CORRECTION: TSX Cuts Early Gains, Up 28 Points Mid-Afternoon, As Energy Swings to Loss


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 oil prices and Penn West's (PWT.TO) plan to restate results amid accounting probe.

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.

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

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