TSX lower after rejected deal
Oct 22, 2012 / 7:08 am
The Toronto stock market was negative in early trading, led by lower energy stocks after Ottawa rejected a planned takeover in the sector.
The S&P/TSX composite index moved 33.83 points lower to 12,382.15. The energy sector was under pressure after the federal government on Friday rejected a Malaysian state-owned energy giant's proposed takeover bid for Calgary-based natural gas producer Progress Energy Resources (TSX:PRQ). Progress shares fell $2.55 or 11.78 per cent to $19.10.
The Canadian dollar was down 0.27 of a cent a day ahead of the Bank of Canada's next announcement on interest rates to 100.41 cents US.
U.S. indexes were lower amid an earnings report from heavy equipment manufacturer Caterpillar Inc. that beat earnings expectations but was also cautious about the future.
The Dow Jones industrial average was off 16.16 points to 13,327.35, the Nasdaq composite index rose 0.14 of a point to 3,005.76 while the S&P 500 index slipped 0.96 of a point to 1,432.23.
Oil fell 24 cents to US$89.81 a barrel.
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