Canada Stocks Close Higher; Blackberry, Encana In The News

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Canada stocks closed higher on Tuesday with most sectors up, led by Energy. But Industrials and Utilities bucked the trend. Stocks in the news included heavyweights BlackBerry Limited (BB.TO, BBRY) and Encana (ECA.TO, ECA).

In commodities, oil futures settled at their highest level in nearly three weeks ahead of weekly U.S. reports that are expected to reveal declines in crude inventories. The American Petroleum Institute was slated to release data later Tuesday, while an Energy Information Administration report comes out Wednesday.

Meanwhile, gold lost early gains and edged lower as investors seemed to largely overlook weaker than expected U.S. retail sales and remain optimistic that the economy there - in Canada's largest trading partner - remains on track for improved growth this quarter.

U.S. retail sales rose just 0.1% last month compared to a revised 1.5% in March and expecations for a 0.4% gain.

Blackberry today effectively opened up its operating system to mobile device-management competitors, a move that marks something of a shift away from previous policy and further signals the company's move away from reliance on smartphone sales to a positioning of itself as a more services-oriented group, with an emphasis on MDM.

Encana on Tuesday reported it swung to net earnings of US$116 million for Q1 ended March 31, 2014 from a net loss of US$431 million in the same period last year. Operating earnings, a non-GAAP measure, was US$515 million, or US$0.70 per diluted share, up sharply from operating earnings of US$179 million, or US$0.24 per diluted share, a year earlier. The Capital IQ consensus is for non-GAAP diluted EPS of US$0.52.



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This article appears in: Investing , Commodities

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