Toronto stocks may give back some recent gains in early trading on Monday as worries over recent swine flu outbreak generating some selling pressure. Toronto's main index finished its previous session at a five-month high.
While the flu does seem to be spreading, many doctors agree that the swine flu is no more panic worthy than any other breakout of the human flu during flu season.
Meanwhile, General Motors (GM) presented its updated Viability Plan, which will focus on 4 core brands in U.S. to cut costs. The company also expects to reduce its U.S. dealer count to just over 3,600 by the end of next year.
Energy stocks could also see some weakness with crude oil on the decline in the early going. Light sweet crude for June delivery dropped to $48.51, down $3.04 on the day.
In corporate news, Integrated Device Technology announced that it has offered to acquire Tundra Semiconductor (TUN.TO) in an all cash offer at a price of C$6.25 per share or about C$120.8 million.
HudBay Minerals (HBM.TO) will also be worth watching amid a report in the Globe and Mail that Indian mining company Lakomasko has purchased about 10% of the struggling Canadian zinc and copper producer.
Ritchie Bros. Auctioneers (RBA.TO) said it sold US$50 million of equipment at an unreserved public auction in Moerdijk, the Netherlands last week - including US$7 million of equipment that was sold to online bidders.
The S&P/TSX Composite Index rallied 139.98 points or 1.48% to end at 9,549.48, its best finish since November 10. With the rally, Toronto's main index added 112.33 points for the week, erasing a sharp plunge from Monday.
For comments and feedback: contact firstname.lastname@example.org