Canadian Shares End Little Changed Amid Mixed Trading

Canadian Shares End Little Changed Amid Mixed Trading

Monday, November 29, 2004, 4:15 PM EST (Thomson Financial Corporate Group): The Canadian market finished just below the unchanged mark, pressured by financial shares, amid a busy week of earnings from that sector. Royal Bank of Canada and Bank of Nova Scotia post results tomorrow. Still, technology and select resource stocks moved higher. Traders were upbeat on remarks from Nortel Network's chief executive. In the U.S., Wal-Mart Stores declined on a downbeat sales forecast.

* The S&P/Toronto Stock Exchange Composite Index slipped 1.56 points, or
0.02%.

* Technology stocks jumped higher on the session. Nortel Networks leapt,
after the firm's chief executive said he was embarrassed the firm has
missed deadlines to restate results, but that it was more important to
get it right, rather than meet a deadline. Elsewhere, ATI Technology
announced that Motorola has expanded its mobile phone line-up with 12
recently announced handsets based on ATI's IMAGEON Media Processors.

* South of the border, Merrill Lynch raised its price target on Apple
Computer to US$78 from US$61, citing expectations for increased sales of
its popular iPod device. Banc of America and UBS were also upbeat on the
stock.

* In material reports, Ivanhoe Mines said that it discovered four
significant, gold-rich copper porphyry targets in southern Mongolia.
Elsewhere, Hillsborough Resources was active, after it issued a letter
of intent to acquire Cumberland Coal Co. LLC, although the terms of the
deal were not disclosed. Also, Stelco rejected an amended bailout plan
from GMP Capital and GE Canada Finance, saying Deutsche Bank's bid is
better in terms of "timing, certainty and commitment." Turning to
research, CIBC upgraded Ipsco to "sector performer" from
"underperformer" and raised its price target to US$43.50 from US$28.50.

* Forest product firm Tembec was a bright spot, after it said its Temlan
unit will build a C$130 million laminated veneer lumber plant at Amos in
western Quebec.

* Gold shares moved slightly higher, following strength in the yellow
metal. Also, South Africa's Harmony Gold announced that it has received
10.8% of Gold Fields' shares in its initial hostile takeover bid.
National Bank raised Teck Cominco's price target to C$40.25 from
C$32.80.

* Separately, oil prices finished higher on the session, due in part to a
gas leak, which shut production at a Norwegian North Sea oil platform.
Also, Marathon closed the Brae oil and gas field in the U.K. North Sea
due to a gas leak.

* Industrial stocks traded lower on the session. Bombardier slumped, after
one of its Challenger 601-1A jets was involved in a fatal crash
yesterday.

* Elsewhere, in U.S. retail news, Wal-Mart slashed its November sales
forecast to below expectations, while JC Penney and Sears & Roebuck
remained cautious about overall holiday sales.

* Meanwhile, BFI Canada Income Fund and U.S.-based IESI Corp. agreed to
merge in a deal worth C$1.1 billion. The move will create one of the
largest solid waste management companies in North America.

* Turning to the financial sector, Northern Financial announced late this
past Friday that it holds more than 91% of the common shares of Sylre
Ltd. and will proceed to acquire the firm's remaining shares.

* In other corporate reports, Royal Group Technologies "terminated for
cause" its chief executive officer, chief financial officer and removed
the firm's founder and chairman. The dismissals are connected to
documents regarding their roles in a "related-party" land transaction in
1998.

-- Linda.Shea@thomson.com; Thomson Financial Corporate Group



This is Thomson Financial Corporate Group's Canadian Commentary, which is updated twice daily. The information herein is believed to be true and accurate, we take no responsibility for inaccurate information and reserve the right to update our reports. For more financial information at your fingertips, please visit http://www.irchannel.com/. If you have any questions please e-mail James Sang at james.sang@tfn.com or call 646.822.6233 For more information about Thomson Financial visit us on-line at http://www.thomsonfinancial.com/.

PRNewswire -- Nov. 29


Source: Thomson Financial Corporate Group

Web site: http://www.thomsonfinancial.com/
http://www.irchannel.com/


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