CANADA STOCKS-TSX steady as China data offsets BlackBerry
* TSX rises 12.33 points, or 0.10 percent, to 12,818.80 * Six of the 10 main index sectors advance * BlackBerry drops 4.3 percent * Telecoms gain as U.S. carriers shun wireless auction By John Tilak TORONTO, Sept 23 (Reuters) - Canada's main stock index edged higher on Monday as positive Chinese economic data and German Chancellor Angela Merkel's election victory offset concerns about U.S. Federal Reserve policy direction and another fall in BlackBerry shares. Shares of BlackBerry dropped 4.3 percent after the smartphone maker warned on Friday it will report a huge quarterly loss and cut more than a third of its global workforce. Investors were, however, encouraged by a slew of surveys that showed a burst of new orders for businesses in China and Europe, suggesting a rebound in those economies. In Germany, Merkel began trying to persuade her center-left rivals to keep her in power after her conservatives notched up their best election result in more than two decades but fell short of an absolute majority. Investors remained focused on the Fed's next steps after the U.S. central bank surprised markets last week by keeping its stimulus program fully in place. "The market is indecisive, lacking direction," said Irwin Michael, portfolio manager at ABC Funds. "The market is trying to process all the information of the last few days." "The Canadian market has not been stellar, but it has been improving," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 12.33 points, or 0.10 percent, at 12,818.80. It has gained about 5.6 percent this quarter. Six of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, climbed 0.3 percent. In the group, Royal Bank of Canada, the country's biggest lender, rose 0.5 percent to C$66.27, and Toronto-Dominion Bank added 0.3 percent to C$91.31. After top U.S. telecommunications companies declined to register for a Canadian wireless spectrum auction, shares of the major incumbents Canadian telecoms gained. BCE Inc advanced 0.7 percent to C$44.24, Rogers Communications Inc was up 1.5 percent at C$45.51, and Telus Corp rose 0.2 percent to C$34.64. Energy companies, reflecting a lower price of oil, fell 0.5 percent. In the group, Suncor Energy Inc slipped 0.7 percent to C$36.63. BlackBerry dropped to C$8.69, dragging the information technology sector down 0.6 percent. On Friday, it fell 16.1 percent.
© Thomson Reuters 2016 All rights reserved.