Stocks In Limbo As Commodities Weaken -- Canadian Commentary
(RTTNews.com) - Canadian stocks may struggle to break out of a recent funk Thursday amid a lack of positive catalysts ahead of next week's likely U.S. interest rate hike.
Crude oil prices have tumbled near $56 and gold is in retreat at 4-month lows.
The TSX Composite Index has fallen below 16,000 from record highs in November.
Yesterday, the Bank of Canada held steady on interest rates for a second meeting in a row.
In corporate news, Lululemon (LLL.TO) reported same-store sales that exceeded estimates. Shares were upgraded by numerous ratings agencies. The stock is expected to open higher by 10 percent.
CanniMed Therapeutics Inc. (CMED.TO) says it has entered into a definitive agreement with PharmaChoice to supply cannabis products across Canada. CMED is the subject of a hostile takeover offer by Aurora Cannabis Inc. (ACB.TO).
Kinder Morgan (KML.TO) has sold shares to help fund the Trans Mountain pipeline plan.
On the economic front, Canadian municipalities issued $8.2 billion worth of building permits in October, up 3.5% from the previous month, Stats Canada said.
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