Canadian Markets Little Changed Today, Largely Undermined by Gold Stocks

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Canadian stocks have made at least three attempts to get ahead today but have fallen back each time and are now little changed early afternoon.

There was early buying optimism after a positive start yesterday to the U.S. earnings season with Alcoa, and on the domestic front strong buying of Bombardier (BBD-B.TO). But this optimism has faded. Bombardier is now up just 1 cent at $3.87, off a day high $3.95.

Gold is the largest drag among the industry sectors, sliding nearly 1% as a group, while shares of the influential financial companies are little changed.

Healthcare stocks are the best performers, aided by a strong rise for Cangene Corp. (CNJ-TO) after the U.S. Food and Drug Administration approved its Varizig product for post-exposure treatment of chickenpox in high risk patient groups. CNJ is up 7.5% at $1.88, although off a day high $1.96.

In company news, U.S.-traded shares of Shaw Communications Inc. (SJR-B.TO,SJR) are now little changed at around US$22.84 a share, having earlier touched a day high $23.09 compared to a 52 week high $23.55 after the cable and Internet services provider earned C$0.49 a share in Q1, up from a C$0.43 profit during the same quarter last year. Analysts, on average, were expecting C$0.45 a share, according to Thomson Reuters. Revenue rose 3% to C$1.32 billion.

In economic news, tourism spending in Canada rose 1.0% in Q3 following a 0.1% increase in the previous quarter. Higher tourism spending by Canadians at home more than offset a decline in spending by international visitors in Canada, according to the new report today by StatisticsCanada.



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

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This article appears in: Investing , Commodities

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