CANADA STOCKS-TSX little changed; rising BCE offsets energy drop

Wed Aug 8, 2012 11:02am EDT
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* Main index rises 1.71 points, or 0.01 pct to 11,865.21
    * BCE biggest positive influence after strong results

    By Alastair Sharp
    TORONTO, Aug 8 (Reuters) - Canada's main stock index was
little changed on Wednesday after two sessions of strong gains,
as a jump in BCE Inc shares on solid earnings and a
dividend boost helped offset declining energy companies.
    Second-quarter profit for BCE, the parent of Bell Canada and
the country's largest telecom company, beat expectations as
wireless and media arm growth spurred the company to lift its
full-year earnings outlook and dividend payout. 
    Its shares gained 3.8 percent to C$44.87, the single biggest
positive influence on the index.
    "There is still a huge demand for yield and Bell will hit
that category," said Paul Hand, a managing director at RBC
Capital Markets.
    Research In Motion Ltd also gained, rising 5.1
percent to C$7.69 a day after an analyst suggested the
BlackBerry maker could revive talks to license its new operating
system to Samsung.
    The gains helped offset the impact of weak data from major
European economies Germany and Britain, which contributed to the
commodity price declines that hurt Toronto's resource-heavy
     Among the heaviest weights were Enbridge Inc, down
1.5 percent at C$39.42, Suncor Energy, which dipped 0.7
percent to C$32, and Transcanada Corp, which slipped
0.9 percent to C$45.66.
    By 10:59 a.m. (1459 GMT) the Toronto Stock Exchange's
S&P/TSX composite index was up just 1.71 points, or
0.01 percent, at 11,865.21. On Tuesday it closed at its highest
level since July 4.
    Shares of Silver Wheaton Corp rose 4.7 percent
while HudBay Minerals Inc was up 1.8 percent on a deal
that will see Silver Wheaton help finance the development of
HudBay's Constancia mine in Peru in exchange for the right to
purchase precious metal byproducts from the base metal miner.