TSX slightly down, Home Capital shares continue tumble

The Canadian Press</span>
Published Monday, May 1, 2017 12:13AM EDT
Last Updated Monday, May 1, 2017 4:38PM EDT

TORONTO -- Canada's main stock index edged lower today as gains in Veresen, which is being acquired by competitor Pembina Pipeline, were offset by continued losses in Home Capital shares.

The Toronto Stock Exchange's S&P/TSX composite index was down a modest 10.50 points to 15,575.63.

Veresen (TSX:VSN) shares soared by about 19 per cent at the close, adding $2.90 to $18.13, after it announced it was being taken over by Pembina in a friendly deal worth $9.7 billion.

Toronto-based mortgage lender Home Capital (TSX:HCG) retreated 13.43 per cent, losing $1.08 to $6.96, after it said it expects to draw $1 billion from its $2 billion line of credit provided by the Healthcare of Ontario Pension Plan.

In New York, the Dow Jones industrial average lost 27.05 points to 20,913.46 while the S&P 500 index added 4.13 points to 2,388.33.

The Nasdaq composite index was up 43.99 points to 6,091.60, a record high.

The daily average for the Canadian dollar was 73.21 cents US, up 0.01 of a cent from Friday.

The June crude contract was down 49 cents at US$48.84 per barrel, while the June natural gas contract gave back six cents at US$3.22 per mmBTU.

June gold lost $12.80 to US$1,255.50 an ounce and July copper was up five cents at US$2.66 a pound.

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