toronto stock exchange

EnCana Corporation (NYSE: ECA) 45.2% LOWER; has received approval for renewal of the company's Normal Course Issuer Bid from the Toronto Stock Exchange.

Under the renewed bid, EnCana may purchase for cancellation up to 37,500,000 of its common shares, representing about five percent of the approximately 751,276,027 common shares issued and outstanding as at November 30, 2009.

EnCana plans to fund its share purchases under the renewed bid from cash, cash flow and the proceeds from potential dispositions.

On the Toronto Stock Exchange, the S&P/TSX composite index was down 46.2 points to 11,486.6 at mid-morning.

Wall Street investors are waiting to see if a seven-month stock rally can be sustained on the latest round of bank earnings this week.