Day of bigs deals, positive data
Solid Blackberry result, rising financials combine to help boost TSX
TORONTO — The Toronto stock market closed higher on Thursday amid corporate deal making and some positive American employment news.
The S&P/TSX composite index rose 87.25 points to 12,845.06 in a broad-based run-up led by rising financials.
U.S. private equity firm Directional Aviation Capital is buying Bombardier’s Flexjet fractional business aircraft ownership service for $185 million US. The new owners are also ordering up to 245 Bombardier aircraft in a deal that’s valued up to $5.2 billion US.
Bombardier was ahead 26 cents or 5.5 per cent to $4.98.
BlackBerry was another TSX driver, up 32 cents to $11.60 after the Wall Street Journal reported the smartphone maker had narrowed the list of possible bidders for all or part of the company, and hopes to wrap up the auction by November.
The Canadian dollar, meanwhile, lost 0.13 of a cent to 95.18 cents US ahead of the release of the August employment from Statistics Canada.
U.S. indexes chalked up minor gains as traders digested positive jobs data a day before the U.S. Labor Department’s release of employment data for August.
The Dow Jones industrials gained 6.61 points to 14,937.48 as payroll firm ADP reported the American private sector created 176,000 jobs last month.
Economists believe that the government report will show the U.S. economy cranked a total of about 180,000 jobs in August. As well, the number of Americans seeking unemployment benefits dropped 9,000 last week to a seasonally adjusted 323,000, near the lowest level since June 2008.
The Nasdaq gained 9.75 points to 3,658.79 and the S&P 500 index climbed two points 1,655.08. October crude on the New York Mercantile Exchange was ahead $1.14 to $108.37 US a barrel.
December copper closed unchanged at $3.24 US a pound. Gold stocks were down about three per cent as December bullion declined $17 to $1,372.60 US an ounce.