RTTNews - Toronto stocks may see further weakness on Wednesday morning as commodities could again drag resource stocks to the downside. The market fell to a two-week low in the previous session.
Crude oil has dropped another 94 cents to $61.99 per barrel on the NYMEX. Investors await the Energy Department's weekly inventory report at 10:30 a.m. ET.
Baytex Energy Trust (BTE_U.TO) announced that it has agreed to acquire predominantly heavy oil assets located in the Kerrobert and Coleville areas of southwest Saskatchewan, plus certain natural gas assets located in the Ferrier area of west central Alberta. The deal is worth about $93 million.
In the metal market, gold has lost $11.10 to $918.00 per ounce, silver is down 25.5 cents to $12.965 an ounce and copper has dropped 1.85 cents to $2.207 per pound.
Teck Resources Ltd. (TCK-B.TO) said it closed the previously announced US$245 million sale of its 40% interest in the Pogo gold mine in Alaska to affiliates of Sumitomo Metal Mining Co. and Sumitomo Corp.(SSUMY.PK).
In other corporate news, Research in Motion (RIM.TO) has been initiated at Buy at Calyon Securities USA.
The world's most powerful leaders are preparing for a review of the state of the global economy as they gather for a G8 summit in central Italy. The major issues that would be addressed at the three-day summit will include global economic recovery.
There is no major economic news due tomorrow in Canada today, leaving traders to peek ahead to Thursday's housing starts data. Across the border, earnings season unofficially gets started after the closing bell with Alcoa's second-quarter report.
On Tuesday, the S&P/TSX Composite Index fell 183.08 points or 1.82% to close at 9,844.35. The market saw notable weakness in the final 90 minutes of trading to take out the daily lows.
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