The Toronto stock market continued to climb Tuesday amid news that one of Canada's largest coal producers is getting out of that business to focus on metals and energy.
The S&P/TSX composite index tacked on 69.89 points to close for the Christmas holidays at 13,517.59
The Canadian dollar settled 0.05 cents to 94.20 cents U.S.
The Toronto exchange closed at 1 p.m. ET and will stay closed on Wednesday and Thursday for the Christmas and Boxing Day holidays.
Sherritt International Corp. says it's selling its entire coal business in Canada to two separate buyers for a total of $946 million.
Colorado-based Westmoreland Coal Co. will buy Sherritt's mines in Alberta and Saskatchewan for $465 million. While Altius Minerals of St. John's, N.L., will buy the company's entire coal royalty portfolio and coal development projects for $481 million. Sherritt will continue to run its other resource businesses in several countries. Altius shares gained $1.33, or 12.6%, to $11.93
Sherritt said it has received a demand from Clarke Inc. for a special shareholders meeting to remove certain independent directors from the company's board. Sherritt said it received the requisition late Monday as it was finalizing the coal deal and will respond in due time after its board reviews the demand. Clarke shares nicked up two cents to $7.95
Sherritt currently has eight independent directors on a nine-member board, which includes its chief executive as the only management member. Company shares rose 50 cents, or 14.8%, to $3.88.
Meanwhile, resource-company Centerra Gold Inc. says it has reached a non-binding agreement with the Kyrgyz government and Kyrgyzaltyn JSC, a state-owned company.
If completed as announced, the deal will reorganize the ownership of the politically-sensitive Kumtor gold project with the Krygyz state company exchanging its one-third interest in Centerra for 50% of a joint venture that will own Kumtor. Centerra will own the other half and manage the operation.
Its shares climbed 19 cents, or 4.8%, to $4.16.
Shares in Bombardier Inc. gained three cents, or 0.7%, to $4.62 after it announced that it has received a firm order for 10 Challenger business jets, which have a list price of about $280 million U.S. Bombardier Aerospace said the customer's name isn't being disclosed.
ON BAYSTREET
The TSX Venture Exchange gained 6.24 points to 903.22
All 14 TSX subgroups closed upward, led by metals and mining, up 2.9%, gold, up 2.5%, and materials, ahead 1.9%.
ON WALLSTREET
Santa delivered more records for Wall Street on Tuesday.
The Dow Jones industrial average gained 62.94 points to close Tuesday at 16,357.55
The S&P 500 index improved 5.33 points to 1,833.32. The NASDAQ acquired 6.52 points to 4,153.40.
The gains were still enough to push the Dow and S&P 500 to fresh all-time highs, and the NASDAQ to a new 13-year high.
Stock markets closed in New York at 1 p.m. ET Tuesday, and markets will remain closed Wednesday for Christmas Day, but resume business on Thursday.
Though Tuesday was a tame trading day, markets have certainly made big moves so far this year. The Dow and S&P 500 are both up more than 20%, while the NASDAQ has soared over 30%.
The broad rally puts the Dow on track for its best year since 2003 and the S&P 500 on pace for its best year since 1997.
Prices for 10-year U.S. Treasuries dipped, hiking yields to 2.98% from Monday’s 2.93%. Treasury prices and yields move in opposite directions.
Oil prices added 34 cents to $99.25 U.S. a barrel.
Gold prices took on $6.30 to $1,203.30 U.S. an ounce.
Happy Christmas to all our friends, investors and subscribers, and a reminder that deciding to drink and then take the wheel does not represent a sound investment.
