Canadian Market May Open On Weak Note

(RTTNews) - Lower Canadian and U.S. futures amid concerns about the potential impact of the Middle East War point to a negative opening for stocks on Bay Street on Thursday.

Investors will also be reacting to a slew of corporate earnings announcements.

Endeavour Mining plc (EDV.TO) reported fourth quarter net income to shareholders of $68 million compared to a loss of $119 million, prior year. Net income per share was $0.28 compared to a loss of $0.49.

Maple Leaf Foods (MFI.TO) reported fourth quarter earnings of C$391 million or C$3.14 earnings per basic share compared to C$54 million or C$0.43 earnings per basic share, last year.

Canadian Natural Resources Ltd (CNQ) reported fourth-quarter earnings of C$5.30 billion or C$2.54 per share, up from C$1.14 billion or C$0.54 per share of last year. The company reported a gain of C$4.98 billion on acquisitions, disposition, and remeasurement income this quarter which was absent for the same period prior year.

The Canadian market closed on a firm note on Wednesday, supported by strong gains in the tech sector. A few stocks from financials, materials and communications sectors too posted notable gains.

Asian stocks advanced on Thursday after U.S. jobs and services data beat forecasts, and reports emerged that Tehran is willing to talk with the U.S. on ending the war. However, Iranian officials reportedly denied the reports about cease-fire talks.

European stocks are turning in a mixed performance today with investors closely following the Middle East war and reacting to the latest batch of earnings updates and economic news.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.30 or about 3.1% at $76.96 a barrel.

Gold futures are up $7.50 or 0.15% at $5,142.20 an ounce, while Silver futures are down marginally at $83.150 an ounce.