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To: Crimson Ghost who wrote (40700)	6/19/2000 7:35:00 PM
From: re3	Read Replies (1) \| Respond to of 42523

TSE hits new high, propelled by Seagram and banks From Canadian Press The benchmark Canadian stock index gained one per cent Monday to reach a new closing high, as traders toasted the expected takeover of Seagram and re-deposited some money in bank shares. THE MARKETS Stock and index updates The Toronto Stock Exchange 300 composite index gained 101.15 points to 10,136.81, eclipsing the record set last Thursday of 10,110.56. On Wall Street, the Dow Jones industrial average rose 108.54 to 10,557.84, and the Nasdaq composite was up 129.27 at 3,989.83. The Canadian Venture Exchange was down for much of the day but squeaked in with a closing gain of 0.05 point to 3,472.20. The Canadian dollar closed at 68.21 cents (U.S.), up 0.08 cent. On the TSE, the communications and media group led the day's rise, gaining 2 1/2 per cent. Seagram rose $2.40 to $92.40 amid reports that the board of Vivendi of France has approved a takeover of the music, movie, theme-park and drinks group. Thomson, Rogers and Shaw also posted solid gains. The TSE conglomerates sector rose two per cent, propelled by Canadian Pacific, which moved up $1.30 to $36.25. The financial services index also gained two per cent. All the banks were stronger, led by TD, up $1.70 to $37.45. Royal Bank rose $1.25 to $75.50 after announcing a takeover worth almost $1 billion Cdn of Liberty Life Insurance and Liberty Insurance Services, a national U.S. insurance group. ''The banks were hit very hard Friday after a rough week; we had a lot of analysts downgrading their earnings outlook,'' said Patricia Croft, vice-president at Sceptre Investment Counsel. ''Today, I think, was just sober second thought and a rebound from the share selloff.'' Anticipation of lower oil prices helped the transportation group up almost two per cent, while oil and gas stocks had the day's biggest sectoral decline, off 2.5 per cent. The price of West Texas intermediate crude slipped 65 cents to $31.68 ahead of an OPEC meeting Wednesday which is expected to boost output. The TSE base-metals index was down 1.95 per cent, and golds gave up 1.8 per cent as the New York spot bullion price fell $3.10 to $285.60 (U.S.) an ounce. Nortel (TSE: NT) was up $1.40 to $99.40, cuing a 1.4 per cent rise in the industrial products group. And the TSE utilities were up 1.7 per cent as BCE (TSE: BCE) gained 85 cents to $35.90 and Teleglobe (TSE: TGO) rose $2.25 to $31.25 after BCE said it was injecting $100 million into 23-per-cent-owned Teleglobe while trimming its takeover offer for the rest of the international telecommunications carrier to $6.4 billion from $6.8 billion. Overall, nine of the 14 TSE industry sectors were higher, although declining stocks outweighed advances 589 to 481 with 292 unchanged. Volume was 125.7 million shares worth $3.5 billion. On U.S. markets, the Standard and Poor's 500 index was up 21.54 at 1,486.00 as strength in technology and financial stocks offset haunting profit news from Honeywell International. Intel (Nasdaq: INTC) rose $10.438 to $135.125 (U.S.), accounting for more than half of the Dow's gain, and Nasdaq-listed Rambus (Nasdaq: RMBS) rose $14 to $90. But Honeywell (NYSE: HON) plunged after becoming the latest big name to warn that its earnings will disappoint Wall Street. Financial stocks bounced back strongly from Friday's steep losses, on sentiment that the selling was overdone. In addition, expectations that the Federal Reserve will leave interest rates unchanged at its June 27-28 meeting boosted the financial sector, which is highly sensitive to the price of money.