Producers of metals and other raw materials rose amid deal activity.
Swiss metals-trading and mining giant Glencore offered to buy Canadian miner Teck Resources for $23 billion, in a bet that increased scale in copper mining would allow it to benefit from electrification trends. Teck shares jumped as the offer price came at a roughly 20% premium to its market price.
Increases in energy prices sometimes spill over into metals as oilfields are among the biggest consumers of steel and other materials.
Orange juice futures rose to a record high, as a confluence of factors, including a weaker dollar.
China Natural Resources shares slid after the mining and wastewater concern enacted a 1-for-5 reverse stock split.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-03-23 1723ET
