CANADA STOCKS-TSX steady as oil shares firm after Iran deal

Tue Jul 14, 2015 11:52am EDT
 
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(Adds comments, updates market action after Iran deal)

* TSX up 0.59 points, or 0 percent, at 14,533.81

* Six of the TSX's 10 main groups lower

By Solarina Ho

TORONTO, July 14 (Reuters) - Canada's main stock index was little changed on Tuesday as oil and gas stocks unexpectedly gained despite a long-awaited nuclear deal between six world powers and Iran that will put more Iranian oil on an already oversupplied market.

Market expectations that the landmark agreement will not add much oil to the market until well into next year resulted in crude prices sharply paring back early losses spurred by the deal.

"We finally get this deal with Iran that could bring more supply in and energy stocks go up," said Julie Brough, vice president at Morgan Meighen & Associates, who speculated that investors were perhaps selling on the rumor and buying on the news.

"Maybe the deal was going to not bring in as much supply as soon as people thought it might ... Some days, things don't go the way you think they will."

U.S. crude prices were up 0.1 percent at $52.24 a barrel, while Brent crude was down 0.5 percent at $57.56.   Continued...