Financials take TSX higher; Bank of America also sends NY up

By: Malcolm Morrison, THE CANADIAN PRESS TORONTO - Financials were mainly responsible for a solid rise on the Toronto stock market Monday morning, thanks to a well-received earnings report from Bank of America while investors took in major acquisition activity in the utility sector. Alberta-based power generator TransAlta (TSX:TA) said Monday that it has received a non-binding approach from Luminus Management LLC and Global Infrastructure Partners. The proposal values TransAlta shares at $39, a total of about $7.8 billion. TransAlta shares jumped $5 to $37.25. Toronto's S&P/TSX composite index was ahead 105.07 still ahead to 13,621.03. The TSX Venture Exchange was off 11.56 points to 2,287.18 while the Canadian dollar moved up 0.13 cent to 99.56 cents US. New York's Dow Jones industrial average rose 27.19 points to 11,523.76.... [read full story]