RTTNews - Toronto stocks could move higher on Tuesday morning after rebounding throughout the afternoon in the previous session. Resource stocks could see early strength as commodities have bounced back in early trading.
Crude oil prices rallied $1.29 to $69.38 per barrel in NYMEX trading. Gold added $5.20 to $957.70 and copper added nearly 6 cents to $2.32125 a pound.
Gold producer Agnico-Eagle Mines (AEM.TO)said its gold production cash could rise to between $300 and $350 per ounce next year, according to reports.
Air Canada (AC.A.TO) reached a tentative deal with three of its unions regarding pension funding, according to the Globe and Mail.
Construction steel-structures builder ADF Group (DRX.TO) reported that its first-quarter earnings declined to C$2.2 million or C$0.06 per share from C$3.2 million or C$0.09 per share in the previous year.
Heritage Oil (HOC.TO) announced that it has entered into a reverse-takeover deal with Genel Enerji A.S., a deal worth approximately $3 billion.
Major Drilling Group International (MDI.TO) reported a net loss for the fourth quarter of C$4.6 million or C$0.19 per share, compared to net income of C$25.4 million or C$1.07 per share in the year-ago quarter.
Brick Brewing Co. Limited (BRB.TO) reported net income for the first quarter of C$431 thousand or C$0.02 per share compared to a loss of C$78.53 thousand or a breakeven per share in the year-ago quarter.
Across the border, investors are waiting on an announcement from the Treasury Department regarding which financial institutions will be allowed to repay the funds they borrowed under the Troubled Asset Relief Program, or TARP. Reports have said the Treasury could name as many as 10 banks.
On Monday, the S&P/TSX Composite Index slipped 20.17 points or 0.19% to end at 10.549.12. The index fell below 10,400 in mid-day trading but recovered most of its losses with an uptrend throughout the afternoon.
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