Canadian stocks may edge up at open Monday amid steady commodities and positive cues from the global equity markets. While most Asian markets ended higher, European stocks were trading in the green as opinion polls published over the weekend suggested pro-austerity parties are likely to win elections next month in Greece, raising hopes that the country will stay in the euro common currency. Greek polls showed growing support for pro-bailout parties.
However, stocks may suffer to sustain any meaningful gains over the course of the session amid lack of cues from south of the border as the U.S. markets were closed for Memorial Day holiday
On Friday, the S&P/TSX Composite Index extended gains for a fourth session, adding 10.40 points or 0.09 percent to 11,576.47.
The price of crude oil added $0.93 to $91.79 a barrel.
The price of gold edged up $7.70 to $1,576.60 an ounce.
In corporate news from Canada, Royal Bank (RY.TO) said it has resolved several tax matters and would release nearly $130 million of tax uncertainty provisions recorded earlier.
Exploration company Hawk Exploration (HWK_B.V) posted improved first-quarter Funds From Operations of C$1.5 million or C$0.04 per share, compared to C$863,000 or C$0.03 per share in the previous year quarter.
Medical software solutions provider Medipattern Corp. (MKI.V) said it would acquire MyTrak Health System Inc. for $4-million. Friday, the stock surged 14 percent to C$0.295.
Conventional oil and gas company PanTerra Resource Corp. (PRC.V) elected new board.
by RTT Staff Writer
For comments and feedback: email@example.com