The benchmark Canadian index is up nearly 72 points at midday,
building on its earlier gain, after the recently announced Canadian
Natural (CNQ.TO) deal helped lift the resource-heavy stock
Canadian Natural is the biggest driver of the market, up nearly
5%, after reporting it has signed an agreement to buy Devon
Canada's Canadian conventional assets for C$3.125 billion in cash.
This boosted the S&P/TSX Energy Index, which is up 1% to be the
biggest gainer at midday. SW8 Asset Management President Matt
Skipp commented the deal has given investors confidence in this
sector of the market, considering "one of the smartest operators"
is making a "significant" acquisition.
Industrial stocks are also gaining, up 0.64%, as Bombardier
(BBD-B.TO) edged up 1% on news it has won a US$2.1 billion London
In the negative zone, info tech is down 0.18%, weighed down by
Blackberry (BB.TO) shares that fell 2.4% on news the smartphone
maker's CEO John Chen was overnight widely reported to be, among
other things, "outraged" with U.S. wireless carrier T-Mobile (
) after it launched promotions aimed at convincing users of its
products to switch over to using Apple (
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.