RTTNews - Canadian stocks could head to the downside in early trading Monday as commodity prices are down on a stronger dollar. European stocks are in the red and U.S. futures are pointing lower.
Crude oil prices are down 62 cents to $71.42 in electronic trading, adding to a slide on Friday. Gold is down $3.90 to $936.80 an ounce, while copper has dropped 2.75 cents to $2.346 per pound.
In corporate news, EnCana Corp. (ECA.TO) said it has extended its risk management program for 2010 by establishing fixed price hedges on about 35% of the company's expected natural gas production - about 1.39 billion cubic feet per day - at an average price of US$6.21 per thousand cubic feet for the 2010 gas year, which runs from November 1, 2009 to October 31, 2010.
NuVista Energy Ltd. (NVA.TO) announced that it has agreed to acquire certain properties located in the Martin Creek area of northeast British Columbia and in northwest Alberta for about C$176 million.
Uranium One (UUU.TO) announced that it has agreed to acquire a 50% interest in the Karatau Uranium Mine in Kazakhstan from JSC Atomredmetzoloto, the Russian state-owned uranium mining company. The purchase price will be paid by way of the issuance of 117 million common shares of Uranium One and a cash payment of US$ 90 million or equivalent promissory note.
CAE Inc.(CAE.TO), a simulation equipment and service provider to aviation industry, said Monday that it has received a series of contracts from Lockheed Martin Corp. (LMT) and an undisclosed customer to design and manufacture four C-130 simulators and several training devices for military customers for a total value that exceeds C$115 million.
Sun Life Financial (SLF.TO) agreed to buy Lincoln National's U.K. insurance business for about $359 million in cash.
In economic news, Canadian manufacturing sales fell less than expected in April, edging down 0.1% from the previous month to $41.0 billion, according to Statistics Canada. Economists were a drop of more than 1% in April.
Meanwhile, new motor vehicle sales were basically unchanged in the month.
Across the border, the New York Federal Reserve said its general business conditions index fell to a negative 9.4 in June from a negative 4.55 in May, with a negative reading indicating a deterioration in conditions. Economists had expected the index to edge down to a negative 5.10.
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