Canadian stocks are poised for a positive open Monday amid steady commodities and on mixed cues from the global equity markets. While most Asian markets ended in the red overnight, European shares were hovering in the green as traders overlooked a downbeat assessment of the business climate in Germany.
However, traders were cautious ahead of meeting of central bankers later during this week.
U.S. stock futures were pointing to a marginally higher open
On Friday, the S&P/TSX Composite Index edged up 19.72 points or 0.16 percent to 12,082.23.
The price of crude oil was moving higher Monday morning amid worries over supply disruptions as Tropical Storm Isaac threatened production in the oil-rich Gulf of Mexico. An explosion at a refinery in Venezuela also supported prices. Crude for October gained $1.28 to $97.43 a barrel.
The price of gold was steady near its four-month high Monday morning as the U.S. dollar was trading mixed ahead of this week's economic data. Gold for December eased $1.20 to $1,671.70 an ounce.
in the M&A patch, uranium miner Cameco Corp (CCO.TO) announced that it would acquire Yeelirrie uranium deposit in Western Australia, owned by mining giant BHP Billiton Ltd for $430 million.
Precious metals miner Inter-Citic Minerals Inc. (ICI.TO) said it would be acquired by Western Mining Group Co., by way of a plan of arrangement for C$2.05 per share in cash, valuing the corporation at about C$250 million.
In other corporate news from Canada, Precious metals miner Brookfield Investments Corp. (BRN_PR_A.V) reported second-quarter net income of $9 million or $0.18 per share up from $2 million or $0.04 per share for the same period in 2011.
Asset management company Dundee Corp. (DC_A.TO) announced that it has acquired, in a private placement, 5 million units of Canadian Orebodies Inc. (CO.V) at a price of $0.20 per Unit
Financial services company Nesscap Energy Inc. (NCE.V) slipped into the red in latest quarter ended June 30, 2012, reporting net loss of $769,177 or $0.004 per share compared to a net gain of $42,000 or $0.000 per share for the same period in 2011,
In economic news from the euro zone, Germany's business sentiment deteriorated for the fourth consecutive month in August, reports said citing survey results from Ifo Institute. The business confidence index dropped more than expected to 102.3 in August from 103.3 in the prior month. The reading was forecast to ease 102.8. Assessment of current conditions fell in August to 111.2 from 111.5. But the reading stayed above 110.9.
by RTT Staff Writer
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