November 25, 2013 / 9:54 PM / 6 years ago

CANADA STOCKS-TSX steady as broad market gains offset by energy shares

* TSX falls 6.12 points, or 0.05 percent, to 13,472.22
    * Six of 10 main index sectors advance
    * BlackBerry rises after executive shakeup
    * Detour Gold drops after CEO resigns

    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 fueled broad market gains but weighed on
the price of oil and on shares of energy companies.
    Also stirring the market, BlackBerry Ltd shares
jumped after the company announced another shakeup in the
executive suite. 
    Much of the market remained focused on the accord announced
Sunday between Iran and six western nations and its aftermath.
U.S. President Barack Obama sought to persuade Israel of the
agreement's merit, while moves were made to try to turn the
interim deal into a comprehensive one. 
    The markets view the deal as a positive as it helps keep the
lid on the price of oil, said Bob Gorman, chief portfolio
strategist at TD Wealth. "It's very unlikely that you'll see
significant upward pressure in the price of oil, and in
aggregate that is a good thing for the global economy."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 6.12 points, or 0.05 percent, at
13,472.22. The benchmark Canadian index remained up about 8
percent so far this year.
    Gorman, who expects the Toronto market to produce returns of
about 7 percent next year, said investors should look beyond the
near-term moves to see select opportunities in the commodity
sectors as valuations have come down. His top picks across
sectors include Bank of Nova Scotia, Suncor Energy Inc
 and Teck Resources Ltd.  
    "On the resource side, the downside is probably limited and
you'll see better relative performance going forward," he said.
"That in turn means good things for the market and the Canadian
economy in general." 
    Six of the 10 main sectors on the index were higher on
    The industrial sector added 0.5 percent, with Canadian
Pacific Railway Ltd gaining 1.3 percent to C$161.11 and
Canadian National Railway Co rising 0.6 percent to
    Oil prices dropped after the Iran deal, weighing on shares
of energy producers. Suncor gave back 1.9 percent to C$37.24 and
had the biggest negative influence on the index. Canadian
Natural Resources Ltd lost 0.9 percent to C$34.52.
    "It's potentially a longer-term negative for (energy stocks)
with more Iranian production coming back on," said David
Cockfield, managing director and portfolio manager at Northland
Wealth Management.
    Gold-mining stocks were virtually unchanged after the
bullion price had a volatile session. 
    Goldcorp Inc declined 0.4 percent to C$24.21, but
Barrick Gold Corp climbed 0.5 percent to C$17.29.
    Detour Gold Corp dropped 11.7 percent, to C$3.77,
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 1.4 percent to C$6.60. 
    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 0.1 percent to C$48.60.
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