RTTNews - Bay Street stocks will look to build on a recent rally in early Monday morning trading. The market has risen in five straight sessions.
Investors mulled over data revealing Canadian wholesale sales fell less than forecast in May to its lowest level since December 2005.
U.S. futures pointed slightly higher as some worries over the bankruptcy of CIT Group (CIT) was cooled as the lending giant secured $3 billion in financing from some of its largest bondholders.
Energy stocks could see strength as crude oil gained again on the NYMEX. Light sweet crude for August has added 79 cents to $64.35 per barrel in electronic trading.
TransAlta Corp. (TA.TO) announced that it intends to make an all-cash offer to acquire Calgary-based Canadian Hydro Developers (KHD.TO) at a price of C$4.55 per share. The proposed transaction has an enterprise value of approximately C$1.5 billion.
National Fuel Gas announced that it has purchased Ivanhoe Energy's (IE.TO) oil and gas operations for about US$40 million.
In metals, gold is up $14.80 to $952.30 per ounce, silver has gained 29.7 cents to $13.70 per ounce and copper is up 4 cents to $2.463 a pound.
In other corporate news, Boliden (BOL.TO) said its second-quarter earnings per share rose to SEK 1.58 from SEK 0.95 a year ago. Operating profit for the recent quarter increased to SEK 654 million from SEK 406 million last year.
In economic news, Stats Canada said wholesale sales in current dollars fell 0.3% to $40.1 billion in May, following a revised drop of 0.7% in April. In volume terms, wholesale sales were unchanged in May. Economists were looking for a drop of 2.5% from a month earlier.
Friday, the S&P/TSX Composite Index gained 65 points or 0.63% to finish at 10,369.42. The close is the highest for Toronto's main index since June 29.
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