Stock futures pointed to a lower opening for Canada's main stock index, taking cues from European markets after U.S. Federal Reserve Chair Janet Yellen indicated last week that the central bank was poised to raise interest rates this year.
The S&P/TSX composite index fell short 2.85 points to close the day and a short week at 15,200.76
The Canadian dollar lopped off 0.04 cents to 81.34 cents U.S. early Monday.
BlackBerry is cutting jobs across the globe, the company said on Friday, as it consolidates its software, hardware and applications business. The company did not specify how many employees would be affected. The company is reallocating resources to capitalize on growth opportunities and achieve profitability across all its business segments, a company spokeswoman said in an e-mailed statement.
Cenovus Energy Inc. has evacuated about 1,800 workers and shut down production at its Foster Creek oil sands site in Alberta as a precaution because of a nearby forest fire, the company said. There was still no direct threat from the fire to Cenovus operations as of Sunday morning, said company spokeswoman Rhona DelFrari. The company had said on Saturday that the fire was about 30 kilometers south of the facilities and had shut the only access road to the operations.
Separately, Canadian Natural Resources Ltd has also evacuated personnel from its Primrose oil sands project due to the nearby fire, with about 80,000 barrels per day of crude oil production shut in.
Hudson's Bay Company will likely decide by early June whether to submit a bid to buy German department store chain Kaufhof from the Metro group, two people familiar with the matter said on Sunday. Austrian investor Rene Benko, who owns rival department store chain Karstadt, has already offered to buy Kaufhof for 2.9 billion euros, a person familiar with the matter told Reuters earlier this month. Metro confirmed on Wednesday that it was in talks for the sale of Kaufhof but said it had not reached any decisions yet.
Paradigm Capital cut the price target on Taseko Mines Ltd to $2.00 from $3.75 to reflect a potential fourth expansion of the company's Gibraltar mine.
Paradigm Capital also cut price target on Thompson Creek Metals Company Inc. to $2.00 from $2.50 considering that the company’s molybdenum mines have been suspended leaving only the Langloth metallurgical facility operating.
A warning on Sunday by Greece's interior minister that the country will not be able to meet a June 5 repayment to the International Monetary Fund also weighed on sentiment. Asian markets closed mixed. Gold and oil edged lower as the U.S. dollar strengthened
ON BAYSTREET
The TSX Venture Exchange gained 2.97 points Friday to 703.48
ON WALLSTREET
U.S. markets are closed Monday for Memorial Day
