Canadian stocks are poised for a mixed open Monday as traders might remain cautious even as the outcome of the weekend Greek election are likely to prevent the nation from an abrupt departure from the euro. Also, focus will be on the Group of 20 Summit that gets underway in Mexico today.
However, stock specific movements are not ruled out amid a batch of M&A deals.
U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index moved up 58.48 points or 0.51 percent to 11,524.90.
The price of crude oil was ticking lower Monday morning as the outcome of the weekend Greek elections failed to improve risk appetite. Crude for July lost $1.21 to $82.82 a barrel.
The price of gold moving lower for the first time in seven session Monday morning as monetary stimulus hopes fade following Greek poll outcome. Gold for August delivery was down $5.60 to $1,622.50 an ounce.
In corporate news from Canada, Yamana Gold (YRI.TO) announced that it would buy Extorre Gold Mines Ltd. (XG.TO) for about C$395 million. Extorre shareholder would receive C$4.26 per share comprised of C$3.50 in cash and 0.0467 of a Yamana common share for each share held.
Broadcasting and wireless communications equipment maker Sierra Wireless (SW.TO) said it would acquire Sagemcom's machine-to-machine or M2M business for about 44.9 million euros
Global logistics technology solutions provider Descartes Systems Group (DSG.TO) said it has closed its acquisition of substantially all of the assets of Integrated Export Systems, Ltd. and IES Asia Ltd for about $ 35.0 million.
Insurance services provider Fairfax Financial Holdings Ltd. (FFH.TO) said its RiverStone runoff subsidiary would buy all the outstanding shares of Brit Insurance Ltd., for about $300 million.
In economic news, Statistics Canada said non-resident investors acquired $10.2 billion of Canadian securities in April, following a divestment in the previous month. Foreign investors acquired $9.0 billion of Canadian bonds in April after a $1.2 billion divestment in March. Meanwhile, Canadian investors' holdings of foreign securities declined $2.7 billion, predominantly in bonds.
by RTT Staff Writer
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