CANADA STOCKS-TSX edges up despite BlackBerry, U.S. budget worry

Thu Sep 26, 2013 5:05pm EDT

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* TSX rises 4.91 points, or 0.04 percent, to 12,841.62
    * Six of the 10 main index sectors advance
    * BlackBerry falls 0.5 pct, third day of declines
    * Husky jumps on Statoil oil discovery


    By Leah Schnurr
    TORONTO, Sept 26 (Reuters) - Canada's main stock index was
little changed on Thursday with gains limited by a drop in
BlackBerry's shares and market wariness about the impasse in
budget and debt negotiations in the United States.
    BlackBerry  fell for a third day in a row as
markets continued to mull over a $4.7 billion bid to take the
smartphone maker private. Doubts about the viability of the bid
have emerged in recent days, and the stock gave up 0.5 percent
to C$8.22 on Thursday.
    Investors also focused their attention on the latest
political wrangling in the United States, which faces two
separate and looming deadlines: to keep the government running
beyond the end of the month, and to raise the debt ceiling to
prevent a debt default.
    Some encouraging data south of the border helped offset the
budget concerns as fewer Americans filed new jobless claims.
While the day's economic data offered a mixed view of the
recovery, analysts still believe the economy is managing to
strengthen. 
    "It's this constant struggle between policy uncertainties -
be it monetary or fiscal - and the underlying fundamentals,
which continue to point to slow but sustained improvement," said
Craig Fehr, Canadian market strategist at Edward Jones in St.
Louis, Missouri.
    "The markets are bouncing back and forth between that and
finding some comfort in the fact that while Washington tends to
be a very short-term distraction, the fundamentals, which are
going to be a longer-term guide, are still pointing in the right
direction."
    The Toronto Stock Exchange's S&P/TSX composite index
 ended up 4.91 points, or 0.04 percent, at 12,841.62.
Six of the 10 main sectors on the index were higher.
    Sentiment for Canadian equities has been recovering after a
sluggish first half of 2013. The TSX has gained more than 8
percent since hitting its low point for the year in June.
    Shares of Husky Energy jumped 4.1 percent to
C$30.26 after its venture partner Statoil ASA said it
has made a big oil discovery off Canada's East Coast.
 
    The index's energy sector broadly rose 0.5 percent.
    Gold-mining companies fell along with the price of the
commodity, with Goldcorp down 1.3 percent at C$26.48, and
Barrick Gold falling 1.1 percent to C$19.08.
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