Northern, WI 9/19/2011 (PennyPayDay) – Toronto stocks may extend losses for a second session Monday morning amid weak energy prices and discouraging cues from the global equity markets. Global stocks moved lower after the cancellation of a planned trip by Greek Prime Minister George Papandreou to the U.S. and Swiss bank UBS' announcement that its rogue trading loss will now be as high as $2.3 billionU.S. stock futures were pointing to a sharply lower open.
On Friday, the S&P/TSX Composite Index snapped its 3-session winning streak to shed 151.07 points or 1.22 percent to 12,273.76.
The price of crude oil slipped below $87 Monday morning as the U.S. dollar was firm versus a basket of currencies. Crude for October shed $1.31 to $86.65 a barrel.
The price of gold was extending gains for a second session, with gold for December adding $4.90 to $1,819.60 an ounce.
In corporate news from Canada, gold miner Agnico-Eagle Mines (AEM.TO) said it would acquire Grayd Resource Corp. (GYD.V) for around $275 million or $2.80 per share, which represents a premium of 65.7 percent to the volume weighted average price of Grayd shares on the TSX Venture Exchange for the 20-day period ended September 16, 2011.
Electric power generation company Alterra Power Corp. (AXY.TO) reported a wider fourth quarter net loss of $20.7 million or $0.07 per share, compared to a net loss of $8.7 million or $0.04 per share for the year-ago quarter.
Infra-red thermal imaging and night vision systems maker Cantronic Systems (CTS.V) said its wholly-owned subsidiary, Cantronic Security Systems Co. Ltd. of Shanghai, China agreed to sell its 51 percent stake in Shenzhen Huanghe Digital Technology Co. Ltd. to an arms-length private purchaser for about $1.65 million.
Traders will be closely watching an interest rate policy announcement by the U.S. Federal Reserve, scheduled Wednesday.
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