Toronto’s stock market saw a moderate rise on Monday, with the S&P/TSX Composite Index up 0.4% at midday, reaching 22,387.31. Gains in the materials and energy sectors offset losses in health services, manufacturing, and consumer discretionary stocks. The S&P/TSX 60 index also edged up by 0.2%, standing at 1,342.40.
Bank of Nova Scotia shares declined by 4% to C$61.12 following the announcement of a $2.8 billion investment in U.S.-based KeyCorp. While the move expands the bank’s presence in the U.S., analysts suggest it might fuel speculation of a full acquisition, which has met with mixed reactions from investors.
In other market news, Barrick Gold’s shares surged 8.7% to C$25.98 after posting strong second-quarter results. Crew Energy’s shares soared nearly 74% to C$6.78 on news of its C$1.3 billion acquisition by Tourmaline Oil. Meanwhile, Osisko Mining shares jumped 63% to C$4.80 following a $1.57 billion buyout offer from Gold Fields, a South African mining company.
