TSX Closes Higher, Near Session Highs; All Sectors Up; US Debt Ceiling Deal Rumors Drives Rally

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Canadian stocks closed higher on Thursday, all sectors were higher led by Metals and Mining, Energy and Healthcare. Stocks were driven higher by rumors over a debt deal, as President Barack Obama meet this afternoon with House Republican leaders.

House Republicans are considering agreeing to a short-term increase in the government's borrowing authority, according to a Republican leadership aide, keeping a possible default after October 17 at bay and buying time for negotiations on broader policy measures. If a deal is reached, sentiment will likely improve driving stocks even higher.

Twin Butte Energy Ltd. (TBE.TO), was the most active stocks closing up 9.3% with 8 million shares changing hands. Today the company announced that it has entered into an arrangement agreement with Black Shire Energy Inc. providing for the acquisition by Twin Butte of all of the issued and outstanding class "A" common shares of Black Shire for total consideration of approximately $358.0 million, including the assumption of approximately $107.6 million of net debt.



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This article appears in: Investing , Commodities

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