Canada’s main stock market posted a slight gain Monday with trading rather quiet to start the week and nothing on the domestic calendar to provide a spark. The S&P/TSX Composite Index added 5 points to close at 16,004.
Tech stocks gained around 1%, telecom stocks were up 0.6% and financials gained 0.2%, paced by the big banks. On the negative side, energy lost 1.7% on weakeroil prices while materials shed 0.7% as gold stocks fell.
In stock news, heavily traded Aurora Cannabis (ACB.TO) climbed 5% after confirming it would proceed with a takeover bid for CanniMed Therapeutics (CMED.TO) after receiving no response from the company’s board last week. CMED shares gained nearly 2% after Aurora said it would take its $24 per share bid directly to shareholders. TransCanada Pipeline (TRP.TO) gained 1.5% after Nebraska’s Public Service Commission today approved the Keystone pipeline’s passage in a 3-2 vote, although not along the preferred route for the $10 billion project. Enbridge (ENB.TO), one of the day’s most influential shares, gained 2.4%.
There were no economic reports in Canada today. September wholesale trade data is due Tuesday morning.
The Canadian dollar lost about a quarter of a cent to 78.09 US.