RTTNews - Toronto stocks have given back some early gains but still remain notably higher Monday, led by strength in the resource sectors. The market is in the green for the sixth day in a row.
The S&P/TSX Composite Index jumped 90.11 points or 0.86% to 10,459.53 points. The index had touched above 10,560 earlier in the morning.
Mining stocks are leading the gainers as copper is up on the Comex. First Quantum (FM.TO) has jumped 7.5%, HudBay (HBM.TO) is up 3.5% and Teck Resources (TCK.B.TO) has added 2.2%.
The Gold Index has added 1.6% and materials stocks are up 1.25%. Gold coor (G.TO) has added 2.7% and Barrick Gold (ABX.TO) is up 1.4%.
On corporat enews, Canadian Hydro Developers (KHD.TO) has surged nearly 40% as TransAlta Corp. (TA.TO) announced that it intends to make an all-cash offer to acquire the Calgary-based company at a price of C$4.55 per share. The proposed transaction has an enterprise value of approximately C$1.5 billion.
National Fuel Gas announced that it has purchased Ivanhoe Energy's (IE.TO) oil and gas operations for about US$40 million. Shares are up 3.4%.
In economic news, Stats Canada said wholesale sales in current dollars fell 0.3% to $40.1 billion in May, following a revised drop of 0.7% in April. In volume terms, wholesale sales were unchanged in May. Economists were looking for a drop of 2.5% from a month earlier.
Meanwhile, foreign acquisitions of Canadian securities reached a five-year high of C$18.9 billion in the month, more than double the revised C$9.05 billion from the previous month, fueled by new issues of Canadian corporate bonds.
Across the border, data released Monday morning showed leading indicators rose 0.7% in the month of June. An increase of 0.5% was forecast, compared to a rise of 1.25% in the month of May.
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