Canadian Stocks Falls As Greek, Eurozone Fortunes Teeter


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Canadian stocks are broadly lower although energy stocks are higher as a group, supported by a pair of high-profile sector deals. Financial and mining stocks are pacing today's losses as Greece's position within the European Union comes under new scrutiny as inspectors from the EU, International Monetary Fund and the European Central Bank arrive later today to begin a closer look at the country's austerity program.

Here's where the Canadian markets stand this afternoon:

- S&P/TSX Composite Index down 122.43 (-1.1%) to 11,501.

- S&P/TSX Venture Composite Index down 21.93 (-1.8%) to 1,174.26.

In company news, Nexen (NXY, NXY.TO) shares are up more than 50% after agreeing to a $15.1 billion buyout by CNOOC, the state-run Chinese oil and gas company. The deal calls on NXY shareholders receiving $27.50 a share in cash, a 61% premium to Friday's closing price.

Also, shares of Talisman Energy Inc (TLM, TLM.TO) are up 6% after the company said it was selling a 49% stake in its North Sea oil assets to China Petroleum & Chemical Corp ( SNP ), also known as Sinopec, forming a joint venture that will proportionately trim its capital spending costs.

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

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