Tuesday, October 21st9.0°C
23836
22952

TSX closes flat amid fears

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.

The Canadian Press


Read more Business News

22655


Recent Trending




Today's Market
S&P TSX14337.77+110.09
S&P CDNX811.351.22
DJIA16399.6719.26
Nasdaq4316.075+57.637
S&P 5001904.01+17.25
CDN Dollar0.8883+0.0024
Gold1252.70+8.00
Oil81.78+0.40
Lumber330.40-0.50
Natural Gas3.68+0.01

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.12+0.01
Cantex0.055-0.025
Anavex Life Sciences0.191+0.001
Metalex Ventures0.050.00
Russel Metals32.28-0.07
Copper Mountain Mining1.99+0.05
Colorado Resources0.15+0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.450.00

 



22970

FEATURED Property
1818890259 - 2001 Hwy 97
3 bedrooms 1 baths
$99,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23803

23545


Member of BC Press Council


22962