Canada's main stock market, the Toronto Stock Exchange, closed
Wednesday up near 80 points and with new all-time record highs
posted. Most sectors on the resources heavy index were higher as
prices settled, including the key Energy and Mining sectors. But
Info Tech and Financials were down.
Investor interest in Canadian equities and the loonie was buoyed
by a report showing the nation's retail sales rose 0.7% to $42
billion in May, better than expected.
Calgary-based oil producer Talisman Energy Inc. (TLM.TO, TLM)
was up 13% after saying it has been approached by Spain's biggest
oil company Repsol SA "with regards to various transactions."
Talisman added: "There is no assurance that any transaction will be
agreed." According to Reuters, Repsol said it has been studying
different acquisition deals to boost its upstream business,
including Talisman, but added that it has not made any firm
decision on the matter.
For its part, BCE (BCE.TO) gained 1.65% after early Wednesday
saying that it is taking its affiliate Bell Aliant (BA.TO) private
in a transaction valued at C$3.95 billion by launching a formal
tender offer for approximately 127.5 million public minority
shares. The Canadian telecommunications firm already holds a 44%
stake in Bell Aliant, which closed up near 12% and hit new year
In an analyst conference call held before opening bell on
Wednesday, management from the dual-listed company said it is
committed to maintaining the Bell Aliant brand in Atlantic Canada
through a $2.1 billion planned investment in the region over the
next five years. The plan includes the continued roll-out of
broadband wireline and wireless technologies for consumers and
Furthermore, BCE said it will keep its commitment to beefed up
investment in LTE technology despite the move, beginning with the
deployment of 4G LTE wireless network to more than 100 additional
Of commodities, gold futures fell for a second straight day as
investor buying interest appears to be more tuned in to equities
these days. Meanwhile, Bloomberg said West Texas Intermediate crude
rose after a government report showed stockpiles dropped at
Cushing, Oklahoma, the contract's delivery point. It added that
gasoline futures declined after supplies climbed to a four-month
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