Early Signals Point To Positive Open For TSX

Northern, WI 9/27/2011 (PennyPayDay) – Bay Street stocks are poised to extend gains at open Tuesday amid rebounding commodities and positive trading across the global equity markets. Global stocks rose as investors hoped that European officials would find a solution to cut Greece's debt and shore up European banks.

U.S. stock futures were pointing to a sharply higher open.

On Monday, the S&P/TSX Composite Index snapped its 3-session losing streak to add 244.32 points 2.13 percent to 11,707.19.

The price of crude oil rose near $83 Tuesday morning as traders hoped that European leaders were making progress in an attempt to stabilize the region's debt crisis. ECB governing council member Ewald Nowotny yesterday said the possibility of interest rate cuts should not be ruled out. Crude for November gained $2.55 to $82.79 a barrel.

The price of gold rebounded even as the U.S. dollar continued to trade firm versus a basket of currencies. Gold for December advanced $66.50 to $1,661.30 an ounce.

In corporate news from Canada, independent investment dealer GMP Capital Inc. (GMP.TO) said its subsidiary acquired all of the outstanding equity securities of Miller Tabak Roberts Securities LLC (MTR) for $33 million in cash. MTR, a New York headquartered institutional fixed income boutique specializing in high yield debt, distressed debt, convertible bonds, international bonds, investment grade and asset-backed securities.

Asia based financial services company Sunwah International (SWH.TO) reported a narrower fourth quarter net loss of $4.7 million or $0.0525 per share compared to $7.6 million or $0.0843 per share for the same period last year.

Silver producer Silver Standard Resources (SSO.TO) revised down its 2011 silver production guidance to 7.3 million from 7.6 million ounces after the Pirquitas mill in Argentina was shut down due to gearbox failure.

Independent transmission developer Tonbridge Power (TBZ.V) announce that its shareholders voted on the acquisition of Tonbridge by Enbridge Inc. (ENB.TO) through a plan of arrangement for $0.54 per share in cash. Tonbridge shares closed Monday session at $0.530

Fertilizer producer Hanfeng Evergreen (HF.TO) reported a sharp drop in fourth quarter profit at C$2.3 million or C$0.04 per share from C$9.6 million or C$0.15 per share in the year-ago period. Analysts were expecting the company to report earnings of C$0.11 per share for the quarter.

Rio Tinto plc (RIO) announced that it has increased its stake in Canadian miner Ivanhoe Mines Ltd. (IVN.TO) to 49 percent.

Mineral explorer Appleton Exploration (AEX.V) has agreed to assign its interest in Manalo to Northrock Resources Inc. for $250,000 and 1 million shares of Northrock.

In economic news from the euro zone, confidence among German consumers is set to stabilize in October, survey results from the market research group GfK indicated today. The forward - looking consumer sentiment index remained at 5.2 points for October against economists' expectations for a fall to 5 points from 5.2 points in September.

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