RTTNews - Canadian stocks could extend last week's gains on Tuesday as traders return from a three-day weekend. Toronto markets were closed for Civic Day on Monday as stocks in the U.S. and Europe posted gains.
Crude oil prices dropped in electronic trading, surrendering some of yesterday's rally to a seven-week high. Gold was nominally lower at $958.60 while copper fell 2.55 cents to $2.713.
Gold mining company Kinross Gold Corp. (K.TO) said unionized employees at its subsidiary Compania Minera Mantos de Oro in Chile have voted in favor of a new collective agreement, ending a strike at the La Copia mine that began in July 2008.
In other corporate news, Canadian energy company Suncor Energy Inc. (SU.TO) Monday announced the completion of its merger with oil and gas company Petro-Canada on August 1. The new Suncor is expected to contribute annual reductions of $1 billion in capital spending, in addition to expected annual savings of $300 million in operational expenditures.
Immunotec Inc. (IMM.TO), said the FDA has approved an investigator-held IND to conduct a pilot study of 48 patients to determine the effect of IMN 1207, a cysteine-rich whey protein supplement, in preventing additional weight loss in patients with stage IV non-small cell lung cancer or NSCLC.
Orvana Minerals Corp. (ORV.TO) announced that it has extended its all-cash offer of C$0.75 per share for all outstanding common shares of Kinbauri Gold Corp. (KNB.V) The bid is now set to expire on August 17.
Cardiome Pharma Corp. (COM.TO) appointed Doug Janzen as President and Chief Executive Officer, effective immediately. Janzen was formerly President and Chief Business Officer of the company.
Street stocks rallied to their highest level in almost eight months on Friday. The S&P/TSX Composite Index rallied 110.43 points or 1.03% to settle at 10,787.15.
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