TSX Pares Early Losses But Stays In the Red — Canadian Commentary
(RTTNews) - For a second day in a row Canadian stocks fought back from steep early losses, but Friday’s rally an out of steam, leaving Toronto’s main index in the red. Stocks were hit hard this week amid concerns about global demand for Canadian materials and the impact of the lingering credit crisis.
The S&P/TSX Composite Index was down 67 at 14,080.03, with significant strength among telecom stocks limiting the damage. Gold stocks struggled for a second day on speculation that the dollar will firm up versus the euro if the European Central Bank holds steady on rate hikes, as indicated yesterday by ECB President Jean-Claude Trichet.
BCE Inc. (BCE), Canada’s largest communications company, said Friday that it has reached a final agreement with a buyer group led by the Ontario Teachers’ Pension Plan to complete the C$35 billion buyout deal struck last June. Shares of the Bell Canada parent were up 13 percent.
Other telecoms were up as well. Rogers Communications (RCI.B.TO) rose 4 percent and Telus (T.TO) added 2.7 percent. Tech stocks rose 1.5 percent, led by Open Text (OTC.TO) and CGI Group (GIB.A.TO).
Energy stocks were down 0.8 percent as the price of oil slipped $1.29 to $144 a barrel. In the materials sector, agricultural product makers Agrium (AGU.TO) and Potash of Saskatchewan (POT.TO) stayed on the defensive, losing more than 1.5 percent each.
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