Canadian Stocks Underwater; Energy and Mining Sectors Up on China Data, But Overall Mkt Down On U.S. News, Or Lack of It


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Canadian stocks are lower today with all but the Energy and Mining sectors lower. These two sectors may be higher on strong manufacturing data out of China, which raises the possibility of increased demand from there for Canadian commodities. But a contraction in U.S. manufacturing in November and concerns about the lack of progress in U.S. fiscal-crisis talks is overshadowing that.

In economic news, the RBC Canadian Purchasing Managers' Index fell a full point in November to a 50.4 reading, its lowest mark since the survey began in October 2010.

The S&P/TSX Composite Index was down 34.33 points, or about 0.3%, at 12,205.03 about four hours into today's session.

In company news, Saputo (SAP.TO) shares are up 3% at around 18 month highs after the Canadian food processor paid $1.45 billion to Dean Foods ( DF ) for its its Morningstar Foods Unit. SAP was a late entrant to the bidder pool, stepping in only two weeks ago, according to reports.

Also today, Research in Motion (RIMM, RIM.TO) have been fluctuating and are now down around 1% again as Canaccord Genuity cut the smartphone and tablet computer maker to Sell from Hold, asserting there is little chance the upcoming launch of Blackberry 10 devices "will return RIM to sustained profitability."

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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