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
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
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. (
), 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.
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