By Ketki Saxena
Investing.com –The Toronto Stock Exchange's S&P/TSX Composite Index tracked Wall Street higher this morning, as investors await tomorrow’s all important US inflation data with some optimism, hoping indicators of easing price pressures will keep the US Federal Reserve from further aggressive rate hikes.
The commodity heavy Canadian index was also boosted by gains in crude, although the outlook for the commodity remains uncertain as investors await tomorrow’s inflation data and US crude inventories.
The Biggest Stories on Bay Street
Tilray’s has formally announced plans to snap up Hexo (TSX:HEXO) in a deal worth about US$229 million. Tilray (TSX:TLRY) will pay US$56 million worth of stock and exercising a US$173 million secured convertible note it acquired from a former creditor of Hexo’s last summer. The deal will see Tilray further cement its position as the market leader in Canadian recreational cannabis, increasing its market share to about 13% from its current level of around 8%.
Glencore (LON:GLEN) is continuing to court Teck Resources (TSX:TECKa) despite Teck’s refusal to accept the unsolicited $US 23 billion takeover offer. Glencore is now sweeting the deal by offering a cash element of $8.2bn to buy Teck shareholders out of their stake in a coal-focused spin-off, and granting them a 24% stake in a separate industrial metals business that would be created following the deal. The revised offer essentially allows investors to choose cash instead of shares or a combination of both in the coal spin-off.
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In Canadian Economics
No major Canadian economic data due today