Stock futures pointed to a lower opening for Canada's main stock index as a dip in commodity markets eroded a recent global rebound.
The S&P/TSX composite index soared 222.38 points, or 1.7%, to conclude Monday at 13,562.12
The Canadian dollar dipped 0.07 to 76.33 cents U.S. early Tuesday
Superior Plus Corp said it would buy chemicals and handling company Canexus Corp for $324.1 million. Canexus shareholders will get 0.153 of a Superior share. This works out to $1.74 for each share, a premium of 47.5% to Canexus closing price on Monday.
First Quantum Minerals Ltd said it has revised its deal with Franco-Nevada Corp for its flagship copper-gold Cobre Panama project in Central America after reviewing the costs. Under the new precious metal stream agreement with the Vancouver-based miner, royalty firm Franco-Nevada will have to pay an initial contribution of $330 million to $340 million to First Quantum in October.
Work has resumed at Goldcorp’s Cerro Negro mine in Argentina, the company said on Monday, following the declaration of a mandatory 15-day conciliation period by the Santa Cruz Provincial Secretariat of Labour. Workers at Cerro Negro, represented by the Asociacion Obrera Minera Argentina union, had halted work at the mine site last Friday.
National Bank Financial raised the target price on AGT Food and Ingredients Inc to $37.00 from $35.00, saying the company is continuing its long-term strategy of controlling more and more of the pulses value chain from farm gate to plate.
Also, National Bank Financial cut the target price on Air Canada to $15.00 from $17.00 due to modest changes to cash flow and balance sheet assumptions.
Moreover, National Bank Financial cut the target price on Rubicon Minerals Corp to $0.90 from $1.30, believing balance sheet pressures are mounting as the company navigates additional ramp-up issues.
On the economic front, Statistics Canada reported that this country's exports declined 3.6% in August while imports edged up 0.2%. As a result, Canada's merchandise trade deficit with the world widened from $817 million in July to $2.5 billion in August.
Also due out later this morning from London, Ontario’s Western University was the IVEY Purchasing Managers’ Index for September.
ON BAYSTREET
The TSX Venture Exchange gained 4.83 points Monday to 530.39
ON WALLSTREET
U.S. stock futures are looking weak Tuesday, though they have clawed back from earlier lows.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 14 points, or 0.1%, to 16,645, futures for the S&P 500 lost four points, or 0.2%, to 1,970.75, and futures for the NASDAQ stepped back 12.25 points, or 0.3%, to 4,299.
Shares in American chemical company DuPont are rising by 5% after the firm announced CEO Ellen Kullman is retiring and a new interim CEO is taking over. This firm also cut its earnings expectations for the year, blaming the revision on a strong dollar.
Shares in Facebook and Amazon are dipping a touch pre-market after Europe's top court made a ruling that could damage the way tech companies use and share data within their own business units. The court ruled that European countries have the right to ban U.S. companies from transferring data back to the U.S.
Pepsi's earnings are coming out ahead of the market open.
After the close, the owner of KFC and Taco Bell -- Yum! Brands-- will report results.
On the economic side, the Census Bureau will post the national trade balance for August this morning. The deficit narrowed in July.
European markets had initially been in the red, but are now climbing into positive territory.
In Asia, most markets closed the day with gains. Chinese stock markets remain closed for a holiday.
Oil prices sifted off 12 cents to $46.14 U.S. a barrel
Gold prices picked up $2.80 to $1,138.55 U.S. an ounce.
