TSX Closes Up 170 Pts On Bargain Buying, U.S. Data

By MidnightTrader.com Staff,

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Canada's main stock market ended a positive day, one where it spent most of it going forward for a change, up 170 points on some bargain buying after recent strong selling and an easing of concerns about the pace of the global economic recovery thanks to better than expected U.S. services sector data.

Oil rose for a second day on the U.S. news.

Biggest percentage gainer of the day was Miranda Technologies Inc. (MT.TO), which gained 62% to $16.87 as U.S.-listed Belden Inc. ( BDC ) announced that it has offered to purchase all of its outstanding common shares by way of a take-over bid at a price of C$17.00 per share in cash.

For the second straight day, most actively traded was Bombardier (BBD-B.TO), which added 6 cents today to the 1 cent gained yesterday (when many other stocks were losers) after saying it has signed a contract for 300 subway cars with the Metropolitan Transportation Authority to be delivered to New York City Transit. The order is valued at approximately US$599 million US (C$623 million). The MTA Board of Directors approved the award of a contract to Bombardier on March 28, 2012.

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

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

This article appears in: Investing Commodities
Referenced Stocks: BDC

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