CANADA STOCKS-Interlisted issues mixed in U.S. as TSX shut

Wed Dec 17, 2008 5:26pm EST
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(Adds quote, details. In U.S. dollars unless noted)

TORONTO Dec 17 (Reuters) - With the Toronto Stock Exchange closed on Wednesday because of technical problems, shares of some interlisted Canadian companies saw mixed action south of the border.

EnCana Corp ECA.N, Canada's No. 1 oil and gas producer, dropped 3.03 percent to $46.36 as oil fell $3.54 to settle at $40.06 a barrel, after earlier dipping below $40 for the first time since July 2004.

The Organization of the Petroleum Exporting Countries agreed to cut 2.2 million barrels a day of output starting on Jan. 1, the biggest single reduction on record.

But oil prices dropped as dealers said the OPEC cuts did not go far enough to offset slumping world demand and prop up retreating prices. [ID:nSP305685].

"The Street fully anticipated the OPEC cut so there was no positive surprise and (prices) had already run up in advance of the OPEC cut," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary, Alberta.

"I think there's a bigger message there. You need to be more proactive rather than reactive. At this point, the market's displeasure is that OPEC is strictly reacting to demand but not really getting ahead here."

Nexen Inc NXY.N fell 3.7 percent to $17.93. It said on Wednesday it would acquire a majority interest in its Long Lake oil sands project, buying up the stake held by joint-venture partner Opti Canada Inc OPC.TO for C$735 million. [ID:nBNG405486]

Barrick Gold Corp (ABX.N: Quote) rose 1.7 percent to $35.49 as gold rose to its highest level in two months and the U.S. dollar retreated against major currencies. [ID:nLH366054] Earlier Wednesday, the company lowered its estimates of damage at its North Mara mine in Tanzania after it was attacked by protesters last week. [ID:nLH571419]   Continued...