RTTNews - Toronto stocks could move to the upside in early Monday morning trading, following the lead of stocks around the globe. Investors will mull over a better-than-forecast gross domestic product report as well as rising oil prices.
Crude oil prices edged up 33 cents to $66.64 per barrel, continuing a recent rally. Gold is up $3.10 to $983.40 per ounce and copper has rallied 7.6 cents to $2.2735 a pound in early trading.
Canada's real gross domestic product declined 1.4% in the first quarter, the largest quarterly decrease since 1991, according to data released Monday morning by Statistics Canada.
Real GDP fell 0.3% in March. The declines in February and March were less pronounced than those in the preceding three months.
Beleaguered automaker General Motors (GM) said that it has filed for bankruptcy under Chapter 11, as widely expected. In its filing, the company revealed that it had assets equivalent to $82.29 billion, and total debts, on a consolidated basis, of $172.81 billion, as of March 31.
According to the Globe and Mail, the federal and Ontario governments will contribute US$9.5 billion under the filing own $12% of GM.
Early Saturday, the German government reported selected Canadian car parts maker Magna International Inc. (MG.A.TO) to takeover Opel, the German division of General Motor Corp.'s European operations.
In other corporate news, Goldcorp (G.TO) said it is planning a private offering of approximately US$750.0 million of convertible senior notes due 2014.
ESI Entertainment Systems (ESY.TO) reported a net loss of C$5.07 million or C$0.36 per share for fiscal 2009, compared to a net loss of C$7.20 million or C$0.42 per share in the year-ago.
In other economic news in Canada, the Industrial Product Price Index (IPPI) and the Raw Materials Price Index were both down 0.5% in April compared with March.
On Friday, the S&P/TSX Composite Index fell 22.30 points or 0.21% to close at 10,370.07. The index had gained in three of the previous four sessions.
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