Canadian Stocks Hold Big Quarterly Gains -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Thursday, hanging onto most of this week's modest gains thanks to strength in the energy sector.

The oil patch was lifted by higher crude prices, but weaker banks kept Toronto's main index near the unchanged line.

At last check, the S&P/TSX Composite Index was up 3 points, or 0.03 percent, to 13,507. The Canadian market is up sharply in 2016, powered by rebounding commodities after a brutal end to last year.

Data from Statistics Canada showed that Canada GDP grew 0.6 percent in January, higher than expectations for a 0.3 percent gain. The economy expanded just 0.2 percent in December

A separate report from Statistics Canada showed that Canadian average weekly employee earnings rose 0.4 percent year over year in January. However, earnings fell 0.7 percent on a month over month basis.

Silver Wheaton (SLW.TO) tumbled 6 percent. The company has entered into an agreement with a syndicate of underwriters, who have agreed to purchase 30,125,000 common shares of Silver Wheaton at US$16.60 per share, or approximately US$500 million.

Citigroup upgraded TransCanada Corporation (USA) from Neutral to Buy.