarter.

Mullen Group Ltd. (MTL.TO) reported a net income of $29.4 million for the fourth quarter of 2023, down sharply from a net income of $53.6 million it had recorded in the year-ago quarter.

On the economic front, data on Canadian housing starts for the month of January, and final data on manufacturing sales in December, are due at 8:15 AM and 8:30 AM, respectively.

The Canadian market ended on a buoyant note on Wednesday, with stocks rebounding from previous session's losses, thanks to hectic bargain hunting.

The benchmark S&P/TSX Composite Index ended with a gain of 304.43 points or 1.48% at 20,889.40.

Asian stocks advanced on Thursday as calmer bond markets and robust U.S. corporate earnings lifted chip stocks.

Treasury yields fell after Chicago Fed President Austan Goolsbee said on Wednesday the central bank should be wary of waiting too long before it cuts interest rates.

European stocks are up firmly in positive territory with investors cheering a slew of upbeat earnings updates, as well as comments by European Central Bank President Christine Lagarde that inflation in the euro zone is heading back towards target.

In commodities, West Texas Intermediate Crude oil futures are down $0.41 or 0.52% at $76.23 a barrel.

Gold futures are gaining $5.00 or 0.26% at $2,009.30 an ounce, while Silver futures are up $0.343 or 1.51% at $22.730 an ounce.