Canada Stocks Close Lower; Iranian Nuclear Deal Hits Energy and Metals and Mining; Encana Most Active
Canada stocks closed lower on Monday, most sectors where higher, but Metals and Mining and Energy generated headwinds on the broader markets. The weekends deal between Iran and the permanent members of the security council were a drag on oil and gold.
Over the weekend, the five permanent member of the UN Security Council and Iran reached a tentative agreement that would mitigate some of the sanction on Iran in return to an termination of Iran's nuclear program. Oil prices moved lower on the news with the January WTI crude oil futures contract closing down $0.75 per barrel on the NYMEX exchange.
BlackBerry Limited (BB.TO) today announced that as part of the on-going reorganization of the struggling smartphone maker, Kristian Tear, the company's Chief Operating Officer, and Frank Boulben, the company's Chief Marketing Officer, will leave the company. BlackBerry also announced that James Yersh will replace Brian Bidulka as its Chief Financial Officer.
Encana Corp (ECA.TO) was the most active share on the TSX with no fresh specific stock news driving volume. The stock settled unchanged with 8.6 million shares changing hands.