TSX Up 69 Points At Midday After Climbing to New High As BCE-Bell Aliant Deal Lift Telecoms, Commodities Boost Resource Stocks
The Canadian benchmark index moved further into record territory, hitting a new high of 15,393.48, with support from telecom shares after BCE (BCE.TO) declared plans of taking its affiliate Bell Aliant (BA.TO) private. The resource-heavy index also benefited from rising commodity prices.
The TSX was up 69 points at 15,383.90 at midday.
Telecom shares climbed 2% after BCE said it would privatize Bell Aliant for C$3.95 billion through a tender offer for the shares it doesn't already own in Bell. Both BCE and Bell stocks were in the green.
Meanwhile, mining and energy issues rose 1.09% and 0.83%, respectively, along with gold and oil prices . Talisman Energy (TLM.TO), up 11%, was the main driver of the energy sector after reports that Spanish oil
company Repsol SA is considering a takeover bid for the company. Financials edged higher by 0.01%.
Only info tech was in the negative territory, down 0.26%.
More than 122 million shares have changed hands so far.
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