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TSX Dips At Open Wednesday - Canadian Commentary

Bay Street stocks moved down at open Wednesday amid selling in gold and financial stocks, with the S&P/TSX Composite Index dipping 68.24 points or 0.54 percent to 12,613.86.

Among financial stocks, Royal Bank of Canada (RY.TO, RY) eased 0.25 percent after it said that it had acquired the Athena Energy Group, a natural gas supplier in Quebec for undisclosed terms.

In the gold space, Alamos Gold Inc. (AGI.TO). Goldcorp. (G.TO), Detour Gold (DGC.TO) and Royal Gold (RGL.TO) were down around 1 percent each.

Meanwhile, Absolute Software Corp. (ABT.TO) surged over 13 percent after announcing it has entered into a global partnership with Samsung Electronics.

Drug maker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) edged up 1 percent after it increased its offer to acquire Obagi Medical Products Inc. (OMPI) to $24.00 per share from $19.75 per share in cash.

In the oil patch, Baytex Energy Corp. (BTE.TO) and Paramount Resources (POU.TO) added about 1 percent each.

by RTTNews Staff Writer

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