RTTNews - Toronto's main index rose above 10,000 on Monday, finishing higher for the fourth time in five sessions. The heavily-weighted Financial Index led the market to the upside.
The S&P/TSX Composite Index ended the day up 76.08 points or 0.76% at 10,069.50 points. Trading was far less than usual with U.S. traders away from their desks on Memorial Day.
Financials led the way with a 2.05% gain as traders awaited earnings reports from several big banks. CIBC (CM.TO) added 3.9%, Scotiabank (BNS.TO) climbed 2.3%, Toronto-Dominion (TD.TO) rose 2.1%, National Bank (NA.TO) gained 2%, Bank of Montreal (BMO.TO) increased 1.7% and Royal Bank (RY.TO) edged up about 1%. Bank of Montreal, Toronto-Dominion, Royal Bank and Scotiabank are set to release earnings later this week.
Telecom stocks also added nearly 2% with giants Rogers Communications (RCI.B.TO) rallied 3.5% and Bell Canada (BCE.TO) jumped 2.75%. Utilities climbed 1.7% with Fortis (FTS.TO) posting a 2.1% gain.
In other corporate news, Magna International (MG.A.TO) added 3.75% after the automotive supply company said that it along with Sberbank Rossii or Sberbank, has made a non-binding indicative offer to acquire Opel for Euro 700 million, partially backed by German government.
Air Canada (AC.A.TO) ended basically flat after the Globe and Mail reported the airliner reached a deal with a credit card company to drop unrestricted cash it has on hand, in an effort to maintain financial stability.
Imperial Oil (IMO.TO) announced it will proceed with its C$8 billion project in Northeastern Alberta. Shares are up a quarter-percent. The stock added about a half-percent for the day.
Canadian National Railway (CNR.TO) revealed it will pay C$1.8 million to resolve settlements related to derailments that occurred in Alberta and British Columbia in August 2005. Shares fell 0.75%.
Media company Kaboose (KAB.TO) added 1.7% after the company said it has received approval from the Ontario Superior Court of Justice to sell substantially all of its North American assets to Disney Online for approximately $23.3 million in cash. The transaction is is expected to close on June 1.
Meanwhile, Finance Minister Jim Flaherty said the Canadian budget deficit will be substantially higher than originally predicted following a meeting in Meech Lake, according to reports.
For comments and feedback: contact email@example.com