Markets

Canadian Stocks Lower; Has Recovered A Bit In Last Hour, But No Sign of A Rally; All Sectors Lower

Canadian stocks are mostly lower this afternoon, with the S&P/TSX Composite Index falling about 80 points, or nearly 0.7%. While they have recovered around 20 points from day lows in the last hour there are no signs that a further recovery is likely with the index now trading in a thin range.

All sectors are lower. Shares of Telecom, Utilities and Health Care are posting the steepest declines.

In company news, Canadian Imperial Bank of Commerce (CM.TO,CM) is slightly lower after late yesterday saying it has promoted Richard Nesbitt, who already heads several of its key operations, to chief operating officer.

Also, Cenovus Energy Inc. (CVE.TO, CVE) is down about 1.3% after agreeing to sell its Shaunavon tight oil asset in southern Saskatchewan to Surge Energy Inc. (SGY.TO) for around $240 million. SGY is down 1.5%.

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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