Shawshank, VA 9/26/2011 (PennyPayDay) – Bay Street stocks may recover at open Monday on bargain hunting after falling heavily in the past three sessions. Steady commodities and positive cues from the global equity markets may help lift trader sentiment.Over the weekend, European officials said Germany, along with other rich European nations, is pushing for a new strategy to the region's debt crisis.
U.S. stock futures were pointing to a higher open
On Friday, the S&P/TSX Composite Index extended losses for a third session, dipping 99.65 points or 0.86 percent to 11,462.87, taking its cumulative losses in the past three sessions to just over 6 percent.
The price of crude oil was little changed near $80 as the U.S. dollar was steady versus a basket of currencies amid uncertain global economic outlook Crude for November edged up $0.25 to $80.10 a barrel.
The price of gold was extending losses for a third session Monday morning after the world's largest futures market, CME, said it would increase the collateral requirements for gold by over 20 percent. Last week, gold suffered once of its worst weekly losses in over 2 decades plummeting nearly 10 percent to settle below $1,650 on heavy off-loading by speculators in tandem with a meltdown in global markets. Gold for December lost $10.10 to $1,629.70 an ounce, however, recovering from an intraday low of $1,535.00.
In corporate news from Canada, insurance services company Intact Financial Corp. (IFC.TO) said it has completed its C$2.6 billion acquisition of AXA Canada. Separately, the company said it would sell AXA Canada's life insurance business, AXA Life Insurance, to SSQ, Life Insurance Co. Inc. for $300 million.
Metal miner Silver Standard Resources (SSO.TO) announced that it has completed the sale of its Bowdens project in New South Wales, Australia to Kingsgate Consolidated Ltd. for $75 million in cash and shares.
International pharmaceutical company Valeant Pharmaceuticals International Inc. (VRX.TO) plans to raise its takeover offer for Afexa Life Sciences Inc. (FXA.TO) to $0.85 per common share, an increase of 20 percent from $0.71 originally offered under a deal announced on August 30, 2011.
Specialty pharmaceutical company Paladin Labs Inc. (PLB.TO), Sunday said that if Afexa's two shareholder rights plans will be cease-traded by the Alberta Securities Commission it will increase its acquisition offer of Afexa Life Sciences Inc. (FXA.TO) to $0.81 per share.
Rail service equipment company Global Railway Industries (GBI.TO) announced the completion of sale of its operating subsidiary, CAD Railway Industries Ltd., for $12.4 million.
Steel pipe and tubes maker Lakeside Steel (LS.V) reported that its first-quarter net loss widened to C$1.09 million from a net loss of C$810,662 in the year ago quarter.
In economic news from the euro zone, German business confidence declined less than expected in September, according to a monthly survey from the Ifo institute. The business climate index dropped to 107.5 from 108.7 in August. Economists were expecting the index to ease to 107.
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