|
Toronto stocks edge up
|
 |
December 7, 1998: 5:38 p.m. ET
Most sectors post gains, led by consumer products, natural-resource stocks
|
NEW YORK (CNNfn) - Toronto stocks closed in positive territory but off their highs for the day as they struggled to retain gains notched last week.
The Toronto Stock Exchange's key 300 Composite Index rose 27.84 points, or 0.44 percent, to 6,366.88.
The majority of the TSE 300's 14 subindexes posted gains, led by a 1.94 percent rise in consumer products. Other leading gainers included the industrial products group, which rose 1.59 percent; metals and minerals stocks, which climbed 1.46 percent; and the gold and precious-metals sector, which added on 1.20 percent.
The conglomerates and financial-services sectors were among those that bucked the positive trend, falling 1.31 percent and 1.00 percent, respectively.
Among the volume leaders, shares of newspaper publisher Sun Media Corp. rose C$1.30 (U.S. 84 cents), or 7.47 percent, to C$18.70 on news that rival Torstar Corp., the publisher of the Toronto Star newspaper, sweetened its offer for the tabloid publisher. Torstar raised its offer by C$2.75 cash to C$19.34 a common share, for a total of C$900 million.
But Sun Media Corp. Chief Executive Paul Godfrey was not impressed.
"It's an improved offer, but it's still disappointing because it doesn't maximize shareholder value," Godfrey said.
Consequently, he added, "we're going to continue to look at other alternatives in order to maximize value."
Among other gainers, Placer Dome Inc. rose C$0.80, or 3.65 percent, to C$22.70.
Declines included Canadian Imperial Bank, which fell C$0.25, or 0.72 percent, to C$34.40, and supermarket chain Provigo, which shed C$0.10, or 0.61 percent, to close at C$16.35.
In other Canadian markets, stocks in Montreal rose 17.34 points, or 0.53 percent, to 3,315.90, while those in Vancouver fell 1.40 points, or 0.36 percent, to 387.78. 
-- from staff and wire reports
|
|
|
|
|
 |
|
