TSX closes lower as sector groups split... Hudson’s Bay considering options, may be taken private... Aecon appoints BMO, TD to investigate sale...
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TSX closes lower as sector groups split
The main TSX index closed slightly lower Friday despite some strong individual stock performances.
Half of the sector groups closed lower, materials among them as a Guatemalan court upheld the suspension of licenses for Vancouver-based Tahoe Resources. Its shares were down 18%.
Meanwhile, surges for Aecon and Hudson’s Bay stocks helped four sector groups close higher led by consumer discretionary and including financials, energy and healthcare. Telecoms closed flat.
Wall Street closed mixed with the Nasdaq dragging. European indexes closed lower ahead of Fed chair Janet Yellen’s Jackson Hole speech and Asian markets were mostly higher.
The S&P/TSX Composite Index closed down 20.17 (0.13%)
The Dow Jones closed up 30.27 (0.14%)
Oil is trending higher (Brent $52.39, WTI $47.88 at 4.55pm)
Gold is trending higher (1296.80 at 4.55pm)
The loonie is valued at U$0.8008
Hudson’s Bay considering options, may be taken private
Pressure from activist investors could result in the privatization of Hudson’s Bay Company.
Executive chairman Richard Baker and the board will review options which could include delisting from stock exchanges amid unrest from certain investors.
They include the Land and Buildings hedge fund which is calling for HBC to monetize its $10 billion real estate portfolio. The fund has urged the board to consider taking the firm private.
Aecon appoints BMO, TD to investigate sale
Construction and development firm Aecon is considering putting itself up for sale and has appointed financial advisors.
BMO Capital Markets and TD Securities have been appointed the explore the potential sale but Aecon stressed that there is no assurance that there will be any sale.
In a short statement, the firm said that any sale would be “intended to create shareholder value and enhance the Company's capabilities and growth potential.”
The main TSX index closed slightly lower Friday despite some strong individual stock performances.
Half of the sector groups closed lower, materials among them as a Guatemalan court upheld the suspension of licenses for Vancouver-based Tahoe Resources. Its shares were down 18%.
Meanwhile, surges for Aecon and Hudson’s Bay stocks helped four sector groups close higher led by consumer discretionary and including financials, energy and healthcare. Telecoms closed flat.
Wall Street closed mixed with the Nasdaq dragging. European indexes closed lower ahead of Fed chair Janet Yellen’s Jackson Hole speech and Asian markets were mostly higher.
The S&P/TSX Composite Index closed down 20.17 (0.13%)
The Dow Jones closed up 30.27 (0.14%)
Oil is trending higher (Brent $52.39, WTI $47.88 at 4.55pm)
Gold is trending higher (1296.80 at 4.55pm)
The loonie is valued at U$0.8008
Hudson’s Bay considering options, may be taken private
Pressure from activist investors could result in the privatization of Hudson’s Bay Company.
Executive chairman Richard Baker and the board will review options which could include delisting from stock exchanges amid unrest from certain investors.
They include the Land and Buildings hedge fund which is calling for HBC to monetize its $10 billion real estate portfolio. The fund has urged the board to consider taking the firm private.
Aecon appoints BMO, TD to investigate sale
Construction and development firm Aecon is considering putting itself up for sale and has appointed financial advisors.
BMO Capital Markets and TD Securities have been appointed the explore the potential sale but Aecon stressed that there is no assurance that there will be any sale.
In a short statement, the firm said that any sale would be “intended to create shareholder value and enhance the Company's capabilities and growth potential.”
