Markets

Canada Stocks Lose 76 Pts With Bombardier, Blackberry Among Big Losers

Canada's main stock market, the Toronto Stock Exchange, closed down around 76 points, but a dozen points above day lows Monday with all of the major sectors lower, led by Metals & Mining with gold stocks under pressure on sliding bullion prices and Info Tech with Blackberry (BB.TO) suffering after some negative analyst reports.

But it was Bombardier (BBD-B.TO) that emerged as the most active loser, falling nearly 3% with more than 15 million shares traded.

BlackBerry (BB.TO, BBRY) shares were off 4.5% - but at least recovered after going below $14 earlier - with 10 million shares traded. This came after a downgrade by equities research analysts at Goldman Sachs from a Buy rating to a Neutral rating. Citigroup has kept a Sell rating with a $6 price target. But Jefferies maintained a Buy rating and price target of $19.50. BB releases its latest earnings report on Thursday.

MarketWatch reported: "Oil futures closed at their highest level in more than a month on Friday as a bailout deal for Cyprus eased some, but not all, of the concerns over the euro zone and the region's energy demand." It said: "May crude climbed $1.10, or 1.2%, to settle at $94.81 a barrel on the New York Mercantile Exchange after touching a high above $95. The settlement was the highest since Feb. 20."

MarketWatch also reported: "Gold futures finished lower Monday, but prices held ground above $1,600 an ounce as a bailout deal in Cyprus dulled only some of gold's safe-haven appeal." It said: "April gold lost $1.60, or 0.1%, to settle at $1,604.50 an ounce on the Comex division of the New York Mercantile Exchange, well above the session's low of $1,588.40."

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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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