Canadian stocks are expected to benefit from a rise in opening figures on Monday. This improvement comes amid a slight easing in concerns about inflation and the future of interest rates. Additionally, fears of an extensive Middle East conflict have subsided following carefully measured counterattacks by Iran and Israel that were designed to avoid any casualties.
However, the fall in crude oil and gold prices may negatively affect energy and material stocks, limiting the market's potential growth.
Gildan Activewear Inc has announced changes to its board of directors and plans to host an investor day in the fall to outline a detailed plan for the company's sale. Stocks from ARC Resources Ltd., Cenovus Energy, Suncor Energy, and Lundin Gold Inc are also expected to be prominent following their recent rating upgrades.
The Canadian market finished strongly on Friday, thanks to gains in the utilities, financials, energy and communications sectors. The S&P/TSX Composite Index closed with a gains of 98.93 points or 0.46% at 21,807.37.
Asian stocks are also showing positive signs on Monday, as are oil and gold, which are falling back from their recent peaks due to calming tensions in the Middle East. The recent drop in oil prices, coupled with indications of rising inventory in the United States, is also alleviating investor concerns about inflation and interest rates.
European stocks are also following a positive trend, amid easing concerns about Middle East tensions, inflation and interest rates.
In commodities, West Texas Intermediate Crude oil futures are down $0.09 or 0.11% at $83.05 a barrel. Gold futures have fallen by $45.80 or 1.9% to $2,368.00 an ounce, while silver futures are lower by $1.194 or 4.14% at $27.650 an ounce.
