On Monday, the Toronto stock market was slightly changed, dragged down by the energy stocks after the Ottawa ingnored a planned takeover in the sector. Traders also took in mixed on the U.S. earnings news, the lower commodities and a major acquisition in the Russian energy sector.
The S&P/TSX composite index was down 8.79 points 12,407.19 after the federal government on Friday ignored the Malaysian state-owned energy giant's proposed takeover bid for the Calgary-based natural gas producer Progress Energy Resources. The Progress shares declined $2.32 or 10.7 per cent to $19.33.
The Petronas had offered $6 billion for Progress, but the Industry Minister Christian Paradis said that he was "not satisfied about the proposed investment is might to be of the net benefit to Canada." The thumbs decline from the Ottawa impacted stockprices of the other resource companies will be good candidates for sale along with a hefty premium in the share price, such; Paramount Resources dropped 70 cents to $33.20.
Nexen shares declined $1.25 to $23.90. The TSX Venture Exchange was down 7.73 points to 1,307.89.
The Canadian dollar lost 0.09 of a cent to 100.59 cents US, a day ahead of the Bank of Canada's next announcement.
The Dow Jones industrial average slipped 2.99 points to 13,340.52, the Nasdaq composite index climbed 7.44 points to 3,013.06 while the S&P 500 index gained 0.62 of a point to 1,433.81.