Shares in Canada are anticipated to open at a higher rate on Monday, given the support materials shares are receiving due to increased metal prices. Even so, a lack of major influences could result in a mild market fluctuation during most of the day's trading.
A report concerning the Canadian manufacturing activity for March is expected to be released at 8:30 AM ET. The S&P Global Canada Manufacturing PMI witnessed an increase to 49.7 in February, a rise from 48.3 recorded in the previous month.
In business news, Parkland Corporation declared on March 29 that the Burnaby Refinery, which had been forced to shut down due to severe cold weather on January 12, has safely resumed normal functions. During the shutdown, the refinery advanced its maintenance work and optimization of refining, which was earlier set for the third quarter. The company, consequently, predicts the refinery's utilization to be around 20 percent and an adjusted EBITDA loss ranging from $60 million to $65 million for the first quarter.
On Thursday morning, the Canadian market saw a positive drive, primarily due to a rise in materials stocks, fueled by an upswing in gold prices. Energy and consumer discretionary stocks also found some support, although the performance of shares from other sectors was varied.
The market is experiencing a positive ambiance due to the data illustrating a stronger than expected growth in Canadian and U.S. GDP.
Asian stock performances on Monday varied due to a thin holiday trading, with markets in Hong Kong, Australia, and New Zealand closed for the holidays.
Major European markets remained closed for the Easter holiday.
In the commodities sector, the West Texas Intermediate Crude oil futures saw a drop by $0.33 or 0.4%, standing at $82.84 per barrel. Meanwhile, gold futures witnessed a gain of $28.80 or 1.3%, reaching $2,267.20 an ounce, and silver futures rose by $0.179 or 0.72%, amounting to $25.095 an ounce.
