Canada Stocks Close Little Changed After Some Afternoon Profit Taking; Bombardier Also Weighs; Blackberry, Potash Among The Gainers


Canada's main stock market, the Toronto Stock Exchange, closed little changed around 15,395 Thursday after some profit taking dragged it back from 15,421.39 hit this afternoon.

Capping gains and most actively traded was Bombardier Inc (BBD-B.TO), which lost 1% with near 10 million shares changing hands. Its chief operating officer and president of the aerospace division Guy Hachey left the company abruptly Wednesday as part of sweeping changes to its organizational structure, moves that also involve dividing the train maker in to four separate divisions and the loss of 1,800 jobs. This comes amid continued concerns in the market about delays to its CSeries program.

In line with the Bombardier losses, the Industrials sector was lower, as was Energy.

But most of the sectors were up, with Info Tech leading the way. It was up 1.4% as BlackBerry (BB.TO, BBRY) climbed 5.8% on media reports that said the smartphone maker is working on some partnerships that would rival Apple and IBM's venture into mobile enterprise services.

The mining sector gained near 0.5%, driven by better than expected results from the likes of PotashCorp (POT.TO) . Meanwhile, Telecom rose 0.2% after Rogers Communications (RCI-B.TO) jumped 1% as profit matched estimates.

Of commodities, gold prices hit a four week low Thursday as investors prefer to invest in equitites these days. Oil futures were down in line with gasoline on rising supplies. Bloomberg said copper futures rose the most in three weeks as a gauge of manufacturing climbed to an 18-month high in China, the world's top consumer of industrial metals.

Among the influential companies to report Thursday was Potash Corp. of Saskatchewan Inc., (POT.TO). Its shares gained 0.3%, but were off early day highs after the fertilizer giant raised its full-year earnings forecast and said demand in Latin America and China will be higher than expected. Profit will be $1.70 to $1.90 a share, Potash said, compared with earlier guidance of $1.50 to $1.80. Shipments could rise to as much as 58 million metric tons, up from 57 million. Q2 net income came in at $472 million or $0.56 cents a share, down from $643 million or $0.73 cents a share in Q2 2013. However, earnings beat the forecasts. At last look on Capital IQ forecasts available through Bloomberg, the average forecast of 21 analysts was for EPS of $0.45.

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This article appears in: Investing , Commodities

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