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Premarket: Poised for gains Add to ...

The S&P/TSX is poised to break through a record high today and all it needs is a 125.61 points rally.  But the index faces some headwinds Monday on the commodity front. Crude oil is down just $1.17 cents (U..S.) - its first drop in six days - from its most recent high of $125.96 a barrel for West Texas Intermediate crude. Gold fell $5.15 an ounce to $879.87.  On the bullish front, sector heavy weights are in the news with Research In Motion Ltd. unveiling its Blackberry Bold Smartphone  along with its second-place ranking ove the weekend in Barron's list of top U.S. and Canadian companies as determined by sales and cash flow.  The shares of EnCana  Corp. should get a boost with its plan to split into separate oil and natural gas companies.  Major European and Asian stock markets were higher  and the S&P 500 and Nasdaq futures indicate that the U.S. markets would open modestly higher, although U.S. financials will have to absorb worse than expected news from mortgage insurer MBIA Inc. It reported a first-quarter loss of $13.03 a share, compared with a profit of $1.46 a year ago and its shares were trading lower in pre-market action.  The U.S. markets will also have to digest a profit-warning issued by FedEx Corp. after the markets closed on Friday. Fedex, a package shipping company, said its results would be adversely affected by high fuel prices, but it also pointed to the weak U.S. economy causing lower freight shipments.

-Allan Robinson

 

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