TSX rises to record high as Tim Hortons shares extend rally on

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TORONTO — Canada’s main stock index hit a record high on Tuesday as shares of Tim Hortons Inc extended their rally after the coffee chain said it planned to merge with Burger King Worldwide Inc in a $12.64 billion deal.The companies said the cash-and-stock agreement would create the world’s third-largest fast-food restaurant group, with roughly $23 billion in combined annual sales. Tim Hortons shares jumped 8.7% to a multi-year high. The Toronto market received further support from shares of energy companies, which benefited from gains in the price of oil.The benchmark TSX has climbed nearly 15% this year.“The market is marching ahead. We’ll have to wait until Labor Day to see any material change in direction,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management. “It’s one of those markets. It seems unshakable,” he added. “But I don’t think it’ll keep going up forever.” The Toronto Stock Exchange’s S&P/TSX composite index was up 41.06 points, or 0.26%, at 15,639.80.Eight of the 10 main sectors on the index were higher. Shares of energy producers advanced 0.9%, with Suncor Energy Inc rising 0.7% to $44.61 and Canadian Natural Resources Ltd jumping 1.7% to $47.41.Financials, the index’s most heavily weighted sector, slipped slightly after two of Canada’s major banks reported results. Bank of Montreal gained 0.9%, to $82.53, after the company reported a stronger-than-expected third-quarter profit, helped by gains at its Canadian and U.S. personal and commercial banking units and higher revenue at its capital markets arm. But Bank of Nova Scotia gave back 2% to $72.68 after the lender reported quarterly results.Tim Hortons was up at $89.16 and was one of the most heavily traded stocks on exchange. In the previous session, the stock shot up more than 19%.© Thomson Reuters 2014

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