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Roundup: Canadian stock market rises following oil sands takeover bid

Xinhua, October 6, 2015 Adjust font size:

Canada's main stock market in Toronto jumped on Monday over an oil sands takeover bid made by the Canadian energy giant Suncor Energy Inc.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index rallied 212.46 points, or 1.59 percent, to 13,552.20 points.

The commodity-sensitive market gained momentum with all of the major sectors in the positive territory except Health Care, which went down 2 percent.

Energy climbed 4.47 percent as Canadian Oil Sands Limited (COS) rose sharply 55.09 percent to 9.6 Canadian dollars (about 7.34 U.S. dollars) per share after its rival Suncor Energy Inc. on Monday announced that it has commenced an unsolicited offer to acquire all of the outstanding shares of COS for about 4.3 billion Canadian dollars.

The total transaction value is approximately 6.6 billion Canadian dollars, with COS' estimated outstanding net debt of 2.3 billion Canadian dollars as of June 30, 2015 included.

By contrast, Suncor lost 2.18 percent to 34.6 Canadian dollars per share on the closing bell.

Metals and mining, another heavily-weighed resource sector in TSX, skyrocketed 8.54 percent, with First Quantum Minerals Ltd. jumping 18.36 percent to 6.19 Canadian dollars a share.

And the most influential sector Financials advanced 1.69 percent, with Toronto-Dominion Bank going up 1.61 percent to 52.45 Canadian dollars a share.

On the domestic economic front, Canada's finance department announced Monday that the country's official international reserves increased by an amount equivalent to 583 million U.S. dollars in September to 78,436 million U.S. dollars.

Meanwhile, as the tentative deal of the Trans-Pacific Partnership (TPP) was inked Monday, analysts believed that TPP will eliminate most tariffs in a region of 12 countries, including Canada and the United States, and will push up Canada's exports.

On the currency front, the Canadian dollar on Monday was traded higher at 0.7641 U.S. dollar by 4 O'clock, the Canadian Eastern Time, when compared with 0.7596 U.S. dollar Friday. Endit