Markets

Canadian Stocks Falling As Most Industry Sectors Slide; Blackberry Leading Tech Sector Lower

Canadian stocks are lower today, with the S&P/TSX Composite Index slipping around 50 points, or 0.4%, near its low for the session at close to 12,490, hurt by lower oil prices and selling pressure in Blackberry (BB.TO) and a selection of miners.

Although the index gained a total of more than 200 points in the first three days of this week, there was downward momentum late Wednesday and that continued in to Thursday with the index opening 10 points down on the previous close and staying under water from there.

Most industry sectors are in the red, including declines for influential energy, financial and mining stocks.

Shares of information technology firms are taking the hard hits, slumping 1.8% as a group. Blackberry is down over 6%, suffering its largest intra-day slide since March 25, after ITG Investment Research analyst Joseph Fersedi wrote "the U.S. launch of the Z10 started poorly and weakened significantly as the days passed." Another analyst at Detwiler Fenton & Co. also said today it has observed large number of returns of BBRY's new touch-screen Z10, writing in some circumstances, "returns are now exceeding sales - a phenomenon we have never seen before." according to a Bloomberg report.

In other individual company news, shares of Silver Wheaton Corp (SLW.TO ,SLW) are down about 0.5% after Barrick Gold (ABX.TO, ABX) confirmed that a Chilean court ordered a suspension of work at its Pascua-Lama mine in the Andes in response to local resident complaints. SLW had committed to buy 25% of the silver produced from the mine.

ABX is up 1.4% this afternoon after tumbling 8.4% during Wednesday's session following initial reports of the Chilean injunction.

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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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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