Canadian Stocks Higher, But Off Day Highs - Just Like Friday; All Sectors Up


Canadian stocks are higher today, with the S&P/TSX Composite Index up about 30 points or 0.2%, but giving back the majority of an earlier advance which saw the index topping the 12,500 mark. This mirrors Friday, when the index closed up 60 points but was up around 150 points earlier.

All of the industry sectors are posting small gains, with the Industrials sector leading the advance with a 0.7% rise. The telecom sector is so far the weakest, and is hovering near even.

One of the steepest decliners is North American Palladium Ltd (PDL.TO, PAL), which was last down 18.8% at $1.12 a share, having earlier touched a 52-week low of $1.05 after reporting its Q1 net loss widened to C$0.02 from C$0.01 per share during the same quarter last year. Revenue rose 13.2% to C$47.1 mln.

Heading in the opposite direction today is Penn West Petroleum (PWT.TO, PWE), now ahead about 4.5%, after the oil and gas producer named two industry veterans to its board of directors. Former Suncor (SU.TO, SU) CEO Rick George was selected to be board chairman, taking over from Jack Schanck who has served in the post on an interim basis. George was president and chief executive at SU from 1991 through 2012. Schanck also will remain on the PWE board. The company also named Allan Markin, the former board chairman at Canadian Natural Resources (CNQ.TO, CNQ) to a board seat and said he will assume duties as vice chairman of the board together with Bill Andrew.

In other company news, Wi-Lan Inc. (WIN.TO, WILN) is up 3.7% this afternoon after signing a multi-year licensing pact with Panasonic Corp for WILN's digital television and display patent portfolio, including its V-chip technology.

Also, Onex Corp (OCX.TO) is up 0.6% at $49.90 a share and nearer to a year high $50.48 after today agreeing to acquire Nielsen Expositions from its corporate parent, Nielsen Holdings N.V. ( NLSN ), for $950 mln in cash. The transaction is anticipated to close in the second quarter, subject to customary closing conditions. NLSN also is 0.9% higher.

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: NLSN

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