RTTN: TSX Likely To Rebound As Commodities Edge Up
(RTTNews) - The Canadian market is likely to open higher on Monday, supported by a marginal rise in the price of commodities and bargain hunting after the main index surrendered nearly 4% in the past three sessions.
The S&P/TSX Composite Index surrendered 125.67 points or 1.10% to settle Friday at 11,343.43.
The U.S. stock futures also point to a strong opening.
The price of oil was lingering below the the $75-mark, edging down $0.03 in morning deals Monday.
However, the price of bullion ticked higher, recouping from its previous sessions' fall and added $7.00 to $1096, an ounce. Meanwhile, global mining giant Rio Tinto said it expects global demand for aluminum will increase by 2% to 3% in 2010.
In corporate news, Motorola Inc. said that it had filed a complaint against Research In Motion (RIM.TO) with the U.S. International Trade Commission for infringement of patents.
Bank of Montreal (BMO.TO) long term ratings were cut one grade at Moody's Investors Service, citing greater earnings volatility at the bank's wholesale investment bank.
Westaim Corp agreed to buy Jevco Insurance for C$263 million from Kingsway Financial Services (KFS.TO)
Minerals and natural gas explorer Caspian Energy (CEK.TO) announced the appointment of Michael Nobbs to its board of directors.
Mineral Hill Industries (MHI.V) said on Friday that it will sell by private placement of up to 4 million units at $0.05 per unit for total proceeds of up to $200 thousand.
Dragon Pharmaceutical (DDD.TO) said on Friday that Yanlin Han, Chairman and CEO of the company, has made a non-binding proposal to purchase all of the outstanding shares of Dragon Pharma for a price of $0.80 per share.
Gold explorer Barkerville (BGM.V) said it raised C$13.05 million via private equity issue.
Serica Energy (SQZ.V) said it sold certain of its interests in South East Asia to KrisEnergy Ltd, for $105.4 million.
Mobile business solutions provider Versatile Systems (VV.V) announced that its second-quarter net loss reduced significantly to $80,661 from $533,171 for the same period last year and reported a breakeven per share for the quarter.
In brokerage update, Toronto Dominion Bank ups Goldcorp. (G.TO) rating to 'Buy' from 'Hold'
With no major economic data on tap today, traders will look the movements in commodities prices to get clues.
by RTT Staff Writer
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