Rising firm bullion prices, moderately increasing European stocks, and data depicting a slightly more-than-expected surge in U.S. durable goods orders in February suggests a favourable start for Canadian stocks on Tuesday Morning.
Silvercorp Metals Inc. revealed that despite the off-market takeover bid for all the typical shares of OreCorp Limited, Silvercorp didn't meet the 50.1% minimum acceptance condition before the offer ended on March 22, 2024, and it decided against using its "right to match" a competitive offer for OreCorp.
Silvercorp, however, reserves the right to receive a break fee of approximately A$2.8 million under specific conditions.
Enbridge Inc. has struck a definitive deal with WhiteWater/I Squared Capital and MPLX LP to establish a joint venture to carry out the development, construction, ownership, and operation of a natural gas pipeline and storage assets, connecting Permian Basin's gas supply to the escalating LNG and U.S. Gulf Coast demand.
Meanwhile, Bragg Gaming Group Inc. revealed a fourth-quarter operational loss amounting to 0.4 million Euros or $0.4 million, contrasting to a profit of 0.2 million Euros the previous year.
From an economic standpoint, initial estimates suggest that wholesale sales in Canada saw a 0.8% increase month-over-month in February compared to a meager rise of 0.1% a month earlier.
On Monday, the Canadian market couldn't maintain its initial gains, ending with a decline driven by losses in healthcare, industrials, utilities, and consumer discretionary stocks. The overall investor sentiment continues to err on the side of caution ahead of the release of significant U.S and Canadian economic data.
The S&P/TSX Composite Index settled, having dropped by 41.80 points, or 0.19%, at 21,942.28, having moved away from the day's high of 22,069.13.
Asian stocks on Tuesday demonstrated mixed results amidst escalating geopolitical tensions and ongoing concerns over interest rates. European stocks managed to recover after an indifferent start, with gains driven by positive German economic data.
In the commodities market, West Texas Intermediate Crude oil futures saw a slight increase of $0.13 or 0.15%, setting the price at $82.08 per barrel. Gold futures also experienced growth, increasing by $19.10 or 0.88% to peak at $2,195.50 an ounce. Silver futures followed suit, gaining $0.109 or 0.44% to reach $25.000 an ounce.
