RTTNews - Bay Street have moved slightly higher on Friday, paring some of the losses from the previous two sessions. A strong day in the mining sector has led the market to the upside.
The S&P/TSX Composite Index has added 25.27 points or 0.25% to move 10,271.18. Volume was light as U.S. traders are off for a holiday.
Mining stocks are up 1.1% as Teck Resources (TCK-B.TO) has surged 10.4%. The company announced that China Investment Corporation has agreed to purchase through a wholly-owned subsidiary 101.3 million Class B subordinate voting shares of Teck for C$17.21 per share.
Ivanhoe (IVN.TO) has jumped 5.5% and FNX Mining (FNX.TO) has gained 1.8%.
Energy stocks are down 0.6% as crude oil continued its recent slump in electronic trading. Baytex (BTE.UN.TO) has droped 1.3% and Suncor (SU.TO) is down 1.2%.
On the corporate front, Petro Andina Resources (PAR.TO) has lost 2.7% after its board has urged shareholders to reject a $400-million takeover offer from Pluspetrol Resources.
Nova Chemicals (NCX.TO) is up nearly 1% after the company said all regulatory approvals required to complete its sale to International Petroleum Investment have been received. IPIC will pay US$6.00 in cash for each of the issued and outstanding common shares of Nova.
Also on Friday, Finance Minister Jim Flaherty said he expects unemployment to continue to climb in 2010 despite economic recovery, according to The Canadian Press.
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