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CANADA STOCKS-TSX slips with energy retreat; Bombardier jumps on deal talk

Published 2016-04-15, 04:52 p/m
© Reuters.  CANADA STOCKS-TSX slips with energy retreat; Bombardier jumps on deal talk
MITL
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PLCM
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GSPTSE
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BBDb
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CNQ
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SU
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(Adds portfolio manager comment, updates prices to close)
* TSX ends down 31.09 points, or 0.23 percent, at 13,637.20
* Index gains 1.8 percent for the week

TORONTO, April 15 (Reuters) - Canada's main stock index
slipped on Friday as energy shares pulled back with oil prices
ahead of a weekend producer meeting, while Bombardier stock
gained on reports it is close to a deal to sell up to 125
CSeries jets to a U.S. airline.
Bombardier BBDb.TO shares hit a six-month high following
reports the plane and train maker was poised to secure the
largest order so far for its new CSeries jets, from Delta
Airlines Inc DAL.N .
The shares initially rose as much as 17 percent to C$1.79
and closed up 5.9 percent at C$1.62.
The most influential weights on the index included major
producers Suncor Energy Inc SU.TO , down 2.7 percent at
C$35.92, and Canadian Natural Resources CNQ.TO , off 2.2
percent to C$36.68.
The energy group retreated 2.3 percent, with oil prices
lower as analysts said a Sunday meeting of producers, led by top
exporters Russia and Saudi Arabia to discuss freezing output,
would do little to help to quickly clear a global oversupply.
O/R
"All these countries are producing as much as they possibly
can produce," said Bryden Teich, associate portfolio manager at
Avenue Investment Management. "It's a little bit of trickery."
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended down 31.09 points, or 0.23 percent, at
13,637.20.
It gained 1.8 percent on the week, its best weekly
performance in more than a month, touching its highest level
since Nov. 4 on Wednesday.
Seven of the index's 10 main groups fell on Friday, with a
roughly equal number of decliners and advancers overall.
Mitel Networks Corp MNW.TO fell 9.6 percent to C$9.11
after announcing it would pay about $1.96 billion in cash and
stock to acquire fellow voice and telephony gear maker Polycom
Inc PLCM.O .
The materials group, which includes precious and base metal
miners and fertilizer companies, gained 1.4 percent.
Canadian manufacturing sales tumbled more than expected in
February, giving back some of their recent strength as sales of
vehicles and petroleum products dropped, data showed on Friday.
by Lisa Von Ahn)

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