Bay Street's main index may give back some of its recent gains on Monday morning as lower commodities could drag resource stocks into negative territory. Markets in Europe are also experiencing weakness and U.S. futures are pointing lower.

The Energy Index could decline after a strong surge last week, with crude oil prices sliding $1.04 to $57.33 in overnight trading. Gold has lost $2.90 to $912.60 and copper has declined 7.35 cents to $2.0725 in early Comex transactions.

On the earnings front, Ivanhoe Energy (IE.TO) reported a first-quarter net loss of US$12.3 million or US$0.04 per share, compared to a loss of US$8.5 million or US$0.03 per share in the same quarter last year.

Ensign Energy Services Inc. (ESI.TO) reported that its first quarter net income was C$72.7 million or C$0.47 per share, compared to C$81.80 million or C$0.53 per share in the year ago quarter.

In corporate news, Agrium (AGU.TO) announced it is substantially increasing its exchange offer to acquire all of the outstanding shares of CF Industries Holdings to $85.20 per CF share.

Meanwhile, CanWest (CGS.TO) is reviewing options to avoid bankruptcy, according to a report in the Globe and Mail, and is reviewing proposals from up to four investors.

Celtic Exploration (CLT.TO) announced that its first quarter net loss was C$5.04 million or C$0.12 per share, compared to a loss of C$7.38 million or C$0.20 per share in the year ago quarter.

On Friday, the S&P/TSX Composite Index added 270.94 points or 2.71% to close at 10,237.99. This marks the highest close for the index since October 3.

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