Canadian stocks look to build on gains from previous session — Canadian Commentary

(RTTNews) - Canadian stocks will look to kick off a holiday-shortened week on a high note Monday morning by extending their gains from the previous session.

Monday’s trading is likely to be somewhat subdued, with some traders getting a head start on the Christmas holiday and others waiting on the sidelines for signs that aggressive measures taken by governments around the world can help avert a severe global recession.

Canadian stocks surged late on Friday, driving the S&P/TSX Composite Index higher by 127.15 points to finish the session at 8,552.00.

Research In Motion (RIM.TO) lead the way, posting a 14.1% gain after announcing larger third-quarter profits.

The Canadian government and the provincial government of Ontario announced Saturday that they will provide the Canadian subsidiaries of automakers General Motors Corp. (GM) and Chrysler LLC C$4 billion in emergency loans to help them with their operations. The news comes close on the heels of the U.S. government’s announcement Friday that it will lend the automakers $17.4 billion in emergency funds.

Monday, Fronteer Development Group Inc. (FRG.TO) said it intends to make an offer to acquire all of the outstanding common shares of Aurora Energy Resources Inc. that it does not already own. Following the offer, Aurora shareholders will receive 0.825 of a Fronteer common share for each common Share.

UBS cut their rating on a number of Canadian gold stocks Monday morning. Kinross (K.TO), Agnico-Eagle (AEM.TO), Barrick Gold (ABX.TO) and Goldcorp (G.TO) were among the gold producers cut to “neutral” from “buy”.

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