Bay Street Resilient But Sears Canada Collapses -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed Tuesday, snapping back from early losses despite increased anxiety that the nation's housing market is overheating.

The S&P/TSX Composite Index was down 4 points, or 0.03 percent, to 15,379.75.

Energy stocks nudged higher as crude oil prices rose from a yearly low for a third straight session. Traders reacted to news that Saudi Arabia will further cut production in order to preserve OPEC's supply quota deal with Russia.

However, the Canadian Association of Petroleum Producers expects oil production to climb 33 percent by 2030, with the fastest growth coming in the next few years.

July WTI oil climbs 38 cents, or 0.8%, to settle at $46.46/bbl.

Meanwhile, the loonie jumped to its highest in months after Bank of Canada governor Polocz echoed yesterday's hawkish remarks from underling Carolyn Wilkins.

Sears Canada Inc. (SCC.TO) has raised "significant" doubt it can continue as a going concern and is looking at a possible sale.

"Based on management's current assessment, cash and forecasted cash flows from operations are not expected to be sufficient to meet obligations coming due over the next 12 months," Sears says.

Shares plunged 23 percent.

Shaw Communications' (SJR_B.TO, SJR, SJR_A.TO) ViaWest will be acquired by Peak 10 for all-cash consideration of US$1.675 billion.

Shaw also announced that it has acquired 700 MHz and 2500 MHz wireless spectrum licenses for $430 million.

The stock was up 3 percent.