TSX May Start Abbreviated Week On A Down Note -- Canadian Commentary

By RTT News, 
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(RTTNews.com) - Canadian stocks may be in for a lackluster start to a holiday-shortened week on Bay Street, as domestic GDP figures fell shy of expectations.

Canada's economy grew only 0.1 percent in April, renewing concerns over the country's economic outlook, official data showed on Monday.

The economy was expected to grow by 0.2 percent for the month.

Unless the mood improves today, another run at record highs may have to wait until later in the week, as markets are closed Tuesday for Canada Day.

The S&P/TSX Composite Index closed Friday at 15,094.25, up 63.51 points or 0.42 percent. Earlier in June, the index very nearly breached its all-time intraday high of 15,154.77, recorded in 2008.

Ballard Power Systems (BLD.TO) has inked a deal for the sub-license of intellectual property to M-Field Energy Corp. for material handling systems to be deployed in Europe.

Encana Corp. (ECA.TO) on Friday sold its Bighorn land in Western Canada for roughly $1.8-billion.

Meanwhile, a subsidiary of First Quantum Minerals (FM.TO) has shut down until further notice a $6.4-billion copper project in Panama.

Canadian National Railway (CN.TO) has been raised to overweight at Barclays.

Citigroup raised TransCanada (TRP.TO) to buy from neutral.

Energy stocks could weaken amid a drop in crude oil prices.

U.S. crude oil for August was down $0.52 at $105.21 per barrel, at the bottom end of June's trading range. Crude oil peaked at a yearly high of $107.50 last week.

Analysts say the Iraq insurgency will likely be confined to these areas and not spread south where most of Iraq's oil is produced.

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This article appears in: News Headlines

Referenced Stocks: BCS , C , CNI , ECA , TRP

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