RTTNews - Canadian stocks will look to rebound on Tuesday after a notable sell-off in the previous session. Commodities are mildly higher in early trading after seeing weakness yesterday.
Crude oil prices rose 43 cents to $64.48 per barrel, a day after falling 4%. Gold gained $5.70 to $930 an ounce, erasing most of yesterday's slump, while copper is up 2.55 cents to $2.288 a pound.
In corporate news, The Jean Coutu Group (PJC-A.TO) reported a first-quarter profit of C$10.3 million or C$0.04 per share versus a loss of C$20.2 million or C$0.08 per share in the prior year period.
Air Canada (AC-A.TO) said it flew 4.17 billion revenue passenger miles and 5.15 billion available seat miles, on a consolidated basis with Jazz, in June 2009, resulting in a traffic decrease of 9.1% and capacity decrease of 7.6% as compared to June 2008.
Thallion Pharmaceuticals Inc. (TLN.TO: News ) said that it has suspended patient enrollment in its Phase II trial evaluating TLN-232 as a treatment for metastatic melanoma, due to an ongoing dispute with the licensor.
On the economic front, building permits in May surpassed the $5.0-billion mark for the first time since October 2008, according to data released by Statistics Canada.
At 10 a.m. ET, the Ivey Purchasing Managers Index is expected. Economists forecast a reading of 50.3 in June, compared to a 48.4 in the previous month.
On Monday, the S&P/TSX Composite Index lost 255.67 points or 2.48% to 10,027.43. The index traded below 10,000 for much of the session before a modest recovery in the day's final 20 minutes.
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