Bay Street Stocks Finish Little Changed - Canadian Commentary

(RTTNews) - Canadian stocks were little changed on Tuesday and remained near the best level in four weeks. Strength in the telecom sector offset a drop for healthcare stocks.

The S&P/TSX Composite Index edged down 0.27 point to finish at 11,538.12. The market finished yesterday at its best level since September 22.

Telecommunications stocks gained 1.2%. Rogers Communications (RCI.B.TO) rose 2.75% and Telus (T.TO) added 1.1%.

Healthcare stocks fell 1.1%, erasing early gains. Patheon (PTI.TO) declined 4.9% after Lonza Group pulled its US$485 million takeover offer for the pharmaceutical products company.

Barrick Gold (ABX.TO) dropped 1.1% after the company said it will eliminate 80 positions, primarily in Toronto, over the next six months.

DragonWave (DWI.TO) added 7.2% after the company announced that it has completed its previously announced equity offering of 7.49 million common shares at US$10.00 per share for proceeds of approximately US$75 million.

Aastra Technologies Limited (AAH.TO) soared 18.6% after the company posted third-quarter net earnings of C$9.64 million or C$0.71 per share, compared with C$2.60 million or C$0.17 per share posted in the same period a year earlier.

After the bell, Canadian National Railway (CNR.TO) reported net income of C$461 million or C$0.97 per share for the third quarter, compared to C$552 million or C$1.16 per share in the year-ago quarter. The stock rose 0.5% during the session.

The Bank of Canada announced this morning it will keep its key interest rate at 0.25 percent, as expected. Policy makers said rares will likely remain at the current level until the end of the second quarter of 2010.

In other economic news, Canadian wholesale sales data dropped 1.4% in August according to data released Tuesday morning. A rise of 1% was expected, compared to a revised increase of 2.57% in July.

Meanwhile, the leading index rose 1.1% in the month of September. Last month’s data showed a revised increase of 1.2%.

For comments and feedback: contact editorial@rttnews.com

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