RTTNews - Toronto stocks could see early weakness on Monday morning as falling commodity prices may hurt the resource sectors. The market saw notable gains on Friday to move off of a multi-week low.
Crude oil dropped $1.42 per barrel to $68.13 in electronic trading. Gold fell $13.80 to $922.40 an ounce and copper fell 6.2 cents to $2.1995 a pound.
In corporate news, Fresnillo announced that subsidiary Fresbal Investments withdrew its proposal for the remaining shares of MAG Silver Corp. (MAG.TO) saying it is no longer in the best interests of Fresnillo shareholders.
Nortel Networks (NT.TO), which is operating under bankruptcy court protection, is in advanced discussions with potential buyers for its main business operations and is likely to announce further asset sales in 'weeks or months, rather than months or years', the Financial Times reported Sunday, citing the company's Chief executive Officer Mike Zafirovski.
CAE (CAE.TO) said it will spend up to C$274 million in expansion into mining and energy over the next seven years.
In economic news, Statistics Canada reported employment rose to 2.7% to about 700,000 in the month of April.
On Friday, the S&P/TSX Composite Index rose 166.45 or 1.64% to settle at 10,287.95. The market had hit a three-week closing low on Wednesday.
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