TSX hits record
TORONTO (Reuters) - The Toronto Stock Exchange's main index ended in record high territory, boosted by commodity prices and this week's raft of take-over offers.The S&P/TSX composite index closed up 82.89 points, or 0.6 percent, at 13,769.89, a record high close. Earlier in the session, the index hit a record high of 13,808.81.
It was up one percent on the week, and up 6.7 percent so far this year.
"It looks like Canadian stocks are all under accumulation — take-over targets," said John Ing, president of Maison Placements Canada. "There's a rush of liquidity into Canada so we have a very strong market."
Overall, eight of the TSX index's 10 main groups were higher, led by a 0.8 percent jump in the heavily-weighted energy sector.
The resource-laden materials sector, also up 0.8 percent, rose on strong metals prices and after a wave of take-over offers this week, including bids for LionOre Mining International and Ipsco.
Canadian publisher Thomson was the rumoured suitor in the latest take-over story after Reuters Group Plc , the London-based news and financial services provider, said Friday it had received a take-over approach.
Shares of Thomson slumped 37 Canadian cents, or 0.8 percent, to C$48.09.
"Clearly, it's a combination of natural gas prices and metals prices, and speculation of take-overs that seems to be driving the TSX higher today," added Kate Warne, market strategist at Edward Jones in St. Louis, Missouri.
In the materials sector, Goldcorp rose 28 Canadian cents, or 1 percent, to C$27.67, while Teck Cominco jumped C$1.08, or 2.4 percent, to C$45.44.
