Canada's Main TSX Mkt Lower On Selling Pressure In Tech Sector, But Smaller TSX Venture Mkt Slightly Higher

By Staff,

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Canada's main stock market the bigger TSX is lower today, with all sectors in the S&P/TSX Composite Index down in afternoon trade. Technology stocks are taking the hardest hit on the TSX today as disappointing results from Microsoft ( MSFT ) and Google ( GOOG ) over the past 24 hours are weighing on sector stocks worldwide. But the smaller TSX Venture Exchange has twice recovered from big sell offs to recover - earlier by quite a bit, and currently by enough to take it just back in to positive territory.

In economic news, consumer prices rose 1.2% during the 12 months to September, matching the increase in August. Higher energy prices, particularly for gasoline and electricity, led the advance in the September Consumer Price Index ( CPI ). The rise was tempered, however, by lower year-over-year price increases for the purchase of passenger vehicles and for food purchased from stores.

Here's where the Canadian markets stand:

- S&P/TSX Composite Index down 57.03 (-0.5%) to 12,409.09.

- S&P/TSX Venture Composite Index up 0.35 (+0.03%) to 1,312.69.

In commpany news, shares of BCE Inc. (BCE, BCE.TO) are down about 2% on the TSX with the Canadian government saying it cannot overturn a decision by the country's broadcast regulator rejecting BCE Inc.'s $3.4 billion bid to buy Astral Media Inc. (ACM-A.TO), which is down 15%.

Sebastien Gariepy, a spokesman for Canada's heritage minister, said the federal cabinet has no authority over decisions by the independent Canadian Radio-television and Telecommunications Commission. The regulator blocked the deal yesterday, saying it would have resulted in an unprecedented level of consolidation in Canada's media industry.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CPI , GOOG , MSFT

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