Investors were harder to impress on Tuesday

Barely budging

RTGAM

Investors were harder to impress on Tuesday, the day after an impressive stock market rally took North American indexes to their highest levels in six months.


As a result, major stock market indexes treaded water, even as the National Association of Realtors reported that pending home sales jumped 6.7 per cent in April, well ahead of expectations and another suggestion that the U.S. housing market might be forming a bottom.


If there were any celebrations, they were quiet. The Dow Jones industrial average - limping along with 29 stocks, rather than usual 30, because of the demise of General Motors Corp. - closed at 8740.87, up 19.43 points or 0.2 per cent. The broader S&P 500 - er, S&P 499 - closed at 944.74, up 1.87 points or 0.2 per cent.


Financials were mostly lower, with Citigroup Inc. down 4.9 per cent and JPMorgan Chase & Co. down 4.5 per cent. Technology stocks were also generally weaker, with International Business Machines Corp. down 1.4 per cent and Intel Corp. down 1.9 per cent.


However, Alcoa Inc. rose 7 per cent and Boeing Co. rose 3.1 per cent. Toll Brothers Inc., the homebuilding company, rose 3.9 per cent.


In Canada, the S&P/TSX composite index closed at 10,588.79, down 15.27 points or 0.1 per cent.
Energy stocks were a drag on the index, even though the price of crude oil remained relatively steady at $68.55 (U.S.) a barrel. Suncor Energy Inc. fell 5.2 per cent and Talisman Energy Inc. fell 3.4 per cent.


However, gold producers helped pick up some of the slack after the price of gold rose to $984.40 an ounce, up $4.40. Barrick Gold Corp. rose 1.7 per cent and Goldcorp Inc. rose 3.1 per cent.

Copyright 2001 The Globe and Mail

Talisman's assets sold for $360.00 million.

Crescent Point Energy Trust completes acquisition of Talisman's assets in southeast Saskatchewan

cnw

CALGARY, June 1 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or the "Trust") (TSX: CPG.UN) is pleased to announce that today the Trust closed the previously announced acquisition of assets (the "Assets") from Talisman Energy Canada for aggregate cash consideration of approximately $360.0 million.


Crescent Point is also pleased to announce that the Trust today closed the previously announced sale of a portion of the Assets to Shelter Bay Energy Inc. ("Shelter Bay") for aggregate cash consideration of approximately $35.5 million.


As a result of these transactions, Crescent Point acquired approximately 4,000 boe/d of high quality, high netback production in southeast Saskatchewan, approximately 21.1 million boe of proved plus probable and 14.6 million boe of proved reserves, 312 net sections of undeveloped Saskatchewan land, and ownership of freehold mineral rights on 217 net sections of land. Crescent Point's net consideration for the Assets acquired and retained was $324.5 million of cash. The acquisition was financed through a $230 million bought deal financing that closed on March 24, 2009 and through the Trust's existing bank lines.