Energy losses lead TSX lower; BlackBerry jumps to one-year high
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index fell on Wednesday, as losses for its heavyweight financial and natural resource sectors offset a sharp boost in BlackBerry Ltd shares after it won an arbitration ruling against chipmaker Qualcomm Inc.
Lower oil prices pulled the index's influential energy group down 1.1 percent overall, while the financials group fell 0.8 percent, as investors took a cautious approach to lingering geopolitical tensions ahead of corporate earnings season.
Major oil sands player Canadian Natural Resources Ltd (CNQ.TO: Quote) fell 1.2 percent at C$44.72.
"Earnings season is coming up fast and furious and we'll get a good idea of what companies are predicting for the rest of the year," said Barry Schwartz, portfolio manager at Baskin Financial Services.
"Corporations aren't putting money to work because they're not seeing demand like they were seeing, and of course we're very resource-heavy and prices don't dictate for anyone to start a new oil sands project here."
Cenovus Energy Inc declined 1.8 percent to C$14.45. The company's chief executive said on Tuesday that Cenovus will do more hedging after its acquisition of ConocoPhillips (COP.N: Quote) assets as he mounted a charm offensive on investors who balked at the deal.