On Thursday, Bay Street is poised for a positive opening, driven by elevated Canadian and U.S. futures alongside firm crude oil prices. Investors will keep a close eye on corporate earnings, a speech by Fed Chair Jerome Powell, and data concerning U.S. producer price inflation.
Keyera Corporation (KEY.TO) announced net earnings of $184.6 million for the quarter ending September 30, 2024, a significant increase from $78.1 million in the corresponding period last year.
Canadian Utilities Limited (CU.TO) reported third-quarter 2024 adjusted earnings of $102 million, or $0.38 per share, surpassing the previous year's figures of $87 million or $0.32 per share for the same period.
ATCO Limited (ACO.X.TO) disclosed adjusted earnings of $91 million or $0.81 per share for the third quarter of the current year, marking an improvement of $10 million or $0.10 per share compared to $81 million or $0.71 per share in the third quarter of 2023.
Seabridge Inc. (SEA.TO) published a net loss of $27.6 million or $0.31 per share for this year's third quarter, a substantial increase from the $5.3 million or $0.06 per share loss reported for the same period the previous year.
Enerflex Limited (EFX.TO) announced a net earnings achievement of $30 million for the quarter concluded on September 30, 2024, in contrast to $4 million in the same quarter of the preceding year.
The Canadian market reached a new record closing high on Wednesday, buoyed by robust activity in the technology sector. Energy stocks showed resilience, while the materials sector experienced declines.
The S&P/TSX Composite Index ended the session 66.01 points higher, or 0.26%, at 24,989.02, after fluctuating between a low of 24,860.56 and a high of 25,002.96.
Asian markets closed weaker on Thursday, with Chinese and Hong Kong indices plunging due to fears of a potential trade war between China and the U.S. following Donald Trump's re-election to the White House.
Concerns are mounting that Trump's agenda, featuring lower taxes and increased tariffs, might trigger inflation, expand U.S. deficits, and limit the Federal Reserve's capacity to lower interest rates into 2025 and beyond.
Meanwhile, European stocks are strongly in positive territory following preliminary data from Eurostat indicating the eurozone economy grew at a faster pace in the third quarter, as initially predicted, with GDP expanding by 0.4% sequentially after a 0.2% rise in the second quarter.
In commodities, West Texas Intermediate Crude oil futures have risen by $0.15 or 0.23% to $68.58 per barrel.
Gold futures have declined by $27.60 or 1.07% to $2,558.90 per ounce, while silver futures have dropped by $0.608 or 1.97% to $30.055 per ounce.
