Canada Stocks Close Unchanged; Sectors Mixed; Encana Most Active
Canadian stocks closed unchanged on Tuesday, and sectors where mixed. Info tech was the best performing sector but the stronger than expected US ISM services report generated headwinds for the broader market.
Oil transport is likely to become more efficient after Alberta and British Columbia on Tuesday announced a framework agreement between the two Canadian provinces that could ease construction of new oil pipelines to the Pacific coast.
Encana (ECA.TO) was the most active share closing up 3.3% with 17 million shares changing hands. The company said on Tuesday it will cut about 20 percent of its workforce, slash its dividend, and focus future spending on just five regions rich in oil and gas liquids as it looks to move away from low-value natural gas production.