Canada Stocks Are Little Changed on BCE Deal, BlackBerry Loss
Canadian stocks were little changed, with the benchmark equity gauge on track for the first quarterly loss in a year, as a rally among phone companies offset the biggest loss in six months at BlackBerry.
BCE Inc. (BCE), Canada’s largest telephone company, rose 2.3 percent after the nation’s media regulator yesterday approved its bid to acquire Astral Media Inc. in a C$3 billion deal. Astral, a Quebec broadcaster, gained 3.6 percent. BlackBerry plunged 26 percent after reporting a first-quarter loss amid poor sales of its BB10 smartphones.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 10.24 points, or 0.1 percent, to 12,016.02 at 10:05 a.m. in Toronto. The gauge has lost 5 percent this month, erasing its gain for 2013, and is down 5.8 percent in the second quarter.
Half of the 10 groups in the S&P/TSX advanced today, with phone stocks gaining 2.3 percent. Technology stocks, which include BlackBerry (BB), slumped 7.1 percent, the most in 21 months.
Canada’s gross domestic product grew for a fourth straight month in April, rising 0.1 percent. The gain marks the longest string of monthly expansions since September 2011, signaling a further revival from a slump in the second half of last year that was led by investment and exports.
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