TransCanada Shares Fall Following Keystone XL Delay

The Financial Post reported today that oil prices in Canada are holding steady, although shares in TransCanada Corp. (TSX:TRP) fell after news that the U.S. would delay a decision regarding the company’s Gulf Coast pipeline project. TransCanada share prices fell by 3.7% in Toronto on Monday, the biggest fall since summer 2009, according to the Post.

As quoted in the publication:

Investors have become used to Keystone delays. The April 18 announcement by the U.S. State Department, which is responsible for reviewing whether Calgary-based TransCanada’s proposal is in the nation’s interest because the line would cross an international border, will likely allow Obama to defer a decision on Keystone until after congressional elections in November.

Click here to read the full Financial Post article.