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Canada Stocks Fail To Hold On Gains, Big and Small; Bombardier, Blackberry, Telcos In The News

Highs and Lows Stock Data

Canada's main stock market, the Toronto Stock Exchange, looked like it was set to close in positive territory after it recovered from being 17 points below par to be slightly above it either side of 3pm ET. However, it failed to stay there and ended up closing down 5 points. It had already lost strong early gains after opening up 22 points from the previous close and quickly adding 16 more points in gains, before it fell from its perch.

Many of Canada's top stocks - including Bombardier (BBD-B.TO) and Blackberry (BB.TO, BBRY) - were very much in the news.

Bombardier lost early gains that saw it touch $4.09 and ended the day 3 cents lower at $4.03 as it unveiled its single-aisle CSeries planes, with which it hopes to challenge industry leaders Boeing and Airbus.

Blackberry lost 2% to close at $13.57, but that was still well above a day low $13.36. Bloomberg reported: "While Canadian smartphone maker BlackBerry said it plans less expensive devices for emerging markets like India, the company has no plans to get into the US$50 to US$60 price range to compete with lower-cost Asian rivals." Bloomberg said: "BlackBerry began selling the Z10 unsubsidized in India last month at a cost of 43,490 rupees (US$806), counting on wealthier Indians to build buzz for the company's new operating system before cheaper BlackBerry 10 models arrive. Sales in emerging markets like Indonesia and India had held up better than in Europe and North America even as sales overall fell by 47% last quarter."

Sectors were mixed with Energy and Metals & Mining leading the gains, both gaining more than 1%. Telecoms were the biggest losers, down 1% as a group as Bloomberg reported: "Canada will limit the amount of wireless spectrum that large telecommunications providers such as BCE Inc. (BCE.TO) can acquire in an auction set to begin Nov. 19, Industry Canada said."

It reported: "BCE, Telus Corp. (T.TO), Rogers Communications Inc. (RCI-B.TO) and other operators will each be able to buy only one of four blocks of spectrum identified by the industry as most desirable, the department said today in a statement outlining the rules for the auction in the 700-megahertz band."

Meanwhile, MarketWatch reported: "Oil futures climbed more than 1% Thursday, as weakness in the dollar, easing worries over the euro zone and better-than-expected U.S. data combined to lift prices to their highest settlement of the month." It said: "April crude tacked on US$1.13, or 1.3%, to settle at $91.56 a barrel on the New York Mercantile Exchange."

MarketWatch also reported: "Gold futures settled with a minor gain Thursday, with weakness in the dollar following the European Central Bank's policy decision lifting prices back above US$1,575 an ounce. Comments from the ECB's president, however, helped ease concerns over the euro zone, keeping a cap on gold's gains." It said: "April gold settled at $1,575.10 an ounce on the Comex division of the New York Mercantile Exchange, up 20 cents."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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