News
Timothy A. Price
- October 11, 2023
S&P/TSX Composite Index and S&P/TSX 60
Canada's S&P/TSX Composite Index increased by 0.42% to reach 19,582.71. The blue-chip S&P/TSX 60 also rose by 0.51% and reached 1,176.17.
Spin Master Acquires Melissa & Doug
Shares of Spin Master surged by 4.8% to 35.34 Canadian dollars ($26.02) following the announcement that the company will acquire U.S.-based toy maker Melissa & Doug for $950 million in cash. The acquisition is expected to enhance Spin Master's early childhood toy offerings by integrating Melissa & Doug's range of open-ended and developmental wooden toys.
Other Market Updates
CGI shares rose by 2.2% after the company revealed its acquisition of Miami-based information-technology and business consulting firm Momentum Consulting. This move strengthens CGI's presence in a key U.S. growth market.
MTY Food Group shares initially climbed but later fell by 4% to C$54.35. The company reported better-than-expected profit and revenue for the third quarter due to recent acquisitions. However, the stock experienced a decline after reaching a morning high of C$60.10.
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