Canada Stocks Matching Thursday's 50-Plus Pts Gain So Far As Energy Issues Lead Charge; Tech Sector Drags

By Staff,

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Canadian stocks are up close to 55 points Friday afternoon - which is what the index gained yesterday. The index gained around 80 points in total over the last two trading sessions.

Energy stocks by far are the day's best performers, with the sector up more than 1% as a group. Among the energy companies posting outsized gains are Crew Energy (CR.TO), rising over 7%, and Petrobank Energy and Resources (PBG.TO), up 3% in moving a bit further away from year lows. There is no company-specific news behind either gain, although PBG yesterday mid-morning requested a temporary trading halt presumedly for an announcement only to resume trading just four minutes later.

Tech stocks are leading shares in the opposite direction, including a 2% decline for Blackberry Inc (BB.TO, BBRY). The stock closed lower yesterday too as investors and traders try to figure out if the company can increase its market share in the face of increased competition from Samsung's latest smartphone offering. The euphoria that led to the stock jumping 8% Wednesday has faded - those gains cam amid news that it had sold 1 million smartphones to an existing client.

In other company news today, Barrick Gold Corp. (ABX.TO,ABX) is up about 0.3% but still near year lows after late yesteday saying a shipment of gold from one of its biggest mines has been detained by customs officials in the Dominican Republic. The seizure comes just weeks after the Dominican government said it wants more taxes from the massive Pueblo Viejo gold mine, co-owned by Barrick and Goldcorp Inc. (G.TO, GG) GG shares are up about 0.2%.

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

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This article appears in: Investing Commodities
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