TSX Flat As Energy Stocks Steady -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed Tuesday, unable to trim recent losses amid ongoing concerns about the domestic and global economic outlook.

Low oil prices are hurting Canada and there are few signs of an imminent rally in commodities.

Oversupplies of crude oil have offset escalating tensions between the Organization of Petroleum Exporting Countries' top producers Iran and Saudi Arabia.

The S&P/TSX Composite Index was down 7 points, or 0.05 percent, to 12,920, near its lowest in two years.

The Energy Index was up 0.6 percent as traders ound bargains among beaten down energy stocks, but weakness continued to emere among consumer product makers.

Canadian Oil Sands Limited's (COSWF, COS.TO) shareholder Seymour Schulich sent a letter to shareholders, urging them to reject Suncor Energy Inc.'s (SU, SU.TO) hostile bid. Suncor added 0.34 percent.

Meanwhile, a Shell-led joint venture obtained a key permit for an LNG facility in Kitimat, B.C.

Potash Corp. of Saskatchewan (POT.TO) should acquire Intrepid Potash Inc. after failing in its bid last year for Germany's K+S AG, according to analysts at Bank of Nova Scotia who spoke to Bloomberg. Potash shares slipped 2.3 percent.