RTTNews - Toronto stocks could give back some of last week's gains early Monday, following the lead of U.S. and European stocks. Commodities are also seeing red, which could weigh on the resource sectors.
Crude oil prices has dropped $1.64 to $71.10 per barrel in electronic trading. Meanwhile, silver has lost 18.5 cents to $14.63 per ounce and copper has slid 6.9 cents to $2.964 a pound.
In economic news, Canada's real gross domestic product increased 0.1% as expected in June, the first monthly increase since July 2008, according to official data released by Stats Canada on Monday. For the second quarter as a whole real GDP decreased 0.9%, a less pronounced rate of decline than the 1.6% drop in the previous quarter.
On the corporate front, Brick Brewing Co. (BRB.TO) is reportedly being sued by Anheuser-Busch InBev, alleging Brick's new Red Baron lime violates copyright protection for Bud Light Lime.
Across the border, Baker Hughes (BHI) said it has agreed to acquire BJ Services (BJS) in a deal valued at about $5.5 billion based on closing stock prices on August 28, 2009. Under the terms of the deal, BJ Services stockholders will receive 0.40035 shares of Baker Hughes and $2.69 in cash in exchange for each share of BJ Services common stock.
On Friday, the S&P/TSX Composite Index rose 0.4 percent or 44.01 points to 10,977.97. Shares rose on a weekly basis, extending a bull run.
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