RTTN: TSX May Pause For A Breather Tuesday As Commodities Level Off
(RTTNews) - Canadian stocks may pause for a breather Tuesday morning as commodities prices were leveling off from their recent highs. Also, renewed worries over the Greece debt situation may weigh on the sentiment.
U.S. stock futures point to a lower opening.
On Monday, the S&P/TSX Composite Index rose 35.29 points or 0.29% to settle at a new 18-month high of 12,186.35.
The price of crude oil edged down $0.11 to $86.51 a barrel, yet hovers near its 18-month high. Meanwhile, the price of gold eased from a 3-week high, trimming $5.5 to $1,128.3 an ounce.
Meanwhile, the Canadian dollar traded at parity with the U.S. dollar for the first time since July 2008, mainly on higher oil prices and on expectations of an interest rate hike.
In corporate news, minerals explorer Copper Mountain Mining (CUM.TO) announced plans to sell 8.2 million shares at C$3.05 per share.
Oil and gas royalty trust NAL Oil and Gas Trust (NAE_UN.TO) said it will sell 7.55 million units at C$13.25 per unit.
Uranium explorer CanAlaska Uranium (CVV.V) inducted Ram Ramachandran as its Chief Financial Officer.
Adamus Resources (ADU.V) announced the completion of the second tranche of the private placement of 11 million ordinary shares at A$0.36 per share.
Nickel explorer Mirabela Nickel (MNB.TO) said its director Nick Poll resigned in order to focus on new business ventures.
Airlines operator WestJet (WJA.TO) reported a 10% increase in March traffic to 1.37 billion revenue passenger miles or RPMs from 1.24 billion RPMs in the prior year period.
Communications services provider Sandvine Corp. (SVC.TO) turned to profit in first-quarter, reporting net income of C$0.004 per share, compared to net loss of C$0.035 per share last year.
Media production services company Immersive Media (IMC.V) announced that it has granted 2.27 million options to purchase its common shares at a price of $1.00 per share for a period of five years, to directors and officers of the company.
Natural resources explorer VMS Ventures (VMS.V) said it would launch a new nickel exploration company and will own approximately 45% of the new company at the completion of the two private placements.
With no major economic data on tap from Canada, traders will look to the minutes from the March Federal Reserve meeting apart from the movements in the commodities prices.
Greece worries hit the market again after a newspaper report said Greece was seeking to raise around $10 billion from the U.S. investors. In other news, the country reportedly wanting to renegotiate a deal struck last month in the EU.
