ND:: Crude Oil Drop May Pull Toronto Stocks Lower - Canadian Commentary
Bay Street stocks could open lower on Monday morning, adding to an sell-off from late last week. Oil prices fell again, which could negatively impact stocks.
The S&P/TSX composite index lost 93.45 points or 0.95% on Friday to finish at 9,762.76 points. The market had closed higher in each of the three previous sessions.
Energy stocks could see early weakness on Bay Street on Monday morning as the price of oil headed lower on the New York Mercantile Exchange.
Crude oil dropped lower in early trading on Monday, giving back much of Friday's late-afternoon surge. Light sweet crude moved to $66.15, down $1.66 for the session. Prices hit as low as $65.80. Energy stocks closed modestly higher on Friday.
Gold prices moved off their daily highs but remained up for the session. December gold traded at $728.60 an ounce, up $10.40. Prices hit as high as $739.50 earlier in the morning.
On the earnings front, Silver Wheaton (SLW.TO) will be a stock to watch after the company reported third quarter net earnings of US$20.24 million, or US$0.08 per share, compared with US$19.18 million, or US$0.08 per share, last year.
Meanwhile, SFK Pulp Fund (SFK_U.TO) said that its third quarter net earnings were C$8.7 million or C$0.08 per unit, compared to a net loss of C$1.2 million or C$0.01 per unit for the corresponding period of 2007.
The Canadian loonie inched to a two-week high of 1.1892 against the dollar and also saw moderate strength against some other majors.
