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
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'
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