By Gavin Adamson
(February 22 – 17:00 ET) – The big story today on the TSE was Newbridge. Newbridge shares soared on reports that a U.S.-based competitor Alcatel, is going to buy the tech company. It finished up C$3.85 to $50.60 on heavy volume.
Despite Newbridge’s red-letter day, the TSE sagged some, landing down 36.30 to 9,194.86. Golds, mines and minerals and consumer products led the way down. QLT Phototherapeutics dropping $11.45 to $89.05.
The CDNX added 32.64 to 3,567.95 mostly on the backs of minute rises by penny stocks.
In the US, the Dow turned in a positive day, with “old economy” industrials like Boeing, Honeywell and DuPont leading the way to a 85.72 gain to 10,304.84. Nevertheless, breadth was weak, and decliner beat out advancers by 17 to 14 on the NYSE.
Nasdaq fared worse, with gainers losing out 25-18 to losers. The tech exchange slipped by 29.83 to 4,381.91, with biotechs seeing a lot of profit taking.