Canada Stocks Close Up 100 Pts At Day High After Late Surge; Hit 6 Yr Highs; Focus On SNC-Lavalin and Torstar


Canada stocks on Friday closed up above 100 points and hit six year highs - boosted by individual stocks like engineering and construction company SNC-Lavalin Group Inc. (SNC.TO) and publisher Torstar (TS-B.TO).

The price of gold gained Friday to close above $1,300, with renewed tensions in Ukraine leading to some safe haven demand. Market players are also wondering if today's U.S. jobs numbers were as good as initially appeared, with some concerns emerging about the participation rate.

Meanwhile, brent crude was up for the first time in three days amid concern that tensions in Ukraine may disrupt global supplies.

SNC closed up 5% at $52.14 having earlier hit a fresh 52 week high of $54.50.

While the ink's still drying on SNC's sale of its power-transmission unit to Berkshire Hathaway Inc. (BRK-A), Chief Executive Officer Robert Card has potential targets in mind for the $2.9 billion windfall, according to a Bloomberg report. Canada's largest engineering company has zeroed in on potential takeovers to boost its engineering and construction businesses, Card reportedly said in a phone interview yesterday after the accord with Warren Buffett's company was announced. He declined to identify any specific targets.

News Corp. ( NWSA ) is buying romance novel publisher Harlequin Enterprises for C$455 million in cash from Torstar, which also hit 52 week highs today. Although Harlequin accounted for near 30% of profit and total revenues, shareholders appear to be confident that they will see some of the sale funds come to them, while some of the funds may also be used to pay down some debt and/or boost Torstar's digital presence.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: NWSA

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