Canadian shares look headed for a solid start Tuesday morning, taking cues from Asian and European markets and higher crude oil prices.
Optimism about additional U.S. stimulus and easing concerns about vaccine rollout are expected to aid sentiment.
Materials stocks may see some profit taking following a drop in bullion prices.
The Canadian market ended on a high note on Monday, lifted by gains in energy, materials and technology sections as higher silver prices and positive global cues bolstered sentiment. The benchmark S&P/TSX Composite Index ended with a gain of 355.43 points or 2.05% at 17,692.45, slightly down from the day's high of 17,716.06.
Brookfield Infrastructure (BIP.UN.TO) announced Tuesday that it has signed definitive agreements to sell 100% of its North American district energy business, Enwave. The business will be divested through two separate transactions for total consideration of $4.1 billion on an enterprise value basi
CAE Inc. (CAE.TO) announced it has signed a contract with The PYURE Company to assemble air sanitizers using PYURE's technology which can significantly destroy the COVID-19 virus in the air and on surfaces. Under the agreement, CAE expects to produce 55,000 units during the first year.
Asian stocks closed on a firm note on Tuesday, as concerns about volatile retail trading receded and investors expressed hopes that declining coronavirus cases and vaccine rollouts will support the near-term economic recovery. Optimism about talks regarding U.S. stimulus also boosted sentiment.
European stocks are notably higher amid easing concerns about tight liquidity conditions in China, reports indicating progress in U.S. stimulus negotiations and signs of expanding vaccination programs.
In commodities, West Texas Intermediate Crude oil futures for March are up $1.30 or 2.43% at $54.85 a barrel.
Gold futures are down $20.80 or 1.1% at $1,843.10 an ounce, while Silver futures are down $1.648 or 5.6% at $27.770 an ounce.
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