TSX closes flat amid fears
Nov 12, 2012 / 1:45 pm
The Toronto stock market closed with little changed on Monday as buyers were content to sit on the sidelines amid skepticism that an agreement can be reached to avoid the U.S. falling over the so-called fiscal cliff at the end of the year.
However, the market found some lift from corporate developments in the tech, resource and retail groups.
The S&P/TSX composite index was 5.34 points lower to 12,191.46 while the TSX Venture Exchange gained 4.54 points to 1,305.46.
Research In Motion (TSX:RIM) rose 2.9 per cent to $8.81 as it said it will officially launch the final version of its long-awaited new BlackBerry 10 operating system and smartphone hardware on Jan. 30. The company will also unveil the first two BlackBerry 10 smartphones. But it's not known when the new devices will be available to consumers.
Leon's Furniture Ltd. (TSX: LNF) is offering to buy The Brick Ltd. (TSX: BRK) in a deal the company values at $700 million. Leon's will pay $5.40 per share in either cash or debentures. Brick shares surged 52 per cent to $5.32 while Leon's shares edged up 23 cents to $11.80.
And Osisko Mining Corp. (TSX:OSK) is buying Queenston Mining Inc. (TSX:QMI) in an all-stock deal valued at $550 million. Queenston owns gold properties in the Kirkland Lake gold camp area as well as interests in Quebec, Manitoba and Ontario. Queenston shares jumped 74 cents or 14.8 per cent to $5.75 while Osisko Mining dipped 80 cents or 8.15 per cent to $9.02 on dilution concerns.
The Canadian dollar wasn't trading in Canada on Monday as banks were closed in observance of Remembrance Day. The currency was up 0.17 of a cent to 100.04 cents US from Friday's close on international markets in late-afternoon trading.
U.S. markets were also lacklustre as the Dow Jones industrials dipped 0.23 of a point to 12,815.16, the Nasdaq was off 0.62 of a point to 2,904.25 while the S&P 500 index was ahead 0.15 of a point at 1,380.
The fiscal cliff label refers to a string of tax increases and steep spending cuts aimed at reducing the U.S. deficit and are set to automatically kick in at the first of the year.
If they are allowed to take full effect, the cuts and tax increases will total at least half a trillion dollars and take a big chunk out of GDP in 2013. Failure to come up with a compromise would likely tip the U.S. back into recession and drag down other economies with it.
Read more Business News
|QHR Technologies Inc||1.18||-0.01|
|Anavex Life Sciences||0.329||+0.014|
|Copper Mountain Mining||1.53||-0.05|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- Ad or not, soaring WestJet viral video a branding win: marketing experts
- Mobile trend will push phone, tablet ownership past PCs in 2014: IDC Canada
- Court strikes down several claims in wheat board lawsuit, but case move ahead
- Airlines forecast big profit jump to $19.7 billion in 2014 as fuel prices fall, demand rises
- US business stockpiles jump 0.7 per cent in October, biggest gain since January
- US hits firms evading Iran sanctions, while Congress debate over new measures goes on
- Bombardier and Embraer split American Airlines regional jet order
- Britain's phone-hacking trial hears Queen Elizabeth II annoyed by nut-eating police officers
- CPPIB buys portfolio of agricultural land from Assiniboia Farmland LP for $128M
- US unemployment aid applications surge to 368,000, reflecting bump in claims after holiday
- BoC's Poloz says low interest rates needed to keep deflation at bay
- New house prices rose in October after flat September: StatsCan