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TSX Up 72 Points at Midday; Energy Biggest Gainer on Canadian Natural Deal
By: MT Newswires
The benchmark Canadian index is up nearly 72 points at midday, building on its earlier gain, after the recently announced Canadian Natural (CNQ.TO) deal helped lift the resource-heavy stock index.
Canadian Natural is the biggest driver of the market, up nearly 5%, after reporting it has signed an agreement to buy Devon Canada's Canadian conventional assets for C$3.125 billion in cash. This boosted the S&P/TSX Energy Index, which is up 1% to be the biggest gainer at midday. SW8 Asset Management President Matt
Skipp commented the deal has given investors confidence in this sector of the market, considering "one of the smartest operators" is making a "significant" acquisition.
Industrial stocks are also gaining, up 0.64%, as Bombardier (BBD-B.TO) edged up 1% on news it has won a US$2.1 billion London train contract.
In the negative zone, info tech is down 0.18%, weighed down by Blackberry (BB.TO) shares that fell 2.4% on news the smartphone maker's CEO John Chen was overnight widely reported to be, among other things, "outraged" with U.S. wireless carrier T-Mobile ( TMUS ) after it launched promotions aimed at convincing users of its products to switch over to using Apple ( AAPL ) iPhones.