RTTNews - Canadian stocks could extend its recent slump with crude oil seeing early weakness, which could hurt energy stocks. Mining stocks could also come under pressure with copper in the red as well.
Light sweet crude for July is down 70 cents to $69.77 per barrel ahead of the Energy Department's weekly inventory report at 10:30 a.m. ET. Copper has dropped 2.2 cents to $2.243. Gold is flat.
Grande Cache Coal (GCE.TO) reported fourth-quarter net income and comprehensive income of C$19 million or C$0.20 per share, compared to net loss and comprehensive loss of C$1.19 million or C$0.02 per share last year.
AutoCanada Income Fund (ACQ_U.TO) said that it has signed agreements with GMAC and Chrysler Financial Canada whereby GMAC shall provide AutoCanada with wholesale floor plan funding for each of its owned dealerships.
Agricultural products supplier Agrium (AGU.TO) said the independent proxy voting and corporate governance advisory firm RiskMetrics Group, has recommended stockholders of CF Industries Holdings (CF),to tender their shares into Agrium's exchange offer of $40.00 in cash plus one Agrium share per CF share.
TransCanada (TRP.TO) agreed to acquire ConocoPhillips's stake in the Keystone Pipeline System for approximately US$550 million plus the assumption of approximately US$200 million of short-term debt.
In economic news, Canadian wholesale sales in current dollars fell for a seventh straight month in April, declining 0.6% to $40.3 billion, according to data released Wednesday by Statistics Canada. Economists expected wholesale sales to drop 0.7 percent in April.
In the US, a Commerce Department report showed that consumer prices edged up 0.1 percent in May after coming in unchanged in April. Economists had been expecting a somewhat more substantial increase in prices of about 0.3 percent.
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