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Teck Resources jumps on attracting multiple buyout offers
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Algonquin up after terminating deal with American Electric
Power
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Toromont Industries rises on selling subsidiary
By Shristi Achar A April 17 (Reuters) - Canada's main stock index rose marginally on Monday, as Teck Resources climbed on multiple buyout offers, while gains in energy stocks were offset by losses in miners. At 10:21 a.m. ET (1421 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 10.73 points, or 0.05%, at 20,590.64. Teck Resources Ltd jumped 6.5% after the miner was approached by Vale SA , Anglo American Plc and Freeport-McMoRan Inc , among others, to explore deals for its base metals business if Teck goes ahead with a planned split, sources close to the matter told Reuters on Sunday. The energy sector was up 0.1%, even as crude prices fell, while the materials sector , which includes precious and base metals miners and fertilizer companies, lost 0.2%. "Everyone is waiting to see what earnings are going to be coming out. So (there is) a little bit of caution around the banks. We're also seeing the gold sector start to pull back as the U.S. dollar starts to move higher with higher yields," said Greg Taylor, chief investment officer at Purpose Investments.
"Some positives are the energy stocks, as natural gas is turning around." Heavyweight financials were down 0.3%.
Industrials rose 0.7%, lifted by a 1.0% gain in shares of Toromont Industries , after the heavy machinery company announced sale of its wholly-owned subsidiary AgWest Ltd. The TSX has gained for four straight weeks, buoyed largely by miners and energy stocks, while upbeat earnings from major U.S. banks boosted the heavyweight financials as well. Among other major movers, Algonquin Power & Utilities Corp added 1.3%, after the company and American Electric Power decided to terminate a deal for American Electric's Kentucky operations. (Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar)
