TSX Inches Lower Despite Higher Oil, GDP -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Friday amid lingering concerns about global banks and the prospect of higher U.S. interest rates.

Upbeat economic data failed to impress markets on either side of the border.

The S&P/TSX Composite Index was down 28.57 points, or 0.19 percent, to 14,725.98.

Nov. WTI oil settled at $48.24/bbl, up 41 cents, or 0.9%, for the session. Oil was down 0.2% for the quarter.

In economic news, Canada's GDP grew 0.5% in July, led by higher output in mining and the oil/gas extraction sector. That's a bit slower than the 0.6% increase in June.

Fortis Inc. (FTS.TO) announced it has priced $2.0 billion notes offering in order to finance a portion of the cash consideration for the acquisition of ITC Holdings Corp. Shares were flat.

Enbridge (ENB.TO) is selling a key Saskatchewan pipeline to Tundra Energy for $1 billion. Enbridge was little changed on the day.

Meanwhile, Malaysia's Petronas is considering selling its majority stake in the Canada LNG project, according to a report.

Rogers (RCI.B.TO) Rogers Communications said its Flare, Sportsnet, MoneySense and Canadian Business magazines will become online-only publications. Shares were down 0.7 percent.

Bombardier (BBD.B.T) has confirmed US$1.2B in British railway contracts. Shares jumped 7.1 percent.