Bay Street Looks Headed For Positive Start

(RTTNews) - Firm Canadian and U.S. futures and higher commodity prices point to a positive start for the Canadian markets on Monday.

Worries about the ongoing war and its potential impact on economic growth and policy moves of central banks may weigh and limit market's upside.

Crude prices climbed higher amid the ongoing war between U.S.-Israel and Iran, which has resulted in the closure of the Strait of Hormuz, a key waterway through which about 20% of the world's oil moves.

West Texas Intermediate Crude oil futures are up $1.53 or 1.54% at $101.17 a barrel.

Gold futures are gaining $102.00 or 2.25% at $4,595.00 an ounce, while Silver futures are up $1.574 or 2.25% at $71.370 an ounce.

Agnico Eagle Mines (AEM.TO) announced that it will purchase 19,315,300 units of Cascadia Minerals at a price of C$0.26 per unit for total consideration of C$5.0 million, under a non-brokered private placement. Agnico Eagle has also agreed to acquire 10,000,000 units at a price of C$0.26 per unit for total consideration of C$2.6 million from several sellers that will be participating in an offering of flow-through units by Cascadia immediately prior to the unit purchases.

Canadian stocks inched higher on Friday as investors assessed U.S. efforts to end the ongoing gulf war against Iran.

The benchmark S&P/TSX Composite Index ended the session with a gain of 73.13 points or 0.23% at 31,960.65.

Asian stocks ended mostly lower on Monday as rising energy risks amid escalating U.S.-Iran tensions rattled investors. Oil prices headed for their biggest monthly rise ever as the Middle East conflict entered its fifth week with no clear resolution in sight.

The major European markets are up in positive territory, gaining in some strength post noon. The mood, however, remains cautious amid concerns about the potential impact of the ongoing conflict in the Middle East on growth, inflation and monetary policies.