TSX Edges Off Day Highs Over Final Hour, But Still Gains More Than 40 Pts; Boosted By Midway Energy

By MidnightTrader.com Staff,

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Toronto stocks edged down from day highs around the 12,753 level inside the last hour but still ended the day up 40 points at around 12,740, boosted by buying in the most active stock on the TSX, takeover target Midway Energy (MEL.TO).

Oil fell the most in more than five weeks as U.S. orders for durable goods dropped in January by the most in three years, signaling slower economic growth and lower fuel demand, Bloomberg reported.

Whitecap Resources Inc. (WCP.TO) lost 6% with more than 6 million shares traded after announcing that it has entered into an arrangement agreement providing for its acquisition of the issued and outstanding common shares of Midway Energy, which rose 10% and touched a day high $4.83, compared to an existing year high $5.05 with around 20.5 million shares traded.

Along with Whitecap Resources, helping to cap gains was SNC-Lavalin Group Inc (SNC.TO), which fell more than 20% and hit its lowest levels since mid-2009 after it launched a probe into $35 million of undocumented payments and warned that the impact of Libya's civil war would bring 2011 profit in about 18% or $80 million below the company's earlier forecast.

On the positive front, news that augured well for other Canadian banks slated to release their quarterly earnings over the coming days, Bank of Montreal (BMO.TO), the first Canadian bank to report quarterly results, rose around 1% as it beat analysts' estimates.

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

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This article appears in: Investing Commodities
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