Canadian stocks ended slightly higher on Monday amid optimism over two key energy takeovers, in an otherwise quiet day for trading after U.S. markets closed in anticipation of a major storm walloping the east coast.
The S&P/TSX composite index closed at 12,312.75, up 12.45 points or 0.1 per cent.
The New York Stock Exchange suspended trading for the day as Hurricane Sandy approached the coast. It has also said there will be no trading on Tuesday either, marking the longest weather-related closure since 1888.
Progress Energy Resources Corp. rose 7.9 per cent on reports that Malaysia’s Petronas is renewing a bid for the Canadian energy firm. Progress shares were hit hard after the Canadian government rejected a takeover offer from Petronas on Oct. 19. Petronas has said it will make further submissions to Industry Canada and has extended the date for the transaction to the end of November.
That has raised optimism about another deal in the works – the proposed $15-billion takeover of Nexen Inc. by China’s CNOOC. Nexen shares, also hit following the Progress Energy rejection, rose 5.4 per cent on Monday.
MacDonald Dettwiler & Associates Ltd. rose 10.5 per cent following approval from the Federal Trade Commission on Fri day for its takeover of Space Systems/Loral Inc.