Canadian stocks were up slightly in Monday trading, with U.S. markets closed in anticipation of a major storm walloping the east coast.
The S&P/TSX composite closed the day up 12.37 points to 12,312.67
The Canadian dollar eased back 0.28 cents to 99.92 cents U.S., below parity with its U.S. neighbour for the first time in several weeks.
Progress Energy Resources Corp. rose $1.45, or 7.9% to $19.81, on reports that Malaysian state oil firm Petronas is renewing a bid for the Canadian energy firm. Progress shares were hit hard after the Canadian government rejected a takeover offer from Petronas on Oct. 19.
Petronas has said it will make further submissions to Industry Canada and has extended the date for the transaction to the end of November.
That has raised optimism about another deal in the works – the proposed $15-billion takeover of Nexen Inc. by China’s CNOOC. Nexen shares, also hit following the Progress Energy rejection, were up $1.26, or 5.4% to $24.53 on Monday.
One of the few big winners on the day was in the information technology field, where MacDonald Dettwiler & Associates Ltd. rose 10.4% to $25.35 following approval from the Federal Trade Commission on Friday for its takeover of Space Systems/Loral Inc.
Utility stocks also had a good day, in particular, Capital Power, up 2.6% to $21.52
Base metals were among the stocks taking a hit, with HudBay Mines off 2.3% to $9.02
In the financial field, Intact Financial faded 2.1% to $59.37
ON BAYSTREET
The TSX Venture Exchange shed 9.41 points to 1,291.43
All but three of the 14 Toronto subgroups were lower on the day, weighed mostly by metals and mining, down 1.2%, while industrials and financials trailed Friday’s close by 0.7% each.
The trio of gainers consisted of information technology issues, up 1.6%, while utilities were in the green by 0.4%, and gold stocks notched but 0.1%.
ON WALLSTREET
U.S. financial markets will remain closed for a second straight trading day Tuesday, as Wall Street deals with the impact of Hurricane Sandy.
Major exchange operators, including NYSE Euronext and Nasdaq OMX, said they expect to re-open for a normal trading day on Wednesday, but will provide additional updates on Tuesday.
Tuesday's closure will impact stocks that trade on the New York Stock Exchange and Nasdaq, as well as bonds, options and derivatives.
On Monday, markets were closed ahead of the hurricane, and as New York City shut down subways, buses and commuter rail lines, and evacuated lower Manhattan. The bond market was open until noon.
The NYSE rarely shuts down for weather-related emergencies: Hurricane Gloria in 1985, and a snowstorm in 1969, were the last major weather events to bring the exchange to a halt.
Gold prices shed $2.40 per ounce to $1,709.50 U.S.
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