TSX Poised For Mixed Open Amid Lack Of Cues
Toronto stocks may struggle for direction Monday morning amid mixed cues from the commodities and global equity markets. The main index witnessed volatile moves in the past two session, before ending flat, indicating cautious approach by investors.
While most Asian markets ended lower overnight, European shares were lingering in red amid selling in bank shares.
U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index settled flat for a second session, easing 1.59 points or 0.01 percent to 13,517.91.
The price of crude oil was lingering below $100 Monday morning as the recent batch of soft economic data from the U.S. raised concerns over demand growth. Crude for July was down $0.89 to $99.33 a barrel.
The price of gold was steady near $1,550 amid a relatively firm U.S. dollar. Gold for August edged up $1.00 to $1,543.40 an ounce.
In corporate news from Bay Street, communications and consumer electronics products company Wi-LAN Inc. (WIN.TO) posted a much improved first quarter net earnings of $19.8 million or $0.17 per share compared to $1.1 million or $0.01 per share a year ago. Adjusted earnings for the quarter climbed to $13.0 million or $0.11 per share from $7.5 million or $0.07 per share in the prior-year quarter.
Oil and gas explorer Compton Petroleum (CMT.TO) reported a steep drop in its first quarter net earnings at $2.5 million or $0.01 per share compared to $25.2 million or $0.10 per share last year.
Crude oil transportation company TransCanada Corp. (TRP.TO) said Sunday that the Keystone pipeline system has resumed transporting crude oil on Saturday. The 1,316-mile Keystone pipeline, which transports crude oil from Alberta to Cushing, Oklahoma, was shut down after it leaked 10 barrels of oil in Kansas on May 29.
Gold miner Claude Resources (CRJ.TO) swung to profit in first quarter, reporting net income of C$1.8 million or C$0.01 per share versus loss of C$1.6 million or C$0.01 per share last year.
Airlines operator Air Canada (AC_A.TO) said system-wide traffic for May went up 5 percent year-over-year with a 4.7 percent increase in capacity. System load factor increased 0.2 percentage points to 82.2 percent.
China focused plantation company Sino-Forest (TRE.TO) said it believes Muddy Waters' report is inaccurate, spurious and defamatory and announced that it has hired an independent law firm to address the issues.
In economic news, Statistics Canada said building permits fell 21.1 percent to C$5.3 billion, following monthly increases of 16.8 percent in March and 9.8 percent in February.
With businesses growing concerns about U.S. economic weakness and numerous global headwinds, Canada's most widely watched purchasing managers index fell sharply in April compared to the previous month. The Ivey Purchasing Managers Index (PMI) stood at 57.8 by the end of April, compared to 73.20 for March.