RTTNews - Canadian stocks will look to build on gains from the previous session on Friday, following the lead of markets overseas. Toronto's main index finished the previous session at a six-week high.
Traders will have some merger and acquisition news to ponder. TransAtlantic Petroleum (TNP.TO) announced that it has acquired Energy Operations Turkey for total consideration of $7.75 million, including a $1.5 million promissory note payable in one year.
Nexen (NXY.TO) announced that it is reviewing strategic alternatives for its natural gas and power marketing businesses, which may include the sale of all or part of these businesses.
Loblaw Companies (L.TO) announced it has reached a deal to acquire T&T Supermarket for C$225 million.
Loblaw also posted second quarter net income of C$193 million or C$0.70 per basic share, compared to C$140 million or C$0.51 per basic share in the prior year period.
In other earnings news, HSBC Bank Canada (HSB-PC.TO) reported second quarter earnings declined to C$114 million from C$158 million in the previous year. Basic earnings per share were C$0.23, down from C$0.30 per share in the same quarter last year.
In commodities, crude oil has slipped 13 cents to $67.03 per barrel in electronic trading, after a sharp rally yesterday. Gold is down $3.10 to $951.70 per ounce and copper is flat at $2.537 a pound.
On Thursday, the S&P/TSX Composite Index jumped 243.33 points or 2.33% to finish at 10,675.68. The gain is the first in three days for the market, which had rallied in six in a row before the recent skid.
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