RTTNews - Canadian stocks have backed off their daily high but remain notably higher for a fifth straight session. Financials and energy stocks have led the market into the green.
The S&P/TSX Composite Index has added 81.45 points or 0.78% to move 10,471.21 points. The index is on pace for a two-week closing high.
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) has climbed 1.8% after the company agreed to acquire a bundle of products currently marketed in Canada by Wyeth. Financial terms were not disclosed.
Tim Hortons (THI.TO) applied to become a Canadian company, in an effort to save taxes. The vast majority of the doughnut chain's nearly 3,500 restaurants are in Canada. Shares are up slightly on Monday.
Bombardier (BBD.B.TO) is up 1.2% 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) has dropped 3% as the company announced the pricing of an aggregate principal amount of $350 million 6.19% debentures.
Iamgold Corp. (IMG.TO) is down 1.3% after the company announced that it has acquired about 8.02 million common shares and 1.50 million warrants of Mexican Silver Mines Ltd.
Agrium Inc. (AGU.TO) is up 1.7% after the Canada-based agricultural products supplier said it remains committed to acquiring CF Industries Holdings (CF) despite being rebuffed in its hostile takeover attempt.
For comments and feedback: contact firstname.lastname@example.org