CJREF Corus Entertainment Inc (PK)

   By Ezequiel Minaya 
 

The rally in Canadian stock prices lost steam Wednesday amid slumping energy prices, though the country's key index still gained ground, boosted by rising gold stocks.

The S&P/TSX Composite Index added 16.13 points, or 0.1%, to 14493.80. Advancers outnumbered decliners 878 to 762. Trading volume was 405.9 million shares.

The blue-chip S&P/TSX 60 Index rose 1.24 points, or 0.1%, to 843.10.

Concerns over a supply glut in energy markets was renewed Wednesday as U.S. federal data showed inventories of crude oil and refined products at a record high.

The data deepened worries that the glut of crude oil that undercut prices beginning in 2014 had turned into a glut of refined fuels. Despite strong demand from drivers this summer, supplies of gasoline and other fuels continue to grow as refineries run at high rates.

Energy companies Encana Corp., which fell 3.8%, and Husky Energy, down 3.3%, were among leading losers.

Gold prices, meanwhile, edged upward Wednesday as investors returned to the precious metal. Gold miners were among the leading advancers. Agnico-Eagle Mines Ltd. climbed 4.2%, Barrick Gold Corp. added 2.2% and Yamana Gold Inc. rose 2.1%.

Among other companies making notable moves were Bombardier Inc., Corus Entertainment Inc. and Ovivo Inc.

Montreal-based plane and train maker Bombardier, down 3.7%, could scrap a plan to make an ultra-long-distance business jet and further reduce production of its existing models, the latest sign of slack demand for corporate jets particularly in emerging markets. Chief Executive Alain Bellemare said the company is considering the cuts because of a "soft market."

Corus, down 7.5%, posted a third-quarter loss of 10 Canadian cents a share, compared with a loss of 9 Canadian cents a year earlier. Adjusted to exclude items, it earned 34 Canadian cents a share, down from 36 Canadian cents. Analysts expected earnings of 39 Canadian cents, according to Thomson Reuters. Revenue for Corus, which closed its acquisition of Shaw Media Inc. in April, was up 78%.

Water-treatment company Ovivo Inc., up 28%, said it had agreed to a takeover offer of C$4-a-share from SKion Water International GmbH and its partner, Caisse de Depot et Placement du Quebec. Caisse's stake in Ovivo will increase to 30% from 18.7% under the deal.

--Judy McKinnon contributed to this report

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

July 13, 2016 16:41 ET (20:41 GMT)

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