Apr. 28, 2009 (Action Economics) --
Canadian equities look set to track global equity and commodity markets lower, pressured by swine flu fears and speculation Citigroup and BofA will be forced to raise new capital. Negative for the energy sector, front-month crude has retreated 2%, testing $49/bbl. Base and precious metal prices have also weakened, including a $20 drop for spot gold to $888/oz. And Q1 earnings were lower than expected at Petro Canada and plunged 79% at Nexen, impacted by the drop in crude oil. More upbeat, Vancouver-based QLT rebounded to a modest Q1 profit, helped by improved sales of its prostate cancer drug. TD Bank will also be in focus on a WSJ report that it may partner with Goldman in a bid for Florida-based Bank United.
Newstex ID: ACT-0001-34484637
