Canadian Shares Skid with Global Stocks, Falling Commodity Stocks


Canadian stocks are lower in Wednesday trading after a report on U.S. durable goods orders missed expectations. A slump in crude oil and gold prices today also is weighing on equities.

The S&P/TSX Composite Index was down 1.02% at 12,384.32 at about 11:30 a.m. ET while the S&P/TSX Venture Composite Index was down 1.13% at 1,557.27, with both market gauges paring their losses slightly over the past hour.

Durable goods orders in the U.S. rose 2.2% during February, reversing a decline in the previous month, the U.S. Commerce Department reported today. Experts in most surveys had been expecting a larger increase, with some forecasting as much as 3% growth and a 2.5% increase in the consensus view, according to Thomson Reuters.

Crude prices declined on new speculation that developed countries will release strategic stockpiles in an coordinated effort to combat high crude prices. France is working "alongside the U.S. and the U.K. in the consultation with the IEA, which could allow reserves to be used," French government spokeswoman Valerie Pecresse said, according to Reuters. An Energy Department undersecretary yesterday told a Congressional committee that the Obama Administration also is considering tapping the U.S. Strategic Petroleum Reserve.

In company news, several government officials in Missouri are praising plans by Enbridge Inc. ( ENB ) to expand its oil pipeline running through that state, according to the Associated Press. ENB earlier this week announced a $2.8 billion plan to add a new pipeline connecting Flanagan, Ill., and Cushing, Okla., along an existing pipeline route and adding another 585,000 barrels of daily capacity. ENB shares were trading higher most of this morning before turning just negative in recent minutes.

Also today, U.S.-listed shares of Paramount Gold and Silver ( PZG ) are now over 6% after the miner announced a $18.2 million private placement of common stock. PZG will issue nearly 9 million shares priced at $2.05 each with new net proceeds from the transaction to be used to support exploration and development plans along with the company's ongoing general corporate and working capital requirements.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: ENB , PZG

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