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TSX ends down 0.4% at 20,366.72
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Energy falls 1.7%; oil settles 3.6% lower
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Teck resources gains on restructuring plan withdrawal
(Adds details on activity, updates prices to close)
By Shristi Achar A and Fergal Smith
April 26 (Reuters) - Canada's main stock index fell to
its lowest closing level in two weeks on Wednesday as a drop in
oil prices weighed on energy shares, offsetting a jump in the
shares of Teck Resources Ltd after the company
withdrew a restructuring plan.
The Toronto Stock Exchange's S&P/TSX composite index ended down 73.15 points, or 0.4%, at 20,366.72, its
lowest closing level since April 10, preliminary data showed.
The energy sector, which accounts for 19% of the TSX's
weighting, fell 1.7% as oil settled 3.6% lower at $74.30 a
barrel on rising recession fears. Industrials were also a drag,
losing 1.6%.
Teck Resources withdrew its plan to separate its copper and
coal businesses, a surprise development just ahead of a key
shareholder vote, as the miner sought to fend off a $22.5
billion takeover attempt from Glencore Plc .
Shares of Teck Resources ended up 5.9%.
"The competing bids have been fighting it out in the court
of public opinion and it looks like Glencore has dangled the
carrot juicy enough that Teck's board and management were not
able to get the support for their plan," said Brian Madden,
chief investment officer at First Avenue Investment Counsel.
(Reporting by Shristi Achar A in Bengaluru and Fergal Smith in
Toronto; Editing by Shweta Agarwal and Jonathan Oatis)
