Canada’s main stock index rose on Wednesday, boosted by gains in precious metals miners, while Alamos Gold was among the best performers after it announced a deal to buy smaller rival Argonaut.
The TSX Composite gained 88.66 points to move into Wednesday afternoon at 22,001.18.
The Canadian dollar edged 0.02 cents lower to 73.61 cents U.S.
Alamos Gold said it would acquire Argonaut Gold for $325 million in an all-stock deal. Shares of Alamos jumped $1.03, or 5.6%, to $19.48, and were on track to notch their strongest day in more than 18 months.
First Quantum Minerals gained 68 cents, or 5.1%, to $14.00, after Reuters reported that executives from the miner met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper.
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