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HomeBusiness ReportAFTER THE BELL: TSX higher for 10th straight day, report of U.S. concessions...

AFTER THE BELL: TSX higher for 10th straight day, report of U.S. concessions in trade talks with China bolsters Dow

Canada’s stock exchange cruised to a 10th winning day, as 10 of the index’s 11 sectors rose into positive territory.

The TSX gained 99 points with the energy sector being the lone decliner, influenced by fluctuating oil prices and mixed results among energy stocks.

The biggest gainer and loser on Bay Street had direct ties, as news of Husky Energy abandoning its hostile takeover bid of rival MEG Energy Corp. sent the two companies’ stocks in different directions.

In a release, Husky Energy announced that its offer for the Canadian oil sands company expired on Jan. 16, and that the minimum tender condition was not met.

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The release also stated that due to insufficient MEG Board and shareholder support, Husky has decided not to extend its offer.

The news sent MEG’s shares on a 35.6 percent spiral while Husky went in an opposite trajectory by rocketing up 12.3 percent. Husky was the largest gainer, percentage-wise, on the TSX.

In New York, the Dow surged after the Wall Street Journal reported that the U.S. is considering easing tariffs on China in an effort to calm markets, and expedite a trade deal between the economic superpowers.

The index moved 162 points higher, despite a disappointing revenue report from U.S. bank Morgan Stanley, which fell 4.4 percent.

The Nasdaq moved 49 points into the green, led by a 2.8 percent jump in Booking Holdings shares.

Oil prices seesawed during the day before edging 11 cents lower to $52.20 US a barrel, as investors weigh a rise in U.S. crude production with supply cuts among the world’s largest exporters.

It was a down day for both the Canadian dollar and gold, with the loonie slipping 12/100ths of a cent to $0.7531 US while the yellow metal lost $2.20 to $1,291 an ounce.

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