Toronto stocks moved up Monday, despite a drop in gold and oil prices, as investors took in news of a significant takeover bid in the mining sector.

The S&P/TSX composite index was up 24.09, or 0.20%, to 12,294.20.

The materials sector was up 1.48%

Teck Cominco Ltd. announced a $17.8-billion offer for nickel giant Inco Ltd., a bid conditional on Inco dropping its bid to acquire Falconbridge Ltd.

Teck Cominco fell $3.78, or 4.71%, to $76.47, Inco Ltd. moved up $9.45, or 14.45%, to $74.83, Falconbridge closed up $3.15, or 6.67%, to $50.38.

Gold futures closed down $4.40 to US$679.90 US an ounce.

The energy index fell 0.15% as crude oil for June delivery finished down 42¢ at US$69.77 a barrel.

Canadian Natural Resources closed down $1.40, or 2.18%, to $62.80.

The S&P/TSX Venture composite index moved up 3.30, or 0.10%, to 3,179.73.

The Canadian dollar dropped below the US90¢ level – closing at US89.87¢, down 0.46 of a cent.

In New York, markets were mixed as investors weighed good corporate news against worries over the direction of the U.S. Federal Reserve, which meets on Wednesday.

The Dow Jones industrial average closed up 6.80 points at 11,584.54, the Nasdaq composite index rose 2.42 points to 2,344.99, while the S&P 500 was off 1.10 points to 1,324.66.