TSX Surges 222 Points Mid-Afternoon As Resources, Financials Extend Rally
The TSX climbed 222 points by mid-afternoon, further adding to earlier gains, as the rally in resource and financial stocks continued.
Oil and copper prices were higher on Monday, following a decline in the dollar that resulted from fading expectations of a rate increase by the U.S. Federal Reserve. Oil prices were also lifted by Russia's statement that it is now willing to hold talks with the OPEC about the market even after declining to cooperate with the oil cartel previously. Brent crude was last seen rising 2.60% to US$49.38/barrel, while copper jumped 1.42% to US$2.3585/pound.
Also in the news was Suncor Energy (SU.TO), which formally commenced an unsolicited offer to Canadian Oil Sands (COS.TO) shareholders to acquire all of the outstanding shares of COS for total consideration of near $4.3 billion. Suncor was last down 2.32% at $34.55, while Canadian Oil Sands rallied 48%.
By mid-afternoon, mining and energy were up 9.78% and 4.25%, respectively, while financials advanced 2.11%. Health care, the only group in the red, plunged 4.23%.
Total volume traded so far exceeded 257.4 million shares. Canadian Oil Sands was the most actively moving stock.
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