TSX advances ahead of heavy earnings slate; Barrick/Newmont talks break off

TORONTO – The Toronto stock market was higher amid major developments on the merger and acquisition front.

The S&P/TSX composite index climbed 13.4 points to 14,546.97 as traders also looked ahead to a heavy slate of corporate earnings and economic data.

Talks between Barrick Gold (TSX:ABX) and Newmont Mining (NYSE:NEM) have broken off. Barrick said this morning it had been informed by Newmont that its board determined the interest of the shareholders would be best served by remaining independent. Elsewhere, U.S. pharmaceutical firm Pfizer has offered to buy Anglo-Swedish drugmaker AstraZeneca for around US$100 billion.

The Canadian dollar was up 0.15 of a cent to 90.76 cents US.

New York’s Dow industrials ran ahead 96.2 points to 16,457.66, the Nasdaq gained 19.08 points to 4,094.64 and the S&P 500 index was up 8.01 points to 1,871.41.

The Ukraine crisis was also in focus as the United States government imposed sanctions against Russian government officials and companies. It says the penalties are being levied because Russia has failed to live up to commitments it agreed to under an international accord aimed at de-escalating the crisis in Ukraine.