Bay Street May Open On Mixed Note; Materials Stocks Likely To Move Higher
(RTTNews) - Canadian shares are likely to open on a mixed note on Monday, tracking commodity prices. Concerns over a possible U.S. government shutdown could weigh on sentiment.
Oil prices are down sharply, while gold, silver and copper are all up with notable gains.
In corporate news, Russel Metals Inc. (RUS.TO) announced that it will acquire seven service center locations from Kloeckner Metals Corporation for approximately US$118.6 million, subject to customary closing adjustments related to working capital and other standard terms.
The Canadian market ended roughly flat on Friday, giving up most of its early gains. The benchmark S&P/TSX Composite Index advanced to an intraday high of 29,864.19 in early trading, but lost momentum and ended the day with a gain of 29.30 points or 0.1% at 29,761.28.
A preliminary estimate released by Statistics Canada revealed that Canadian real GDP was essentially unchanged from the previous month in August.
Asian stocks closed broadly higher on Monday, as in-line U.S. inflation data reinforced Fed rate cut hopes and a rebound in Chinese industrial profits suggested the world's second-largest economy is stabilizing amid robust policy measures.
The major European markets are up today, with the UK market outperforming others. The mood, however, remains somewhat cautious amid a lack of significant triggers.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.09 or 1.66% at $64.63 a barrel.
Gold futures are gaining $30.50 or 0.8% at $,839.50 an ounce, and Silver futures are up $0.419 or 0.9% at $47.075 an ounce, while Copper futures are up $0.0430 or 0.9% at $4.8145 per pound.
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