Canadian Stocks Poised For Gains On Commodity Rally

(RTTNews) - Canadian stocks look headed for a positive start on Wednesday, tracking firm commodity prices and reacting to some strong corporate earnings announcements. Optimism over a positive progress in U.S.-Iran peace talks may also aid sentiment.

Shopify Inc. reported second-quarter net income of $1,502 million, compared with $906 million in the year-ago quarter. The company said it expects revenue to grow at a low-thirties percentage rate on a year-over-year basis in the third quarter.

iA Financial Corporation Inc. said its net income attributed to common shareholders went 20 percent up to C$384 million in the second-quarter from C$321 million in the previous year. Earnings per share rose to C$4.28 from C$3.43 in the prior year.

RB Global, Inc. reported a net income of $132 million or $0.71 per share in the second quarter, compared with $99.5 million or $0.53 per share in the same quarter previous year.

Manulife Financial, Nutrien, WSP Global, Finning International and Taseko Mines are scheduled to announce their quarterly results today.

The Canadian market closed on a strong note on Tuesday amid hopes of an end to the U.S.-Iran war and the reopening of the Strait of Hormuz soon.

The benchmark S&P/TSX Composite Index traded firmly positive throughout the session before settling at 35,801.59, up by 575.45 points or 1.63%.

Asian markets closed higher on Wednesday, with tech stocks leading the surge after American data analytics company Palantir reported robust second-quarter results and raised its full-year revenue forecast.

European stocks are turning in a mixed performance today with investors assessing earnings updates and weighing the prospects of U.S.-Iran negotiations to end the ongoing war in the Middle East.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.25 or 0.32% at $76.03 a barrel.

Gold futures are up $116.50 or 2.81% at $4,269.10 an ounce, while Silver futures are up $2.455 or 4.08% at $62.685 an ounce.