Canadian stocks are narrowly lower today, with the S&P/TSX
Composite Index slipping about a dozen, extending yesterday's
6-point decline for the market gauge. However, it has recovered
ground after opening nearly 40 points below the previous close and
then losing another 10 after just over an hour.
Information technology stocks are the day's best performers,
rising 1% as a group, including a 2%-plus rise for Blackberry Inc.
(BB.TO, BBRY) after the smartphone-maker reported a surprise Q4
adjusted profit of $0.22 per share, easily beating analyst
estimates looking for a $0.31 loss. Revenue, however, fell 36% from
year ago levels to $2.7 bln, trailing the consensus by $100 mln.
And it lost some subscribers in the quarter too, making the result
Shares of financial companies are lower, providing the biggest
drag on the overall market.
In economic news, real gross domestic product rose 0.2% in
Canada during January, reversing a 0.2% decrease in December,
according to Statisticscanada. Manufacturing was the largest
contributor to January's rise.
Also, Canada's Industrial Product Price Index rose 1.4% during
February, led by higher prices for petroleum and coal products. The
Raw Materials Price Index climbed 2.2%, largely because of higher
prices for crude oil.
In other company news, Suncor Energy (SU.TO,SU) is now up about
0.7% at $30.62 a share, turning around a small dip earlier today
after the Canadian oil and gas company said it is not proceeding
with the Voyageur upgrader project in Alberta oilsands after
purchasing its partner's 49% stake in the joint venture for $515
mln. The cancelation is going to result in SU taking a $140-mln
charge against its Q1 earnings with quarterly cash flow reduced by
around $180 mln.
The company said the decision follows a strategic and economic
review it began late last year with Total SA (
), its joint venture partner in the project. Separately, TOT last
night said it will book a $1.65-bln loss from the cancelled
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