Today in the markets
U.S. stocks edged higher Monday as shares of big technology companies rallied. But gains were held in check by fiscal cliff talks and uncertainty in Europe.
Canadian stocks were also up, buoyed by positive Chinese data and Friday’s announcement clarifying takeovers by foreign state-owned energy companies.
The S&P/TSX Composite Index rose 70.88 points to 12,230.47, while the TSX Venture Exchange edged up 0.68 points to close at 1,186.74.
Active stocks included American International Group Inc. (NYSE: AIG, Stock Forum). It fell 2.3% to $33.36 after the insurer pegged the cost of Hurricane Sandy and its aftermath at roughly $1.3 billion.
Apple Inc. (NASDAQ: AAPL, Stock Forum), declined 0.6% to $529.82 after Jefferies Group Inc. reduced its share price outlook.
In Canada, Meg Energy Corp. (TSX: T.MEG, Stock Forum) was down 3% to $33.65, but Athabasca Oil Corp. (TSX: T.ATH, Stock Forum) recovered most of an early loss, to close down 2.4% at $10.00.
Canadian oilsands producers found themselves the target of sellers Monday since they can no longer realistically hope to be snapped up by foreign state-owned enterprises at fat share price premiums.
Meanwhile, investors bid shares of Precision Drilling Corp. (TSX: T.PD, Stock Forum) up 6% to $7.71 after the company said it plans to cut capital spending to $485 million in 2013 while also instituting a quarterly dividend of five cents per share.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report