Canadian stocks rallied from being 60 points lower after about
an hour of Wednesday's session to slowly claw its way back in to
positive territory inside the last half an hour. It closed just 1
point higher after the effort of getting there took its toll and it
ran out of puff in the final moments. Sectors were mixed, with
Telecom and Info Tech creating headwinds for the broader
The info tech sector continues to suffer a blow from Blackberry
shares (BB.TO), which fell 5.2%. There were reports that Blackberry
has hired boutique investment bank Perella Weinberg Partners to
help advise on a possible sale of the company. But this comes after
other reports that Fairfax Financial (FFH.TO) is having to work
very hard to get together a consortium to complete a deal. FFH is
led by former Blackberry director Prem Watsa.
The Canadian dollar continued to move higher for the 4th
consecutive session on the heels of Friday's better than expected
Canadian employment report. Resistance on the currency pair is seen
near the August highs at 0.9725, while support is seen near the
5-day moving average at 0.9626.
Ainsworth Lumber Co. Ltd. (ANS.TO) was the most active stock
after it announced that a new four year labor agreement with the
Pulp, Paper and Woodworkers Union of Canada (PPWC Local 9) has been
ratified by its union members. The new labor agreement involves
approximately 135 employees at the 100 Mile House, British Columbia
mill and will expire on June 30, 2017. The stock closed down 1.03%
with 11.9 million shares changing hands.
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