Toronto stocks closed higher Thursday, marking the fourth straight day of gains. The S&P/TSX composite index rose 10.48 points, or 0.12%, to close at 9,116.64. Volume was light as a holiday trading pattern emerged.
Six of 10 main TSX groups finished higher.
The gold-mining sub-index, part of the materials group, fell 1.05%, despite an announcement by Glamis Gold that it will launch a $3.4 billion hostile bid for Goldcorp.
Glamis shares fell $1.67, or 7.11%, to $21.83, while Goldcorp gained $1.65, or 9.65%, to $18.75. Both were among the market’s most actively traded issues.
The TSX information technology group rose 0.68% on news that Symantec will buy data management software company Veritas Software for US$13.5 billion.
Software maker Open Text rose $1.11, or 5.32%, to $21.96, and Geac Computer Corp. gained 18¢, or 2.04%, to $9.01.
The heavily weighted financial services group climbed 0.28%. Fund company stocks were in the news as the Ontario Securities Commission approved settlements with four fund companies following a probe of market-timing activities.
CI, AGF, Investors Group and AIC were all fined. Investors reacted with relief to end of the investigation as shares of CI rose 44¢ to $17.25, IGI shares gained $1.15, and AGF added 3¢ to $16.98.
The junior S&P/TSX Venture composite index gained 3.88 points to finish at 1,726.97.
In New York, news of the Symantec-Veritas weighed on the Nasdaq composite index. The tech-heavy Nasdaq finished down 16.40 points, or 0.76 %, at 2,146.15.
Blue-chip stocks got a boost from gains in Johnson & Johnson after its move to buy Guidant. The Dow Jones industrial average , which fell late in the afternoon, ended up 14.19 points, or 0.13%, to 10,705.64.
The broader S&P 500 dropped 2.51 points, or 0.21%, to 1,203.21.
Toronto stocks end higher
- By: IE Staff
- December 16, 2004 December 16, 2004
- 17:20