No Pipeline, No Problem For Canadian Stocks -- Canadian Commentary

(RTTNews) - Canadian stocks continued to rise as the energy sector withstood news that Transcanada has cancelled a major pipeline project.

TransCanada (TRP.TO) said it is terminating plans for the Energy East pipeline "after careful review of changed circumstances." Analysts say regulatory fatigue is to blame for ending the proposed Maritimes to Rockies pipeline.

The company expects an estimated $1 billion after-tax non-cash charge will be recorded in the company's fourth quarter results.

With energy and mining stocks rising on demand from China, Bay Street remained in a great mood.

The TSX Composite Index was up 55.30 points to 15,776.30, approaching all-time highs from back in February.

However, Shopify shares continued to slump. Shopify shares were downgraded after short-selling firm launched a campaign against the company.

In economic news, Canada's merchandise trade deficit totaled $3.4 billion in August, widening from a $3.0 billion deficit in July. Exports decreased 1.0% while imports were unchanged.