Canada Stocks Closing Little Changed After Earlier Hitting Record Highs; Blackberry One of The Stories of The Day


Canada's main stock market, the Toronto Stock Exchange, hit a new record high of 15,256.36 late Thursday morning but then ran out of puff - just as the U.S. markets were closing in preparation for Friday's Independence Day celebrations - and succumbed to some profit taking following five days of successive gains. It was closing just below 15,210. But it might have been worse for the overall index except for the release of positive economic data both sides of the border that seemed to boost sentiment.

Canada's merchandise trade deficit narrowed in May to $152 million, about half of what some had forecast. And in the U.S., non-farm payrolls increased by a higher than expected 288,000 versus a forecast 215,000.

Among sectors, sectors were mixed with Mining, Industrials and Financials up.

Of commodities, gold futures ended lower, but above day lows on some profit taking after recent gains and pressured by the U.S. jobs numbers. Bloomberg said West Texas Intermediate crude fell for a sixth day, capping its longest retreat in more than two years on easing supply concerns in Iraq and Libya. Brent also declined.

One of the stories of the day involved BlackBerry (BB.TO, BBRY), which is selling its research and development department in Germany to Volkswagen Infotainment, a subsidiary of the automaker that makes interactive technology built into vehicle dashboards, according to a Canadian press report carried on the Globe and Mail website Thursday. The companies say the deal will shift about 200 BlackBerry employees in Bochum, Germany, to Volkswagen, according to the report. BB lost 0.9% on the TSX.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

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This article appears in: Investing , Commodities

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