Canadian shares are likely to see a mixed start Tuesday morning with investors tracking earnings announcements and the progress in U.S. stimulus talks for direction.
Higher crude oil prices may push up energy stocks, but concerns about the continued surge in coronavirus cases and fresh lockdown restrictions may limit upside.
On Friday, the benchmark S&P/TSX Composite Index, which advanced to 16,611.02 in early trades, ended with a gain of 28.27 points or 0.17% at 16,562.81. The index gained about 2.25% in the week.
The market remained closed on Monday for Thanksgiving Day holiday.
Bausch Health Companies Inc. (BHC.TO), Bausch + Lomb, and Eyenovia, Inc., (EYEN) announced on Monday that an affiliate of Bausch Health has acquired an exclusive license in the United States and Canada for the development and commercialization of an investigational microdose formulation of atropine ophthalmic solution.
OceanaGold Corporation (OGC.TO) announced that effective Monday, it has implemented the permanent layoff of 496 OceanaGold (Philippines) Inc. (OGPI) employees. This is due to the local government blockade of the public road pending the FTAA renewal. The Company may be required to implement a second-round of permanent lay-offs in mid-November and has provided notices to affected employees.
Air Canada (AC.TO) has slashed its price to buy Canadian tour operator Transat A.T. Inc (TRZ.TO), to about C$188.7 million ($143.86 million), down from C$720 million, as COVID-19 weighs on travel demand, the companies said in a statement on Saturday.
Asian stocks ended mostly higher on Tuesday amid continued optimism about a coronavirus relief package from the U.S. government. Upbeat trade data from China contributed as well to the gains.
European markets are weak in somewhat lackluster trade with investors focusing on earnings announcements and closely following the developments in the U.S. with regard to stimulus negotiations.
In commodities, West Texas Intermediate Crude oil futures for November are up $0.95 or 2.4% at $40.38 a barrel.
Gold futures are down $4.10 or 0.21% at $1,924.80 an ounce. Silver futures are lower by $0.210 or 0.8% at $25.061 an ounce, while Copper futures are down $0.0200 or 0.66% at $3.0440 per pound.
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