Toronto stocks will look to rebound in early trading Tuesday after falling off a multi-month high in the previous session. Higher commodity prices could provide a boost to resource stocks.
Energy stocks could see strength as crude oil touched above $60 per barrel in overnight trading for the first time in 2009. Meanwhile, copper prices have surged almost 4% to challenge $4.50 per pound. Gold is up nearly 1%.
In corporate news, Nortel Networks (NT.TO) reported a net loss of US$507 million or US$1.02 per share for the first quarter, wider than US$138 million or US$0.28 per share in the prior-year quarter.
Canadian Pacific Railway Limited (CP.TO) announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is commencing an offer to purchase for cash up to US$450 million aggregate principal amount of its outstanding notes including CP's 6.25% Notes due 2011, 5.75% Notes due 2013 and 6.50% Notes due 2018.
McCoy Corp. (MCB.TO) reported first-quarter net earnings of C$0.33 million, down 82% from C$1.80 million in the 2008 first quarter. Earnings per share dropped 83% to C$0.01 from year-ago C$0.06.
European Goldfields Ltd (EGU.TO) reported first quarter net loss of US$3.26 million or US$0.02 per share, compared to a profit of US$3.41 million or US$0.02 per share in the same quarter of last year.
Petrobank Energy and Resources (PBG.TO) posted loss for the first-quarter of C$1.5 billion, compared to profit of C$35.5 billion in the year-ago period. On per share basis, loss was C$0.02, versus last year's profit of C$0.40 per share.
On the economic front, data released by Statistics Canada showed imports decreased more than twice as fast as exports, leading to the widening of Canada's trade surplus with the world from $262 million in February to $1.1 billion in March.
Imports fell 4.4% to $31.4 billion as most sectors posted decreases. Exports were down 1.8% to $32.5 billion, largely reflecting a decline in exports to the United States.
The S&P/Composite Index fell 143.85 points to 10,094.14 as traders cashed on last week's rally to a seven-month high. The index had posted its highest close since October 3 on Friday.
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