Energy losses lead TSX lower; BlackBerry jumps to one-year high

Wed Apr 12, 2017 5:05pm EDT
 
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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.

Royal Bank of Canada (RY.TO: Quote), the country's largest lender, fell 0.8 percent to C$96.06 and Toronto-Dominion Bank (TD.TO: Quote) lost 0.9 percent to C$65.57.

Bombardier Inc (BBDb.TO: Quote) fell 6.3 percent to C$2.22 after a sharp gain in the prior session on reports its rail division is in merger talks with Siemens AG.   Continued...

 
A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto, June 23, 2014. REUTERS/Mark Blinch