Canadian stocks are broadly higher this afternoon, with the S&P/TSX Composite Index rising around 130 points, or about 1.1%, easing just slightly off its high for the day.
All 10 industry sectors in the TSX Composite are positive, led by a near 2% rise for shares of Energy stocks. Consumer related stocks are cashing in on positive sentiment. Among individual stocks, convenience-store operator Alimentation Couche-Tard Inc (ATD-B.TO) is up 4.5% and nearer 52 week highs. Shoppers Drug Mart (SC.TO) also is enjoying a near 3% advance this afternoon while grocery and foods distributor George Weston Ltd (WN.TO) is ahead 3%.
In other company news, Brookfield Asset Management Inc. (BAM-A.TO,BAM) is up nearly 2.7% after the company announced a $2.65-bln deal with Weyerhaeuser for Longview Timber. Longview Timber holds about 645,000 acres of timberlands in the U.S. Pacific Northwest. After repaying certain debts and distributions to private fund investors, BAM-A.TO is expecting around $600 mln in net cash proceeds. Its affiliate Brookfield Infrastructure Partners LP (BIP-UN.TO, BIP) also will pocket around $470 mln in net proceeds from the sale.
BIP-UN.TO is up about 2% today while WY is trading about 3.3% higher.
Also today, Transition Therapeutics Inc. (TTH.TO,TTHI) is now flat - having earlier touched a day high $3.83 compared to a year high $3.85 after saying it will receive a $7 million milestone payment from Eli Lilly ( LLY ), which exercised its option to assume all development and commercialization rights to the company's Type 2 diabetes drug candidate.
Read more: http://www.nasdaq.com/article/consumer-staples-leading-canadian-market-higher-transition-therapeutics-jumps-after-lilly-makes-milestone-payment-cm253693#ixzz2We3jD714
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