The Toronto stock market experienced a flat open Friday with New York stock and commodity markets closed as American traders get an early start on the Christmas holiday.
The S&P/TSX composite index opened Christmas Eve ahead but 4.88 points to 13,376.08
The Canadian dollar jumped 0.23 cents to 99.30 cents U.S.
The resource-heavy TSX has been supported by energy stocks as oil traded at levels not seen since the fall of 2008 while copper closed at an all time high of $4.28 U.S. a pound on Tuesday.
The TSX is set to close out 2010 trading up more than 13%, led by strong gains in mining stocks amid growing demand from China and other emerging markets.
In corporate news, Quebec-based Desjardin Financial Group is trying to buy Western Financial Group in a bid to increase its influence in Western Canada.
The financial group announced Thursday it was making an all-cash offer of $443 million or $4.15 per share for Western, the largest insurance and financial services retailer in Western Canada.
Maple Leaf Foods Inc. will comply with a request from disgruntled shareholder West Face Capital to hold a vote on the activist hedge fund’s proposals to revamp its board, but it will not call a special meeting to do so.
West Face, which owns an 11.4% stake in Maple Leaf is unhappy with the makeup of the current board, which recently authorized a billion-dollar plan to reorganize the company hard hit by a deadly Listeria outbreak at one of its plants in 2008 and the impact of a rising loonie.
ON BAYSTREET
The TSX Venture Exchange moved ahead 4.50 points to 2,179.86, while the Nasdaq Canada index closed ahead 1.79 points Thursday to 750.67.
ON WALLSTREET
U.S. markets are closed Friday for holiday break
