Stock futures indicated a lower opening for Canada's main stock index on Monday due to a drop in oil prices as China ramped up exports of refined products and U.S. producers added more rigs.
The S&P/TSX Composite remained negative 8.82 points to end the day and the week at 14,687.46. Futures skidded 0.3% early Monday.
The Canadian dollar slid 0.29 cents to 77.45 cents U.S. early Monday.
Valeant Pharmaceuticals International has named Zoetis Inc executive Paul Herendeen as its chief financial officer, replacing Robert Rosiello, the latest in a series of management changes at the Canadian drug maker.
Convenience store operator Alimentation Couche-Tard said it agreed to buy U.S. convenience store retailer CST Brands Inc in a deal valued at about $4.4 billion U.S., including debt.
BMO cut the rating on Absolute Software to market perform
On the economic scene, Statistics Canada reported that wholesale sales increased for a third consecutive month in June, up 0.7% to $56.4 billion. Four of the seven sub-sectors, representing 68% of wholesale sales, recorded gains.
ON BAYSTREET
The TSX Venture Exchange slumped 4.47 points Friday to 833.11
ON WALLSTREET
U.S. stock futures are dragging their heels before Monday’s open
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 48 points or 0.3%, to 18,492, while futures for the S&P 500 slipped 4.25 points, or 0.2%, at 2,177.5. NASDAQ futures docked 9.25, or 0.2%, to 4,797.75
Shares in Medivation were surging by about 20% pre-market as Pfizer announced it's buying the biopharmaceutical company for $14 billion U.S.
Pfizer will pay $81.50 in cash for each Medivation share.
Pfizer scrapped a planned $150-million U.S. merger with Allergan earlier this year after the Obama administration issued new rules designed to crack down on corporate tax avoidance.
ChemChina's deal to buy the seed and pesticide firm Syngenta just got the green light from the Committee on Foreign Investment in the United States.
The announcement caused Syngenta stock to surge by about 11% in Europe.
Asian markets mostly ended the day in the red and European markets are broadly negative in afternoon trading.
Oil prices sank $1.16 to $47.36 U.S. a barrel
Gold prices slid $4.80 to $1,341.40 U.S. an ounce.
