Tsx Pauses After Recent Rally -- Canadian Commentary

(RTTNews) - Canadian stocks showed a lack of direction Thursday, as the energy sector withstood a significant drop in oil prices.

The S&P/TSX Composite Index was up 7.75 points to 14,848, preserving strong gains from the previous two sessions.

Energy stocks rose fractionally, even as crude oil futures slipped following a run to yearly highs.

Dec. WTI oil ended at $50.63/bbl on Nymex, down $1.19, or 2.3%.

Gold shares extended weekly gains, but industrials and consumer staples were weak.

In corporate news, Postmedia will cut salary expenses by 20% through buyouts. The company says layoffs are possible after its net loss for the fourth quarter nearly doubled.

Yesterday, the Bank of Canada kept interest rates on hold at 0.5%, as they warned that tighter housing rules will negatively impact GDP next year.

"Given the downgrade to our outlook, (the) governing council actively discussed the possibility of adding more monetary stimulus at this time, in order to speed up the return of the economy to full capacity," Bank of Canada governor Stephen Poloz said, according to the Financial Post.