K92 Mining Says Its Fourth-Quarter Profit and Revenue Rose to a Record: Everything You Need to Know on Tuesday

Good morning mooers! Here are things you need to know about today's market:

● S&P/TSX 60 Index Standard Futures are trading at 1,338.70 ,down 0.16%.

● Firms, consumers more optimistic about economy amid expected rate cuts: BoC surveys

● Interprovincial migration helps fuel tight Calgary housing market as inventory falls

● Macquarie analysts forecast US crude oil inventory draw of nearly 1 million barrels for week ended March 29

● Stocks to watch: K92 Mining

Today, the Canadian dollar is trading at 73.73 cents US, a slight increase from Monday.

The S&P/TSX 60 Index Standard Futures (SXF) are currently trading at 1338.70, which is down 0.16% from the previous close.

The Bank of Canada says business and consumer sentiment improved during the first quarter of the year, despite higher interest rates still putting a drag on the economy.

The central bank released its business outlook and consumer expectations surveys Monday, which showed increased optimism as people expect interest rate cuts are nearing.

Although firms still reported weak demand, indicators of business conditions, sales outlook and employment intentions improved after several quarters of decline.

"In the wake of weak past sales growth, expectations for improved sales are supported by population growth, efforts to enter new markets or develop new products and expectations that interest rates will decline over the next 12 months," the Bank of Canada said.

The Calgary Real Estate Board says March home sales were up 9.9 per cent from last year as interprovincial migration to Alberta contributed to tight market conditions.

The board says 2,664 units changed hands last month, while the benchmark price across all home types was $597,600 for March - up 10.9 per cent from a year earlier and two per cent from February.

Relatively more affordable housing types, such as row and apartment-style homes, saw the most significant year-over-year price gains.

New listings fell 4.3 per cent to 3,172 and there were 2,532 units in inventory, 22 per cent lower than last year and half the levels traditionally seen in March. The board says inventory levels declined the most for homes priced below $500,000.

Ann-Marie Lurie, chief economist at CREB, says conditions for March have not been this tight since 2006, which also marked the last time Calgary experienced high levels of interprovincial migration.

Analysts at Macquarie are forecasting a draw in US crude oil inventories of 0.9 million barrels for the week ended March 29, compared with a build of 3.2 million barrels in the previous week, Macquarie energy strategist Walt Chancellor said in a Monday note.

The total US crude balance is again realizing much looser than expected following a prolonged stretch of tighter-than-expected weekly balances, the analyst said. Resurgent implied domestic supply has been notable in the past two weeks.

The analysts modeled a slight increase in crude runs from refineries this week at 0.1 MBD. Among net imports, the analysts anticipated a moderate nominal decrease, with exports effectively flat and imports down. Timing of cargoes continue to drive potential volatility in this week's crude balance.

The analysts look for a slight decrease from implied domestic supply at -0.1 MBD following another strong print last week.

Meanwhile, a slightly smaller increase in strategic petroleum reserve inventory of roughly 0.6 million barrels is expected on the week, the analysts noted.

The Papua New Guinea miner said its earnings rose to US$20 million, or US$0.09 per share. Prior-year results were not available.

Revenue rose 22% to US$75.3 million, also a quarterly record.

The company said it produced 39,101 gold-equivalent ounces from its Kainantu mine, as it continues an expansion of the mine and processing facilities.

"With the strong fourth quarter, K92 exceeded the top end of its updated production guidance range and delivered better cash costs and all-in sustaining costs than the original guidance range," chief executive John Lewins said in a release.

The company's shares closed up C$0.07 to C$6.37 on Monday.

Source: BNN Bloomberg, Financial Post, MT Newswire