Resource Stocks Keep TSX Afloat -- Canadian Commentary

(RTTNews) - Canadian stocks were little changed Wednesday despite surging oil prices, as retailers struggled amid downbeat earnings news.

A number of major companies listed on the NYSE including Disney and Macy's had a lackluster quarter, raising concerns about the U.S. economy writ large.

Base metal stocks, which have been volatile of late, jumped 5 percent.

Energy stocks rose 1 percent.

Crude oil prices ralled after a surprisingly big drop in U.S. crude oil inventories.

June WTI oil was up $1.57, or 3.5%, to settle at $46.23/bbl on Nymex. This was the highest closing price since November.

SNC-Lavalin Group (SNC.TO) will send most of its information technology operations to back-office supplier CGI Group Inc. in a $500-million deal. SNC shares were flat.

In the telecom sector, Canadian regulators denied an appeal by BCE of a decision that limits wholesale wireless rates its telecoms charge each other.

BCE was down fractionally.