Canada Stocks: TSX muted as miners drag; Teck Resources jumps

Toromont Industries

17/04/2023 15:53

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      Teck Resources jumps on attracting multiple buyout offers
    

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      Algonquin up after terminating deal with American Electric
Power
    

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      Toromont Industries rises on selling subsidiary
    

  
    By Shristi  Achar A
       April 17 (Reuters) - Canada's main stock index rose
marginally on Monday, as Teck Resources climbed on multiple
buyout offers, while gains in energy stocks were offset by
losses in miners.
    At 10:21 a.m. ET (1421 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 10.73 points, or 0.05%,
at 20,590.64.
    Teck Resources Ltd  TECKb.TO  jumped 6.5% after the miner
was approached by Vale SA  VALE3.SA , Anglo American Plc  AAL.L 
and Freeport-McMoRan Inc  FCX.N , among others, to explore deals
for its base metals business if Teck goes ahead with a planned
split, sources close to the matter told Reuters on Sunday.
    The energy sector  .SPTTEN  was up 0.1%, even as crude
prices fell, while the materials sector  .GSPTTMT , which
includes precious and base metals miners and fertilizer
companies, lost 0.2%.  GOL/ 
    "Everyone is waiting to see what earnings are going to be
coming out. So (there is) a little bit of caution around the
banks. We're also seeing the gold sector start to pull back as
the U.S. dollar starts to move higher with higher yields," said
Greg Taylor, chief investment officer at Purpose Investments.   
 
    "Some positives are the energy stocks, as natural gas is
turning around."
    Heavyweight financials  .SPTTFS  were down 0.3%. 
    Industrials  .GSPTTIN  rose 0.7%, lifted by a 1.0% gain in
shares of Toromont Industries  TIH.TO , after the heavy
machinery company announced sale of its wholly-owned subsidiary
AgWest Ltd.
    The TSX has gained for four straight weeks, buoyed largely
by miners and energy stocks, while upbeat earnings from major
U.S. banks boosted the heavyweight financials as well.
    Among other major movers, Algonquin Power & Utilities Corp
 AQN.TO  added 1.3%, after the company and American Electric
Power  AEP.O  decided to terminate a deal for American
Electric's Kentucky operations.

 (Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi
Majumdar)
 ((Shristi.AcharA@thomsonreuters.com;))