Canadian Stocks Little Changed Despite RIM Dialing Up The Losses; Helped By Gains For Likes Of Oando Energy

By Staff,

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Canadian stocks are little changed, with the ST&P/TSX Composite Index fluctuating either side of parity after recovering from an early sell off. Reflecting this, sectors are mixed, although the biggest sector change is in Info Tech (down 7.5%) due to selling pressure on Research In Motion (RIM.TO, RIMM) after it revealed a lower subscriber base. This took the shine off what was on paper a strong quarterly result. RIM is down 20% on the TSX today.

In economic news, real gross domestic product edged up 0.1% in October, following no growth in September and a 0.1% decline in August, according to StatisticsCanada. Meanwhile, Canadian consumer prices fell 0.2% in November, weaker than expected, and pulling the headline inflation rate down to 0.8% y/y from 1.2% y/y (the coolest pace since November 2009) .

In other company news, Oando Energy Resources (OER.TO) shares are up 10% and have hit new year highs on the TSX after the Canadian energy firm agreed to purchase oil and gas assets in Nigeria from ConocoPhillips ( COP ). The deal is expected to close during the first half of 2013. COP shares are lower today.

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
Referenced Stocks: COP

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