Canadian stocks will look to rebound on Tuesday after suffering steep declines in the previous session. Traders will consider the latest gross domestic product data from Canada.
Data showed Canada's real gross domestic product dropped 0.7% in January. A drop of 0.6% was forecast by analysts, compared to the 0.1% drop in December.
In other economic news, Canadian industrial product prices rose 0.4% in February, while raw materials prices rose 1.7%. Average weekly employee earnings rose 1.1% in January.
Energy stocks could get a boost as crude oil bounced back toward $50 again. Light sweet crude for May delivery has added $1.43 to $49.84 a barrel.
On the corporate front, Paramount Energy Trust (PMT_U.TO) and Profound Energy Inc. (PFX.TO) announced that they have entered into a support agreement under which PET will offer to acquire all of the issued and outstanding common shares of Profound by way of a take-over bid.
Rogers Communications (RCI.A.TO, RCI.B.TO) said that it has appointed Nadir Mohamed as president and chief executive officer, effective immediately.Nadir replaces the company's founder, the late Ted Rogers.
Meanwhile, Marengo Mining Ltd. (MRN.TO) announced the resignation of Andrew Meloncelli as company secretary/chief financial officer, effective March 30, to pursue other business opportunities.
On the earnings front, Redline Communications Group (RDL.TO) reported that its fourth quarter net loss was US$9.1 million or US$0.44 per share, compared to a loss of US$6.2 million or US$0.35 per share in the same quarter of last year.
The S&P/TSX Composite Index dropped 224.84 points or 2.54% on Monday to 8,596.22. The decline was the fourth in five sessions for the index. The move mirrored that of U.S. and European stocks, which plunged on concerns over the banking and auto industries.
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