CANADA STOCKS-TSX steady as China data offsets BlackBerry

Mon Sep 23, 2013 11:05am EDT

* 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.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.