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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