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TMCNet:  TSX ahead in quiet trade

[July 04, 2014]

TSX ahead in quiet trade

(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Railways lead way Equity markets in Toronto rose in quiet trade on Friday, trading just off the previous session's record high as banks, insurers and railroads gained while U.S. markets stayed closed for the Independence Day holiday.

The S&P/TSX composite index remained positive 27.97 points to greet noon at 15,235.08 The Canadian dollar was down 0.01 to 94.02 cents U.S.

Canadian National Railway gained 1% to $70.29, and Canadian Pacific Railway added 0.7% to $197.45. Both have gained in value as oil is increasingly sent across the continent by rail.

Bank of Nova Scotia gained 0.9% to $72.07, Toronto-Dominion Bank added 0.4% to $55.33, and Manulife Financial Corp rose 0.7% to $21.71.

Among consumer staples, grocer Metro Inc. took on 53 cents, or 0.8%, to $65.98, while Maple Leaf Foods gained 14 cents, or 0.7%, to $20.43.

Information technology issues were in the green, too, what with Constellation Software gaining $3.47, or 1.5%, to $262.00.

Driven by brisk activity in the oil, gas and infrastructure sectors, the total value of M&A deals in Canada jumped by 37% to $89.5 billion in the first half of 2014, according to data released by Thomson Reuters on Thursday.

ON BAYSTREET The TSX Venture Exchange dropped 1.77 points to 1,036.02.

Nine of the 14 Toronto subgroups were positive by noon hour, with industrials charging ahead 0.8%, while consumer staples and information technology each up 0.4%.

The five laggards were weighed mostly by metals and mining, sliding 0.4%, health-care, weakening 0.3%, and global base metals, 0.2% to the bad.

ON WALLSTREET U.S. markets are off today for the Independence Day holiday © 1998 - 2014 Media Corp. All rights reserved.

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