By Robb M. Stewart
Stocks traded in Toronto began the week stronger, tracking gains on Wall Street as investors look to the coming earnings season but remain wary of global uncertainty and the conflict in the Middle East.
Gains were broad-based in midday trading, led by technology and finance stocks, after the latest Canadian trade data indicated growth may have remained subdued in August. Manufacturing sales were up 0.7% from the month before, slower than the flash estimate for an advance of 1% and driven by higher prices, with sales volumes falling 0.7% in August.
The S&P/TSX Composite Index was 0.7% higher at 19598.35, and the blue-chip S&P/TSX 60 was ahead 0.7% at 1178.42.
The major banks were also up, led by gains of 1.1% by Royal Bank of Canada and Toronto-Dominion Bank.
Other market movers:
Logistec rose 12% to C$64.33 after the Montreal-based cargo-services company agreed to a takeover by private-equity firm Blue Wolf Capital Partners in a deal valuing it at roughly 1.2 billion Canadian dollars ($878.5 million).
Spark Power’s shares rallied 61% to C$0.79 after the electrical-services company agreed to a takeover by private-equity firm American Pacific Group in a deal worth about C$140 million, including debt.
Write to Robb M. Stewart at [email protected]
Read the full article here
