Canadian stocks are little changed in early dealing Monday morning, with weakness among metals stocks offsetting gains in the energy and tech sectors.
The S&P/TSX Composite Index is up 17 points at 14,538.12, inching back towards Thursday's 6-month closing high. Stocks rose sharply at the opening bell, but quickly reversed course, dropping back towards the unchanged line.
The Information Technology Index has risen 2.2 percent, led by Research in Motion (RIM.TO), which launched its new BlackBerry Bold i-phone. RIM shares are up 4.3 percent. Also in the tech sector, Celestica (CLS.TO) stock is up 4 percent.
Even with the price of light sweet crude for June dropping from its record highs, energy stocks are up 1 percent. Crude is down $1.50 at $124.47 a a barrel, with the US dollar firming up against the euro and yen.
Oil and natural gas company EnCana said Sunday that its board of directors has approved a proposal to split the company into two energy companies. The proposal, designed to enhance long-term value for EnCana shareholders, will create a publicly-traded integrated oil company with oilsands as the growth driver, and a separate pure-play natural gas company.
EnCana's shareholders will receive one share in each of the two companies for every EnCana share held. The proposed transaction is expected to be completed in early 2009 and be tax free to shareholders. EnCana stock is up 6 percent.
The stronger dollar is weighing on gold stocks. The Gold Index is down 2.3 percent, with Crystallex (KRY.TO) jumping 20 percent on reports suggesting it may get mining permits from Venezuelan President Hugo Chavez.
Gerdau Ameristeel (GNA.TO) said first-quarter net income rose to $163 million from $133.5 million a year earlier. Nevertheless, on a per-share basis, net income fell to 38 cents from 44 cents. Gerdau Ameristeel is down 2.3 percent.
On the earnings front, maker of internet gambling software CryptoLogic Ltd. (CRP.TO) said first-quarter profit fell 59 percent to 6 cents a share. Revenue declined 1.3 percent to $19.3 million. Shares are down 14 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.