logo
Plus   Neg
Share
Email

Bay Street Likely To Open On Mixed Note

Optimism about U.S.-China trade deal and easing concerns about U.S.-Iran tensions may help keep investor sentiment positive in the Canadian stock market on Monday. However, slightly weak commodity prices and caution ahead of key earnings reports may render price movements somewhat sluggish at the start.

Chinese Vice Premier Liu He is scheduled to visit Washington this week to sign the phase one trade deal.

The Bank of Canada is scheduled to release its latest business outlook survey later in the day.

On Friday, the benchmark S&P/TSX Composite Index ended down 1.08 points, or 0.01%, at 17,234.49, after scaling a low of 17,187.22 and a high of 17,254.06 in the session.

In company news, Cott Corporation (BCB.TO) today announced that it has entered into a definitive agreement to acquire Primo Water Corporation, a leading provider of water dispensers, purified bottled water and self-service refill drinking water in the U.S. and Canada, for $14.00 per share payable in cash and stock (or a combination thereof). The transaction values Primo at approximately $775 million.

Cogeco Communications Inc. (CCA.TO) announced on Friday that its U.S. subsidiary Atlantic Broadband has signed a definitive agreement to purchase Thames Valley Communications, a broadband services company operating in Southeastern Connecticut, for a purchase price of US$50 million.

Asian stocks ended mixed on Monday after the United States imposed additional sanctions on Iran and rebuffed the Iraqi government's request to begin discussions on pulling out troops.

Reports of another rocket attack on an Iraqi airbase and caution ahead of the signing of a U.S.-China trade agreement this week also kept investors nervous.

European stocks were broadly higher on Monday as investors looked ahead to the signing of a 'phase one' trade deal between the United States and China this week.

In commodities, West Texas Intermediate Crude oil futures for February are down marginally at $59.00 a barrel, coming off a one-month low of $58.59 a barrel.

Gold futures for February are down $6.00, or 0.4%, at $1,554.10 an ounce.

Silver futures for March are declining $0.090, or 0.5%, at $18.025 an ounce, while Copper futures for March are up $0.0005, or 0.02%, at $2.8140 per pound.

For comments and feedback contact: editorial@rttnews.com

Follow RTT