Canadian shares may see a mixed start Thursday morning as investors are likely to stay cautious, looking for near term direction.
While higher crude oil prices are a positive, weak bullion prices may weigh on the market.
The Canadian market ended higher on Wednesday, extending gains to a third straight session. The benchmark S&P/TSX Composite Index ended with a gain of 41.42 points or 0.23% at 17,915.91. The index fell to 17,822.24 after a slightly positive start.
CNOOC Limited (CNU.TO) said that it targets net production of 545-555 million barrels of oil equivalent (BOE) in 2021. The company said it plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional seismic data and added that 19 new projects are expected to come on stream. The company targets net production for 2022 and 2023 to be 590-600 million BOE and 640-650 million BOE, respectively.
Lightspeed POS Inc. (LSPD.TO) reported net loss of $42.7 million for the third quarter compared to a net loss of $15.8 million in the year-ago quarter.
Asian stocks drifted lower on Thursday as investors booked profits after recent strong gains on earnings optimism and firm signs of an economic recovery. A spike in short-term interest rates raised worries that Chinese policymakers may be starting to shift to a tighter stance to rein in share prices and property markets.
European stocks are slightly higher amid global economy will see a quicker recovery once the vaccination drives gathers greater momentum.
In commodities, West Texas Intermediate Crude oil futures are up $0.44 or 0.8% at $56.13 a barrel.
Gold futures are down $17.90 or 0.98% at $1,817.00 an ounce, while Silver futures are lower by $0.304 or 1.21% at $26.585 an ounce.
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