Friday, May 23, 2008

TSX flat as BCE slides 12% with takeover trouble; N.Y. up, oil steps back

TORONTO — The Toronto stock market drifted to a flat close Thursday as a burst of strength in financials was countered by energy stocks which retreated on falling oil prices and a big slide in BCE Inc. (TSX:BCE) as the proposed takeover of the telecom giant looked less likely.

New York markets rebounded modestly Thursday after two sessions of steep declines brought by the surging price of oil while traders took in another helping of dismal housing-sector news.

Toronto's S&P/TSX composite index inched up 1.99 points to 14,792.36. Worries about the economy and inflation had sent the index down 257 points on Wednesday after it rose above 15,000 points for the first time on Tuesday.

No comments: