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TSX ends up 0.9%, at 20,278.28
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Energy rallies 5.4%; oil settled 5.3% higher
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Teck Resources shares jump 18.7% as company rejects buyout
(Adds details on activity; updates prices to close)
By Johann M Cherian and Fergal Smith
April 3 (Reuters) - Canada's commodity-heavy main stock
index rose on Monday to its highest closing level in nearly four
weeks as a surge in oil prices boosted energy shares and Teck
Resources rejected a buyout offer from Glencore.
The Toronto Stock Exchange's S&P/TSX composite index ended up 178.39 points, or 0.9%, at 20,278.28, its
seventh straight day of gains and its highest closing level
since March 8.
Energy, which accounts for about 19% of the Toronto market's
market capitalization, rose 5.4% as U.S. crude oil futures settled 6.3% higher at $84.93. Oil jumped after the OPEC+
group jolted markets with plans to cut more production.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 2.2% as gold prices rose
and after the shares of Teck Resources Ltd soared
18.7%
The copper and zinc miner rejected an unsolicited $22.5
billion bid from Glencore Plc , citing a reluctance to
expose its shareholders to thermal coal, oil, LNG and related
sectors.
"Teck is up because usually the company offering to buy may
come back a second time and sweeten the deal," said Allan Small,
senior investment adviser at Allan Small Financial Group.
Bucking the trend, the tech sector dropped 0.7% and
utilities ended 0.9% lower.
(Reporting by Johann M Cherian in Bengaluru and Fergal Smith in
Toronto
Editing by Matthew Lewis)
