Friday, August 29th10.0°C
22663
22871

TSX nears six-year high

Canada's main stock market climbed to levels it hasn't touched in nearly six years on Wednesday, pushed higher by a major deal between two Canadian gold companies.

By the afternoon, Toronto's S&P/TSX composite index lifted 30.17 points to 14,410.72, which is around the height it reached in early May 2008. But it's still short of the all-time TSX high of 15,073 set in June 2008.

The Canadian dollar rose 0.04 of a cent to 90.69 cents US.

Much of the motivation came from the TSX gold sector which was spurred by a deal from mining heavyweight Yamana Gold Inc. (TSX:YRI), which wants to acquire a 50 per cent stake in the mining and exploration assets of Osisko Mining Corp. (TSX:OSK).

The offer implies Osisko is worth about $3.4 billion and its shares jumped 5.5 per cent to $7.26, as the heaviest traded stock on the TSX with 32 million shares. Yamana stock dropped 28 cents to $9.43 on the TSX.

A higher price for bullion also supported widespread strength among other TSX-listed gold stocks. The June gold contract gained $10.80 to close at $1,290.80 on the New York Mercantile Exchange.

On Wall Street, markets flirted with negative territory as investors digested new data on U.S. jobs figures that could push the Federal Reserve to raise interest rates earlier than anticipated.

The Dow Jones Industrials inched ahead 0.51 of a point to 16,533.12 while the Nasdaq slid 3.91 points to 4,264.13. The S&P 500 index lifted 1.33 points to 1,886.85.

 

The Canadian Press

COMMENTS WELCOME

Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.



Read more Business News

22439


Recent Trending




Today's Market
S&P TSX15558.17-44.48
S&P CDNX1022.373.03
DJIA17079.57-42.44
Nasdaq4557.695-11.927
S&P 5001996.74-3.38
CDN Dollar0.9219+0.0012
Gold1281.70-2.1001
Oil94.94+0.39
Lumber349.40+2.40
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.195-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.240.00
Metalex Ventures0.075-0.005
Russel Metals36.39-0.21
Copper Mountain Mining2.91-0.05
Colorado Resources0.180.00
ReliaBrand Inc0.099-0.016
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.25+0.01

 



21336

FEATURED Property
14706212543 Lucinde
4 bedrooms 6 baths
$1,499,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


Understanding community

I had the chance to catch up with my real estate broker this week and they are going through a “brand change”. They are moving away from the franchise brand to a locally branded operation...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22847