RTTNews - Toronto stocks finished at their highest level in more than two weeks on Monday, following the lead of U.S. and European markets. Volume was lighter than usual to start a holiday-shortened week, with Canadian markets closed on Wednesday and U.S. markets off on Friday.
The S&P/TSX Composite Index climbed 87.01 points or 0.83% to move 10,476.77 points. This marks the best finish since June 12.
Financials are up 1.75% to lead the way. Scotiabank (BNS.TO) is up 2.7%, CIBC (CM.TO) has added 2.6% and Royal Bank (RY.TO) has gained 2.5%.
Energy stocks have increased 1.4% as crude oil has gained $2.33 to $71.49 per barrel amid violence in Nigeria. Canadian Natural Resources (CNQ.TO) has rallied 2.6%, Suncor (SU.TO) is up 1.6% and Encana (ECA.TO) has gained 1.4%.
On the corporate front, Paladin Labs (PLB.TO) rose 2.5% after the company agreed to acquire a bundle of products currently marketed in Canada by Wyeth. Financial terms were not disclosed.
Bombardier (BBD.B.TO) gained 2.6% after its workers voted to accept the a labor contract and avoided a strike. A total of 84% of workers voted in favor of the contract, according to Bloomberg.
SNC-Lavalin Group (SNC.TO) fell 3.5% as the company announced the pricing of an aggregate principal amount of $350 million 6.19% debentures.
Iamgold Corp. (IMG.TO) fell 1.75% after the company announced that it has acquired about 8.02 million common shares and 1.50 million warrants of Mexican Silver Mines.
Agrium Inc. (AGU.TO) closed up 1.75% after the Canada-based agricultural products supplier said it remains committed to acquiring CF Industries (CF) despite being rebuffed in its hostile takeover attempt.
On the economic front, traders await the release of Canadian gross domestic product data at 8:30 a.m. ET tomorrow. GDP is expected to fall 0.1% in the month of April, compared to an 0.3% drop in the prior month.
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