November 25, 2013 / 4:18 PM / 7 years ago

CANADA STOCKS-TSX steady as Iran deal lifts banks, hits resources

* TSX falls 2.62 points, or 0.02 percent, to 13,475.70
    * Seven of the 10 main index sectors advance
    * Saputo climbs on enhanced bid for Australian dairy
    * BlackBerry jumps 2 percent after executive shakeup

    By John Tilak
    TORONTO, Nov 25 (Reuters) - Canada's main stock index was
little changed on Monday after a deal aimed at restricting
Iran's nuclear program boosted the financial sector but weighed
on natural resource shares.
    Also stirring the market, BlackBerry Ltd shares
jumped after the company announced another shakeup in the
executive suite. 
    Much of the focus, though, stayed on the breakthrough accord
that was announced Sunday between Iran and six major world
powers, and its aftermath, with U.S. President Barack Obama
looking to persuade Israel of the agreement's merit and moves
being made to try to turn the interim deal into a comprehensive
    "It's a step in the right direction. It sounds like they're
making some headway," said David Cockfield, managing director
and portfolio manager at Northland Wealth Management.
    "The background of the equity markets remains positive," he
said, noting that there is still plenty of cash that needs to be
put to work. "While institutions have been reasonably active in
putting money back into the market, the retail side is still
sitting on the sidelines."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 2.62 points, or 0.02 percent, at 13,475.70.
    Seven of the 10 main sectors on the index were higher.
    Shares of financial companies gained 0.3 percent, with
Toronto-Dominion Bank adding 0.2 percent to C$97.95, and
Bank of Nova Scotia rising 0.4 percent to C$66.40.
    Oil prices dropped after the Iran deal, weighing on shares
of energy producers. Suncor Energy Inc gave back 1.7
percent to C$37.30 and had the biggest negative influence on the
index. Canadian Natural Resources Ltd lost 2 percent to
    "It's potentially a longer-term negative for (energy stocks)
with more Iranian production coming back on," Cockfield said of
the deal.
    Gold-mining stocks shed 1.3 percent after the bullion price
hit a four-month low early in the session. 
    Goldcorp Inc declined 1.9 percent to C$23.84, and
Barrick Gold Corp fell 1.3 percent to C$16.99.
    Detour Gold Corp dropped 21.3 percent, to C$3.36,
after the miner said Chief Executive Gerald Panneton had
    BlackBerry said two top executives were departing and a
third was replaced in a widely expected shakeup following this
month's naming of a new chief executive, and that more changes
were coming. The stock gained 2 percent to C$6.64. 
    Saputo Inc declared its A$505 million ($463
million) bid for Warrnambool Cheese and Butter Factory Co
 unconditional and said it would hike its offer if it
won control of Australia's oldest dairy. Shares of the Canadian
company rose 0.8 percent to C$48.95.
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