TORONTO _ The Toronto stock market registered a strong advance amid signs that economic growth in China is holding up better than expected.
The S&P/TSX composite index jumped 142.6 points to 14,446.52 after the world's second-largest economy grew at an annualized rate of 7.4 per cent in the first quarter, down from the previous quarter's 7.7 per cent. It was the weakest growth in China since the 2008-09 global crisis but the number was still better than what many analysts had expected.
The Canadian dollar was down 0.34 of a cent to 90.76 cents US after the Bank of Canada said it was keeping its key rate unchanged at one per cent. The bank also lowered its forecast for first-quarter growth to 1.5 per cent from 2.5 per cent, but said it was mainly due to severe winter weather.
New York's Dow Jones industrials ran ahead 162.29 points to 16,424.85, the Nasdaq gained 52.07 points to 4,086.23 and the S&P 500 index points climbed 19.33 points to 1,862.31.
There was also a major acquisition in the gold sector that will see Yamana Gold Inc.(TSX: T.YRI, Stock Forum) and Agnico-Eagle Mines Ltd. (TSX: T.AEM, Stock Forum) jointly acquire 100 per cent of Osisko Mining (TSX:OSK, Stock Forum) in a cash and stock deal worth $3.9 billion.
The companies are paying Osisko $8.15 a share. The offer represents an 11 per cent premium to a hostile bid for Osisko that had been mounted by Goldcorp Inc. (TSX: T.G, Stock Forum). Yamana shares dipped 3.8% to $8.83, Agnico Eagle dropped 8.2% to $30.71, Goldcorp rose 0.85% to $26.22 while Osisko shares were up 47 cents to $7.90.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report