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Canada Stocks Lose 65 Pts As Metals & Mining Issues Lose Their Shine, But Not Takeover Target Aurizon Mines

By: MT Newswires
Posted: 3/4/2013 4:04:00 PM
Referenced Stocks:

Canada's main stock market, the Toronto Stock Exchange, was under selling pressure from the off - it opened down 12 points from Friday's close, was down 50 points after 30 minutes of trade - and sure enough it ended Monday's session 65 points lower and with downward momentum.

Most sectors lost ground, led by Metals & Mining. Still, easily most actively traded was Aurizon Mines (ARZ.TO), which gained 3%. Hecla Mining Company has entered into a definitive arrangement agreement with Aurizon that will see Hecla acquire all of the issued and outstanding common shares of Aurizon in a transaction with a total value of approximately C$796 million. It offered $4.75 per share. In January, Aurizon turned down an unsolicited takeover offer of $4.65 per share from Alamos Gold, which already owned nearly 16%.

MarketWatch reported: "Gold futures finished with a slight gain Monday, finding their footing after a three-session decline as traders looked ahead to central-bank meetings and global economic data due out this week." It said: "April gold settled at $1,572.40 an ounce on the Comex division of the New York Mercantile Exchange, up 10 cents for the session."

MarketWatch also reported: "Oil futures settled with a loss on Monday, with worries about energy demand in China helping prices mark a fresh low for the year." It said: "April crude fell 56 cents, or 0.6%, to settle at $90.12 a barrel on the New York Mercantile Exchange. That was the lowest settlement for a front-month contract since Dec. 24, according to FactSet. Prices, which have now fallen for three sessions in a row, dipped under $90 during Monday's session."