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The S&P/TSX composite index gave up some of its gains from the past five days as investors hiked bets that the U.S. Federal Reserve will need to keep interest rates higher for longer after September inflation data south of the border came in stronger than expected.
On Oct. 12, the TSX closed down 0.83 per cent at 19,500.24 with most of the main sectors ending the day in the red with the exception of energy and consumer staples, which rose 0.31 per cent and 0.14 per cent, respectively.
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Among the losing sectors, utilities fell the most — 2.49 per cent — as bond yield rose on fears around interest rates. Materials lost 1.69 per cent, information technology declined one per cent and financials fell 0.87 per cent. For the day, there were 31 gainers versus 191 losers.
Here are the top three performers on the TSX for Oct. 12:
Spin Master Corp.
One-day change: 4.06 per centYear-to-date change: 11.61 per cent
Investors in Spin Master pushed the stock into the top spot for the second day in row on news that the the company struck a deal to purchase U.S.-based toy company Melissa & Doug LLC for US$950 million in cash.
Several analysts raised their price targets for the Toronto-based company following the announcement of the purchase of the maker of early childhood toys.
October has been busy for Spin Master, best known for making Paw Patrol toys, the Rubik’s Cube and Gund teddy bears. Earlier this month, it announced an agreement for the global toy licence for Dora, the new reboot of the Dora the Explorer franchise coming next year.
Analysts currently have nine buys, and no holds or sells on the stock, and an average 12-month price target of $52.11, according to Bloomberg, up from $49.11 on Oct. 11.
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Spin Master closed Oct. 12 at $37.19
International Petroleum Corp.
One-day change: 1.95 per centYear-to-date change: -15.00 per cent
Shares of oil and gas company International Petroleum, which are also listed on the Nasdaq Stockholm, have been on the rise all week after the company announced over the Thanksgiving weekend the repurchase of 263,500 common shares during the period of Oct. 2-6.
On Oct. 10, ATB Capital Markets Inc. maintained its outperform rating for the stock.
Analysts currently have nine buys, one hold and no sells on the stock, and an average 12-month price target of $18.22, according to Bloomberg.
International Petroleum closed Oct. 12 at $13.09.
Jamieson Wellness Inc.
One-day change: 1.61 per centYear-to-date change: -30.07 per cent
Shares in the manufacturer of health products have been mostly on the decline this year after it missed sales expectations for its fiscal fourth quarter and cut its profit forecast for the year and lowered the top end of its revenue guidance in August.
Still, analysts seem to be sticking with the stock.
Fidelity Advisor Canada boosted its holding in Jamieson in August. Meanwhile, brokerage Stifel Financial Corp. maintained its buy rating on the company in late September but lowered its price target to $45 from $50.
Analysts currently have eight buys, two holds and one sell on the stock, and an average 12-month price target of $41.10, according to Bloomberg.
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Jamieson closed Oct. 12 at $24.54
— with files from The Canadian Press and Bloomberg
• Email: gmvsuhanic@postmedia.com
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