Canadian Stocks Flat Despite Energy Gains -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed from the previous session as fears about Russia's annexation of Ukraine offset positive U.S. economic data.

The benchmark S&P/TSX Composite Index dropped 5.25 percent to 14,178.84. Energy stocks gave the index a nice boost, but health care shares were weak.

Bank of Montreal (BMO.TO) lost 0.5 percent. The bank has lowered its five-year fixed-rate mortgage from 3.49 percent to 2.99 percent.

Taseko Mines Ltd (TKO.TO) added 0.5 percent. The company announced on Wednesday that it applied for a second judicial review, seeking the judge to set aside the Canadian environment minister's decision to reject the company's New Prosperity Gold-Copper Mine Project.

BlackBerry (BB.TO) was down 1.7 percent following a rating downgrade by Societe Generale SA.

Maple Leaf Foods Inc. (MFI.TO) announced changes to its organizational structure and leadership that will be effective upon completing the sale of its 90% ownership in Canada Bread Company Inc. to Grupo Bimbo, S.A.V. de C.V., which is expected to occur in the second quarter. The stock was flat.

Meanwhile, Canadian International Oil Corp. or CIOC announced an equity commitment of C$200 million from energy private equity firm Riverstone Holdings LLC. The Riverstone commitment comprises C$133 million from Riverstone Global Energy and Power Fund V and C$67 million from Riverstone Energy Limited or "REL".

The company said it will use the investment to fund its development program in the Western Canadian Deep Basin.