Canada stocks closed higher on Wednesday, most sectors were up
with Info Tech and Metal and Mining capping gains.
It was a busy day for results and news involving TSX and TSXV
listed stocks, particularly those in the Energy sector. Chief among
them, Encana Corp. (ECA.TO, ECA) said it will double its oil output
with a US3.1 billion purchase of shale lands from Freeport-McMoRan
Copper & Gold Inc. (
). Standard & Poor's Ratings Services on Wednesday said that
Encana's (BBB/Stable/--) announced US$3.1 billion acquisition of
liquids-focused assets from Freeport-McMoRan Oil & Gas (
) has not immediately affected its ratings and outlook on the
company. Encana shares touched a day high $26.08, which took it to
just shy of a 52 week high $26.16.
For its part, Talisman Energy (TLM.TO, TLM) turned to a first
quarter profit, compared with a loss in the year earlier period, as
oil and natural gas liquids production in North America jumped
Enbridge (ENB, ENB.TO) Wednesday said On an adjusted basis,
quarterly net earnings were C$492 million or C$0.60 per diluted
share, versus C$488 million or C$0.62 per diluted share, a year
earlier. The average analyst estimate was for adjusted diluted EPS
of C$0.57. The North American energy company said it is on track to
meet its full-year 2014 adjusted earnings per share guidance range
of $1.84 to $2.04 per share. The Capital IQ consensus is for
C$1.96. Furthermore, the board of directors approved an increase in
the quarterly dividend to $0.35000 from $0.3169, payable on June 1
to shareholders of record on May 15.
According to Reuters, Enbridge also said on Wednesday its
Flanagan South and Seaway expansion projects in the United States
aimed at more than doubling capacity to Gulf Coast refineries were
on track to begin operating in the next few months.
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