Referenced Stocks

Canadian Stocks Drifting Through Lazy Session as Unemployment Rate Edges Higher

By Midnight Trader,  August 10, 2012, 12:56:46 PM EDT

Canadian stocks are little changed this afternoon, matching direction with the U.S. markets today with declines among energy issues offsetting moderate gains for gold and other miners.

Technology stocks also are getting a boost from media reports IBM ( IBM ) made an informal approach to Research in Motion (RIMM, RIM.TO) about buying its enterprise-services unit. Spokespersons at both firm declined comments when contacted by Bloomberg News.

Stocks aren't really being influenced by a report today that Canadian employers trimmed the nation's workforce by 30,000 during July, with the unemployment rate nudging up 0.1 percentage points to 7.3%. Year over year, 139,000 more Canadians are now working, with full-time employment rising 1.4% and part-time work falling 1.8%.

Here's where the Canadian markets stand this afternoon:

- S&P/TSX Composite Index down 1.99 (-0.02%) to 11,856.14.

- S&P/TSX Venture Composite Index up 0.28 (+0.3%) to 1,193.33.

In company news, OpenText (OTEX,OTC.TO) shares are up more than 10% today after the application software firm reported fiscal Q4 earnings of $1.17, a penny better than estimates. Revenues were $305.6 million, trailing the analyst consensus by $4.6 million.




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.


This article appears in: Investing, Commodities

Referenced Stocks: IBM



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