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Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange
(BRENDAN MCDERMID/REUTERS)

At the open: HBC stock leaps; TSX little changed

The Toronto stock market was little changed Monday as traders look to a busy week of economic data and corporate earnings and a major acquisition in the U.S. by Hudson’s Bay Co.

HBC stock ran ahead about 7 per cent to $17.75 as it announced it is buying luxury retailer Saks Inc. in a friendly deal worth $2.9-billion (U.S.). It is paying $16 per Saks share plus assumed debt. HBC’s other holdings include The Bay and Lord & Taylor in the U.S.