Canadian stocks will look to extend their positive momentum from the previous session Monday morning, and early signals are encouraging for the bulls after markets in Asia and Europe rode a wave of renewed optimism to gains overnight.
Strength in the mining and energy sectors pushed Toronto's main index notably higher on Friday. Higher commodity prices as well as encouraging economic news from the U.S. provided a boost to stocks.
The S&P/TSX Composite Index gained 172.13 points or 1.84% to end at 9,496.96. The index challenged a five-month closing high with the rally.
In corporate news Monday, SemBioSys Genetics Inc. (SBS.TO: News ) said it entered into agreement with AVAC Ltd. for a $1.5 million loan for the development of its Apo AIMilano candidate.
Quest Capital Corp. (QCC,QC.TO), a financial services provider in the real estate sector, Monday announced several measures including headcount reductions to lower its overhead costs, refocus its management team and strengthen its balance sheet.
CAE (CAE.TO: News ,CGT: News ) announced that its acquisition of Bell Aliant's Defence, Security and Aerospace, or DSA, business unit, operated by the xwave division of Bell Aliant Regional Communications, Ltd Partnership, has been completed.
Hewlett-Packard Co. (HPQ) said it is establishing a strategic alliance with Research In Motion (RIMM,RIM.TO: News ) to deliver a portfolio of solutions for business mobility on the BlackBerry platform.
The solutions, which include support for BlackBerry Enterprise Server 5.0, are focused on increasing service levels, reducing operations costs and improving productivity for customers.
Elsewhere, Citigroup Inc. and Bank Of America Corp. are working on plans to raise more than $10 billion each in fresh capital to meet the requirements of the U.S. government's stress tests on banks, the Financial Times reported Sunday.
Sunday, Fiat SpA (FIATY.PK), in a move that could create a mega-European car maker, stated that it is considering a purchase of General Motors Corp.'s European unit, reports said.
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