Canadian shares are anticipated to open higher on Monday morning, bolstered by robust commodity prices supporting energy and materials stocks. However, with U.S. markets closed for Memorial Day, trading activity on Bay Street may remain subdued.
Preliminary data on Canadian wholesale sales for April will be released at 8:30 AM ET.
On Friday, the Canadian market finished strongly, rebounding after losses in the previous two sessions as investors capitalized on reduced stock prices. Additionally, investor sentiment was buoyed by expectations of a rate cut from the Bank of Canada next month.
The benchmark S&P/TSX Composite Index closed with a gain of 120.08 points or 0.54%, settling at 22,320.87. Despite this gain, the index saw a decline of about 0.65% over the shortened week.
Bombardier Inc. (BBD.B.TO) has announced its intention to vigorously defend itself in a class action lawsuit authorized by the Superior Court of Québec. Plaintiff Denis Gauthier has initiated the lawsuit under the Québec Securities Act, seeking damages. Bombardier and the individual defendants deny any wrongdoing.
Africa Oil Corp. (AOI.TO) reported that it repurchased approximately 1.3 million common shares between May 20 and May 24 as part of its previously announced share buyback program.
In Asia, stock markets advanced on Monday, while the U.S. dollar held firm as investors awaited inflation reports from the U.S., Europe, Japan, and Australia this week for insight into the global interest rate outlook.
European stocks are trading slightly higher, with investors exercising caution as they seek directional cues.
In the commodities market, West Texas Intermediate Crude oil futures have risen by $0.55 or 0.71%, reaching $78.27 per barrel. Gold futures are up by $11.00 or 0.47%, trading at $2,345.50 an ounce, and Silver futures are up $0.551 or 1.81%, standing at $31.050 an ounce.