RTTNews - Toronto stocks will look to rebound in early trading on Monday after losing more than 4% yesterday. Resource stocks may lead the charge as commodity prices have recovered some of the sharp losses in the prior session.
Crude oil prices climbed $1.08 to reach $68.01 in electronic trading. Gold added $2.30 to $923.30 an ounce and copper rose 4.95 cents to $2.1935.
In corporate news, MAG Silver Corp. (MVG.TO) said Monday that in its view, Fresnillo's decision decision to not proceed with its take-under bid was motivated by much different considerations that Fresnillo has not been prepared to publicly acknowledge.
Royal Laser Corp. (RLC.TO) reported net income for the fourth quarter of C$44 thousand, compared to C$323 thousand in the year-ago quarter. On per share basis, the company posted a breakeven for the current quarter and the last year quarter.
Agrium (AGU.TO) said 62% of CF Industries common shares were tendered in support of Agrium's $3.82 billion hostile takeover offer.
Printing company Quebecor World (IQW.TO) named Mark Angelson as chairman of the board.
On Monday, the S&P/TSX Composite plummeted 453.77 points or 4.41% to end at 9,834.18 after a bleak forecast from the World Bank for the world economy. This marked the lowest finish since May 15.
Across the border, the existing home sales report is set to be released at 10 a.m. ET. Economists expect existing home sales to climb to an annual rate of 4.82 million units in May from a 4.68 million unit rate in April.
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