Canadian stocks could see weakness in early trading after experiencing notable strength last week. Traders will mull a disappointing housing report as well as lower crude oil prices.
Energy stocks could come under pressure as crude oil is moving to the downside. Light sweet crude for May delivery is down $1 at $51.51 per barrel.
Royal Gold (RGL.TO), a precious metals royalty company, Monday, said it agreed with a subsidiary of Teck Cominco Ltd. (TCK-B.TO) to acquire the gold production at the Andacollo mine located in Chile. The purchase price consists of $100 million in cash and about 4.5 million shares of common stock.
Separately, Royal Gold announced that it intends to offer 6.5 million shares of its common stock to fund the transaction.
Pan American Silver Corp. (PAA.TO) said Friday night that Union workers at its Morococha mine in Peru initiated a strike yesterday after the company and Union representatives failed to reach an agreement with respect to an increase in base pay and benefits.
Mega Brands (MB.TO) reported a net loss of US$323.3 million or US$8.83 per share for the fourth quarter, compared to a net loss of US$66.2 million or US$1.81 per share in the year-ago quarter.
Akela Pharma (AKL.TO) reported a net loss and comprehensive loss for the fourth quarter of US$13.6 million or US$0.63 per share, in comparison a loss of US$8.9 million or US$0.75 per share in the same quarter a year-ago.
On the earnings front, Statistics Canada reported Canadian buildings permits dropped 15.9% in February. A much more modest decline of 2.8% was predicted by economists, compared to a 6% slide in January.
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