Business
TSX takes time to get going
TSX takes time to get going
About this update from Red Lake Gold Inc
[{"type":"text","content":"\nTSX takes time to get going\n\nGold, materials down in T.O.\n Dec. 29, 2009 (Baystreet.ca) -- Toronto stocks may extend gains on Tuesday and will likely surpass the multi-month high hit early this month.\n\nSoon after the opening, though, the S&P/TSX Composite index had subtracted 55.32 points to 11,699.29. \n\nOptimism over global economic recovery and on recent upsurges in commodity prices have given the main index a boost in nine of the last 12 days.\n\nStocks have wobbled for most of December, but a push higher in the final days of 2009 should allow the S&P/TSX Composite Index to finish the year at a 14-month peak.\n\nEnergy stocks could see further upside as the price of crude rose above $79 U.S. a barrel. Meanwhile, the price of gold was down about $2 at $1,105 U.S. an ounce.\n\nIn corporate news, mineral property developer Corriente Resources Inc. said it has agreed to $679-million takeover by CRCC-Tongguan Investment Co. Ltd, subsidiary of China-based Tongling Nonferrous Metals Group Holdings and China Railway Construction Corp. \n\nCRCC will pay $8.60 per share in cash for all of Corriente's outstanding shares, as against the Thursday's closing of $7.50.\n\nThe M&A scene continues to heat up in the Canadian gold sector, with mineral exploration company Canplats Resources Corp. announcing that it has received a revised binding acquisition proposal from the Mexican based Minera Penmont, which is superior to the one from Canadian gold miner Goldcorp on December 24. \n\nIn another M&A deal, International Royalty said the $749-million takeover offer from Royal Gold is superior to the one it had from Franco-Nevada.\n\nWesdome Gold Mines Ltd. announced the resignation of Rowland Uloth as President and Chief Executive Officer.\n\nInternational mining explorer Olympus Pacific Minerals Inc. announced the appointment of Leslie Robinson into its board. Robinson served as a director of Zedex Minerals Limited for the last two years.\n\nIndustrial coating service provider Industrialex Manufacturing Corp. said it would buy back an approximate 3.91% of the company's issued and outstanding common shares.\n\nTraders will be keenly looking home prices and consumer confidence data from across the border for further clues on the direction of the market.\n\nThe Canadian dollar was up 0.41 cents at 96.35 cents U.S. \n\nON BAYSTREET \n\nAll b...