TSX Unable To Sustain Direction, Energy Shares Rebound -- Canadian Commentary

(RTTNews) - Canadian stocks ended a topsy turvy week with a whimper on Friday, as traders remained skittish ahead of holiday season lull.

The S&P/TSX Composite Index inched up 14.11 points, or 0.11 percent, to 13,024.04, staying near 2-year lows from earlier in the week.

Energy stocks rebounded after brutal losses earlier in the week, with bargains to be had despite lower crude oil prices.

January oil settled at $34.73/bbl on Nymex, the lowest since Feb. 2009. Prices were down 2.5 percent for the week, and are down about 35 percent from a year ago.

OPEC continues to pump oil at a feverish pace in an effort to keep its market share, at the expense of Canadian producers.

The Diversified Metals & Mining Index surged up 7 percent, also trimming recent losses.

Gold stocks were up 3.7 percent.

February gold settled at $1,065 an ounce on Comex, up $15.40, or 1.5%, for the session. Still, prices were down 1% for the week, having touched a 6-year low near $1045.

BlackBerry Ltd. (BBRY, BB.TO) reported a loss for the third quarter that narrowed from last year, as a sharp decline in revenues and weaker margins were more than offset by lower expenses. Results for the quarter beat analysts' estimates. The stock rose 9.7 percent.

Scotiabank (BNS.TO) said it may consider strategic options for its 49% stake in Thanachart Bank Public Company Ltd, as part of a strategic shift in the direction of the company's Asia Pacific operations. Shares slipped 1.5 percent.

Bombardier (BBD.B.TO) and Alstom signed a framework contract to supply up to 1,362 M7 double deck cars to the Belgian National Railways. The total order is valued at $3.6 billion. Bombardier's part is worth around $2.3 billion while Alstom's share is worth $1.3 billion. BBD.B. shares rose 14 percent.