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TSX up amid solid bank earnings

The Toronto stock market was slightly higher, supported by strong earnings reports from CIBC (TSX:CM) and National Bank (TSX:NA) and major acquisition news from Canada's tech sector.

The S&P/TSX composite index gained 32.86 points to 11,466.08 while the Canadian dollar was up 0.04 of a cent to 97.2 cents US.

Canada's largest IT services company, CGI Group (TSX:GIB.A), plans to more than double the size of its global workforce and total revenue through a friendly deal to acquire U.K.-based firm Logica PLC in a $3.1-billion deal. CGI shares surged 17 per cent.

The Dow industrials slipped 3.78 points to 12,416.08 amid soft jobs data,. The Nasdaq dipped 0.82 of a point to 2,836.54 and the S&P 500 index added 0.35 of a point to 1,313.67.

A day before the release of the U.S. government's employment report for May, employment firm ADP said the U.S. private sector created 133,000 jobs in May. That was less than the 150,000 figures that economists expected.

The Canadian Press


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