The Toronto Stock Exchange looks set to begin the week on a negative note ahead of a spate of earnings reports by several well-known Canadian companies
The S&P/TSX composite index fell 9.11 points to end Friday at 14,393.10.
The Canadian dollar dropped 0.08 cents to 90.99 cents U.S. early Monday
Investors will be watching major overseas developments Monday, including the proposed merger of two European cement and construction materials producers with global operations including in Canada.
The new company, to be called LafargeHolcim, would have a combined $44 billion U.S. in annual revenues if the proposed "merger of equals" is completed. Paris-based Lafarge is Canada's largest producer of cement and concrete building materials while Holcim, based in Switzerland, has a smaller presence in this country but extensive holdings in emerging economies.
Potash Corporation of Saskatchewan Inc. says it will have a new president and CEO starting in July. Jochen Tilk will take over from current CEO Bill Doyle, who headed efforts to thwart an attempted takeover of Canada's largest fertilizer producer by global mining giant BHP Billiton.
Discount retailer Dollarama Inc. and Cogeco Cable Inc. issue their latest quarterly reports on Wednesday and Shaw Communications Inc. issues its results on Thursday.
ON BAYSTREET
The TSX Venture Exchange grew 5.20 points Friday to 1,007.16
ON WALLSTREET
Markets look set for another bumpy ride Monday as investors fret that company profits may not be growing strongly enough to justify recent frothy prices.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 66 points, or 0.4%, to 16,290. Futures for the S&P 500 dipped 7.6 points, or 0.4%, to 1,852.50, and futures for the NASDAQ moved earthward 30.25 points, or 0.9%, to 3,507.25.
There is little economic or corporate news on the docket Monday.
But big banks will start reporting their first-quarter earnings later in the week and financial stocks are one sector expected to turn in a weaker performance.
Earnings for the companies in the S&P 500 are expected to be down 1.2% in the first quarter, according to estimates from FactSet Research.
Cement stocks provided one bright spot, with Lafarge and Holcim both managing solid gains after they agreed to a merger that would create the world's biggest construction materials group.
European markets and Asian markets were weaker, taking their cue from Friday's late selloff on Wall Street. Japan's Nikkei 225 ended 1.7% down, while mainland China markets were shuttered for a holiday. Germany's DAX was trading 1.2% lower during the morning.
Oil prices were off 52 cents to $100.62 U.S. a barrel
Gold prices doffed $4.10 at $1,299.40 U.S. an ounce.
