An earlier MT Newswires story issued on Wednesday incorrectly
stated in the headline that Canada's benchmark index was down by 28
points in mid-afternoon trading. The headline should have stated
that the TSX was up by 28 points mid-afternoon. There are no
corrections on the body of the story.
The TSX pared its early gains to 28 points in mid-afternoon
trading after energy shares moved into the red, as investors
contrasted strong Cenovus (CVE.TO) results with weak crude
and Penn West's (PWT.TO) plan to restate results amid accounting
The benchmark index earlier touched a new high of 15,517.22,
driven by optimism on better-than-expected U.S. GDP data for Q2.
Canada's largest trading partner reported an annualized GDP growth
of 4%, compared to the analyst forecast of 2% to 2.5%. A separate
report also showed the economic superpower adding 218,000 jobs in
the private sector in July.
On the equities front, energy shares slipped 0.02%, with crude
oil prices down 0.80% and Penn West tumbling 15%. Although Cenovus
shares, up 2%, have been limiting losses for the sector after the
company's profit more than tripled. Utilities was also in the
negative territory, off 0.69%.
Meanwhile, info tech shares remained the biggest gainer, up
1.57%, with Wi-Lan (WIN.TO) and CGI Group (GIB-A.TO) trading
higher, following earnings results. Miners rose 1.02%, along with
copper and silver prices. Financials added 0.38%.
More than 186 million shares have changed hands so far. Penn
West was the most actively traded.
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