Sunday, November 23rd1.5°C
22246
23988

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 and approval times may vary. 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

22899


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8905+0.0009
Gold1197.70+10.60
Oil76.51+0.87
Lumber331.00+4.50
Natural Gas4.266-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


24126

FEATURED Property
21411783626 Mission Springs Drive # 30
3 bedrooms 3 baths
$404,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24158


Member of BC Press Council


24203