RTTNews - Toronto stocks could give back some of their gains from last week in early Monday trading. The market may be dragged lower as commodity prices are in the red, while U.S. futures are also pointing lower.
Crude oil prices are down $1.01 to $67.43 per barrel in electronic trading after briefly topping $70 late last week. Gold is also down $13.10 to $949.50 per ounce, while copper is off 2 cents to $2.264 per pound.
In corporate news, Thompson Creek Metals (TCM.TO) said late Friday that Ken Collison, Chief Operating Officer, has chosen not to relocate to Denver and will be resigning from his position with the company later this year following the appointment of a successor.
Silvercorp Metals Inc. (SVM.TO) said it intends to make an offer to acquire all of the outstanding common shares of Klondex Mines Ltd. (KDX.TO: News ). Pursuant to the offer, Klondex shareholders will be entitled to receive 0.50 common shares of Silvercorp for each Klondex common share validly tendered to the offer, representing approximately C$2.18 per Klondex common share.
Air Canada (AC-A.TO) reported load factor for the month of May of 79.5% on a consolidated basis with Jazz, compared to 83.2% in May 2008, a decrease of 3.7 percentage points.
In economic news, housing starts increased to 128,400 units in May from 117,600 units in April, Canada Mortgage and Housing Corporation (CMHC) said in its monthly report released Monday morning. Economists anticipated 126,000 starts.
On Friday, the S&P/TSX Composite Index added 92.05 points or 0.87% to settle at 10,569.29. The index rallied about 200 points for the week.
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