RTTNews - Bay Street stocks are likely to see weakness in early trading as global stocks and commodities are notably lower. Overall concerns about the economic recovery has weighed on the markets.
Crude oil has dropped $1.41 TO $66.10 in electronic trading, extending its recent weakness. Gold has plunged $14.20 to $934.50 and copper has dropped 6.8 cents to $2.783 a pound.
There is a little bit of corporate news for traders to chew on. Agrium (AGU.TO) said it extended the expiration date of its offer to acquire CF Industries Holdings (CF) for $40 in cash plus one Agrium share per CF share until midnight ET on September 22.
Allen-Vanguard (VRS.TO) said its third-quarter net loss was C$99.2 million or C$0.91 per share, compared to a net loss of C$36.6 million or C$0.34 per share in the year-ago quarter.
Canadian Zinc Corp. (CZN.TO) reported a second quarter net loss of $722,000 compared to a loss of $1.129 million in the year ago quarter.
On the economic front across the border, the New York Fed said its general business conditions index rose to 12.1 in August from a negative 0.6 in July, with a positive reading indicating an expansion in the manufacturing sector. Economists had been expecting the index to increase more modestly to 3.0.
On Friday, the S&P/TSX Composite Index added 22.45 points or 0.2% to finish at 10,840.01. The index had dropped below 10,750 earlier in the day.
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