Canadian Stocks Have Momentum Ahead Of BoC Rate Call -- Canadian Commentary

(RTTNews) - Early signals are somewhat positive for Canadian stocks Wednesday morning after strong gains in the previous session.

The Bank of Canada's closely-watched interest rate decision comes later today.

The central bank is widely expected to keep its key interest rate target on hold at 0.5 percent, but potential bubbles in housing may compel the BoC to raise rates soon.

Meanwhile, crude oil jumped above $51 a barrel when Saudi Arabia's oil minister said certain non-OPEC countries will join OPEC and Russia in curbing supplies.

"Non-OPEC is showing willingness to join this effort. And without mentioning names, many countries have said they are willing to not only freeze, but cut at healthy levels that will match whatever is going to happen by OPEC," Khalid Al-Falih said at the Oil and Money Conference in London.

Gold prices are also higher.

Osisko Mining (OSK.TO) announced that it has ceased to be an insider of BonTerra Resources Inc.

The board of Canexus Corp. (CUS.TO) told its shareholders to reject a takeover offer from Chemtrade Logistics Income Fund. They think it undervalues Canexus.

Corus Entertainment (CJR.B.TO) reported earnings adjusted for non-recurring costs came to 5 cents per share.

Canadian Pacific Railway Limited (CP.TO, CP) said that it has appointed Nadeem Velani as Vice-President and Chief Financial Officer. Velani had been serving as VP and interim CFO since September 9.