Bay Street Likely To Open On Firm Note

Canadian shares look headed for a positive start Wednesday morning, tracking gains in Asian and European markets, and higher crude oil prices.

Investors are also likely to pick up stocks, betting on hopes the government will announce a budget that will contain big measures to put the economy back on track.

The Canadian market ended flat on Tuesday, failing to hold gains as investors stayed largely cautious due to concerns about slow pace of vaccination and news about USFDA recommending a pause to Johnson & Johnson’s Covid-19 vaccine.

The benchmark S&P/TSX Composite Index ended with a small gain of 2.42 points or 0.01% at 19,203.70.

Bonterra Energy Corp. (BNE.TO) announced that Mr. D. Michael G. Stewart has been appointed Chair of the Board of Directors effective immediately, assuming the role from Mr. George Fink, who remains an active Director on the Board and the Company’s Chief Executive Officer.

Asian stocks ended broadly higher on Wednesday after the International Monetary Fund offered a more upbeat view on Asia’s economic outlook than six months ago. Markets also reacted positively to data showing a tamer than expected increase in U.S. underlying inflation.

European stocks are edging higher amid easing fears about inflation, and on strong earnings updates from some top name companies including SAP and LVMH Moet Hennessey.

In commodities, West Texas Intermediate Crude oil futures for May are rising $1.04 or 1.73% at $61.22 a barrel.

Gold futures are down $2.10 or 0.1% at $1,745.50 an ounce, while Silver futures are up marginally at $25.445 an ounce.