Canadian stocks were little changed, with the benchmark index capping its second weekly loss this month, as commodity shares slumped while phone companies rallied amid a better-than-expected growth report from the U.S., the nation’s biggest trading partner.
Nexen Inc., the target of the largest overseas takeover by a Chinese company, fell the most in more than three months on concern its $15.1 billion purchase by Cnooc Ltd. may not win government approvals following Canada’s rejection of a bid for Progress Energy Resources Corp.
Occidental Petroleum Corp. , the U.S. oil producer that bought Citigroup Inc.’s Phibro energy-trading business last year, said third-quarter profit from its trading and chemical units helped the company beat estimates.
Halliburton Co. and Anadarko Petroleum Corp. fell today after a U.S. panel investigating the Gulf of Mexico oil spill dimmed expectations that the companies would be able to escape liability for a BP Plc well that exploded and killed 11 workers in April.
Petrobank Energy & Resources Ltd. fell for a third day after BMO Capital Markets cut its rating on publicly traded affiliate PetroBakken Energy Ltd., declaring its dividend payout “increasingly unsustainable.”
Sunoco Inc. , the largest oil refiner on the U.S. East Coast, will separate its coke-manufacturing operation to focus on the fuels business and expects its refining segment to turn a profit. The company’s shares surged.