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Dow drives Canada higher
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March 4, 1999: 5:12 p.m. ET
Toronto, Montreal advance on Dow, merger news, Vancouver bucks trend
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NEW YORK (CNNfn) - Toronto equities surged more than 1 percent on Thursday, pumped up by sharp gains on Wall Street and the aftermath of a major merger in the Canadian telecommunications sector.
The Toronto Stock Exchange key TSE 300 Composite Index rose 88.36 points, or 1.43 percent, to 6,268.70. Advances swept past declines 562 to 400, with 258 issues holding their ground.
The Toronto market was galvanized by the news that AT&T Canada will buy competitive local telephone carrier MetroNet Communications in a deal worth C$7 billion (US$4.45 billion.)
Elsewhere in the region, stocks in Montreal fared even better than they did in Toronto. The benchmark Portfolio skyrocketed 65.34 points, or nearly 2 percent, to 3,346.89. Advances beat out declines 190 to 124 with another 86 issues unchanged.
Stocks in Vancouver bucked the trend among Canadian bourses. The Vancouver Composite retreated modestly, falling 0.15 points, or 0.04 percent, to 411.07. Declines outpaced advances 198 to 176, with another 156 issues unchanged.
- from staff and wire reports
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