Toronto's main stock index looked set to open lower after a European decision to include a tax on bank deposits in a bailout of Cyprus sent shockwaves through financial markets.
The S&P TSX index moved higher 30.12 points to wind up the week at 12,830.07
The Canadian dollar gained 0.11 cents to 97.88 cents U.S. early Monday.
Bombardier Inc will have to pay at least 460 million Swiss francs to Swiss railway group SBB for late delivery of 59 double-deck trains the SBB ordered three years ago.
Oil and gas whiz BNK Petroleum Inc said on Sunday it had agreed to sell most of its assets in Oklahoma's Tishomingo Field to Exxon Mobil Corp for $147.5 million to fund its exploration program and repay debt.
Speaking of things economic, Statistics Canada reported this morning that non-residents acquired $13.3 billion of Canadian securities in January, most of them corporate debt instruments. Meanwhile, Canadian investors reduced their holdings of foreign securities by $1.2 billion, ending a four-month string of increases.
ON BAYSTREET
The TSX Venture Exchange gained four points to finish the week at 1,116.61.
ON WALLSTREET
U.S. stock futures were sharply lower Monday after a bailout agreement reached over the weekend in Cyprus sparked outrage in the tiny nation.
Futures for the Dow Industrials plummeted 61 points, or 0.4%, to 14,372. Futures for the S&P 500 fell 12.40 points, or 0.8%, to 1,541.20, and futures for the NASDAQ shed 18.50 points, or 0.7%, to 2,772.
The European Union unveiled a €10-billion plan early Saturday to rescue Cyprus' outsized banking sector and avoid a default. Though the bailout is relatively small, the EU has required a one-time tax of 6.75% on bank deposits of less than €100,000 and 9.9% for those over that amount.
Bank stocks slumped around the globe. National Bank of Greece, Banco Santander and Barclays were all sharply lower.
In the U.S., shares of Wells Fargo, Citigroup, Bank of America and JPMorgan Chase also fell.
Chesapeake Energy shares fell nearly 2% in premarket trading after the company was downgraded on valuation concerns. Chesapeake said late Friday that it would continue its attempt to buy back $1.3 billion of its bonds.
Shares of Carnival Corp. slide more than 3%, after the cruise line issued a weak sales forecast for the year on Friday. The company has had a string of mechanical issues over the last several weeks, and the company's stock fell more than 3% in premarket trading on Monday.
Markets overseas sold off sharply. Japan's Nikkei plunged 2.7%, the Hang Seng in Hong Kong declined 2.2% and the Shanghai Composite lost 1.3%. European markets were sharply lower in morning trading, and the euro fell by more than 1% against the dollar.
Oil prices docked 94 cents to $92.53 U.S. a barrel
Gold prices hiked $14.50 an ounce to $1,607.10 U.S.
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