TSX Ends Flat As Syria Fears Fade - Canadian Commentary

(RTTNews) - Canadian stocks ended flat on Wednesday, tracking rising global equity markets as fears of a possible military strike against Syria receded considerably with the civil war ravaged country agreeing to a Russian plan to hand over control of the country's chemical weapons arsenal for destruction. Investor sentiments improved after U.S. President Barack Obama asked Congress to delay voting on military action against Syria, giving diplomacy a chance to resolve the issue.

The S&P/TSX Composite Index closed Wednesday at 12,825.42, up 0.94 points or 0.01 percent. The index touched an intraday high of 12,840.43 and a low of 12,764.50.

The Diversified Metals & Mining Index gained 0.42 percent, with First Quantum Minerals Ltd. (FM.TO) up 0.05 percent, Osisko Mining Corp. (OSK.TO) down 0.61 percent, and Teck Resources Limited (TCK.B.TO) shed 0.14 percent. Lundin Mining Corp. (LUN.TO) gathered 0.83 percent.

The Capped Materials Index shed 0.15 percent, with Potash Corporation of Saskatchewan Inc.(POT.TO) down 2.94 percent and Agrium Inc. (AGU.TO) down 2.05 percent.

The Global Gold Index added 0.38 percent, with gold futures for December delivery down $0.20 to close at $1,363.80 an ounce Wednesday on the Nymex.

Among gold stocks, Barrick Gold Corp. (ABX.TO) gained 0.73 percent, while Yamana Gold Inc. (YRI.TO) gained 1.56 percent. B2Gold Corp. (BTO.TO) shed 1.50 percent, while Goldcorp Inc. (G.TO) added 1.56 percent. Kinross Gold Corporation (K.TO) gained 0.36 percent.

Crude oil snapped a two-day loss to end higher Wednesday, after the official Energy Information Administration weekly report showed U.S. crude stockpiles to have declined, albeit much lesser than expected.

The Energy Information Administration's weekly report revealed U.S. crude oil inventories to have edged down 0.20 million barrels, while gasoline stocks added 1.70 million barrels in the week ended September 6. Analysts expected crude oil inventories to decline 2.10 million barrels and gasoline stocks to shed 0.90 million barrels last week.

The Energy Index inched up 0.13 percent, with U.S. crude oil futures for October delivery gaining $0.17 or 0.16 percent to close at $107.56 a barrel Tuesday on the Nymex.

Among energy stocks, Canadian Natural Resources Limited (CNQ.TO) gained 1.05 percent, Talisman Energy Inc. (TLM.TO) dropped 0.52 percent, and Suncor Energy Inc.(SU.TO) added 0.71 percent. Enbridge Inc. (ENB.TO) slipped 1.78 percent.

The Financial Index added 0.22 percent with Bank of Montreal (BMO.TO) up 0.51 percent, Manulife Financial Corp. (MFC.TO) up 1.01 percent, and National Bank of Canada (NA.TO) gathered 0.43 percent. The Bank of Nova Scotia (BNS.TO) slipped 0.08 percent, while Toronto-Dominion Bank (TD.TO) added 0.18 percent. Royal Bank of Canada (RY.TO) gained 0.18 percent.

The Information Technology Index shed 0.51 percent, with BlackBerry Limited (BB.TO) plunging 5.21 percent.

The Capped Industrials Index added 0.35 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) up 1.61 percent.

Meanwhile, dollar store operator Dollarama, Inc. (DOL.TO) surged 7.02 percent after posting higher second-quarter net earnings of C$59.8 million or C$0.82 per share, while analysts expected earnings per share of C$0.78 for the quarter.

In economic news from the U.S., the Commerce Department said wholesale inventories increased less than expected in July. Wholesale inventories inched up by 0.1 percent in July following a 0.2 percent decrease in June. Economists expected inventories to rise by 0.3 percent.

From the eurozone, Germany's inflation slowed as initially estimated in August, final data from Destatis showed. Consumer prices advanced 1.5 percent, after rising 1.9 percent in July and 1.8 percent in June. On a monthly basis, the consumer price index remained flat in August. The statistical office, thus confirmed the provisional results released on August 29.

Elsewhere, Britain's jobless claims declined more-than-expected in August to the lowest since February 2009, official data showed. The number of people claiming Jobseeker's Allowance decreased 32,600 to 1.40 million, the smallest since February 2009, the Office for National Statistics said. Economists had expected a fall of 21,000.