The Canadian Press
June 30, 2008 - 10:06 a.m.
TORONTO - The Toronto stock market started the week higher as the energy sector moved ahead with oil prices that climbed to a commencing high atop of US$143 a barrel.
The S&P/TSX composite index was up 86.91 points to 14,442.12 in premature trading, following Friday’s 63-point rise.
Stock in BCE Inc. (TSX:BCE) took an early beating, falling 3.5 through cent on a publish that its takeover could have existence delayed until year-end as banks foil at the terms they agreed to a year ago in support of the purchase by a group led through the Ontario Teachers’ Pension Plan. BCE shares were down $1.28 to $35.48.
The TSX Venture Exchange added 21.64 points to 2,615.04.
The TSX energy sector gained 1.4 per cent after the August shrink up for light sweet crude went as high as $143.67 overnight. Later in the break of day crude was up $1.75 to US$141.96 a barrel on the New York Mercantile Exchange.
The Toronto gold fore-finger continued to show strength, up 0.8 per cent. The August bullion contract on the Nymex edged up 20 cents US$931.50.
On Wall Street, the Dow Jones industrials rose 21.99 points to 11,368.50.
The Nasdaq composite index slipped 2.84 points to 2,318.47 and the S&P 500 index was up 3.69 at 1,282.07.
The Canadian dollar lost 0.30 cent to 98.65 cents US after Statistics Canada reported the economy rebounded in April, growing 0.4 per cent afterwards declines in February and March.
The Conference Board of Canada warned that high article of merchandise prices are papering over Canada’s sliding socio-economic performance relative to other advanced countries.
“We appear to be riding high due to global demand for our supplies, but this is not a sustainable course for our country,” stated the think-tank’s president, Anne Golden.
In other news, Labopharm Inc. (TSX:DDS) said the U.S. Food and Drug Administration has denied its appeal against a previous decision on its once-daily formulation of painkiller tramadol. However, the company said an FDA deputy director “suggested a regulatory path ahead.”