Roger Biduk writes:
North American stock markets chalked up huge rallies late in the afternoon Tuesday, resulting in one of the biggest one-day gains ever for the Dow Jones industrial average and a big bounce in Toronto
Toronto's S&P/TSX composite index rose 614.29 points or 7.2 per cent to close at 9,151.63. The TSX Venture Exchange added 7.95 points to 816.94.
That mended a good chunk of the 757-point hole dug in Toronto on Monday, when growing worries about the length and depth of a global recession pushed down Canada's main index by eight per cent.
Tuesday's rallies follow a series of market declines over the past weeks that have shocked even experienced market professionals and lowered Toronto's benchmark index to levels not seen in four years.
The speed and depth of the decline has forced some large-scale investors, such as hedge funds, to sell some of their most desirable holdings to repay borrowed money or meet other obligations.
Investors fled from mutual funds last month, leaving the Canadian industry with net redemptions of almost $4.5 billion - the most of any month on record.
Roger Biduk writes:
The Canadian dollar was up 0.37 cent to 77.96 cents US, still at depths not seen in about four years, because of weak commodity prices, economic uncertainty and a resurgent American currency. The loonie is down about 18 per cent since the start of October.
Among the bad news on the jobs front Tuesday, appliance giant Whirlpool Corp. said it will cut about 5,000 jobs by the end of 2009 while Toronto-based mining company Breakwater Resources Ltd.(TSX:BWR) announced plans to suspend operations at two Canadian mines, resulting in an undetermined number of layoffs.
The TSX energy sector rose 7.8 per cent as the December crude contract reversed direction to move down 49 cents at US$62.73 a barrel on the New York Mercantile Exchange. EnCana Corp. (TSX:ECA) advanced $4.46 to $55.50 and Suncor Energy Inc. (TSX:SU) moved ahead $2.22 to $25.40.
The financial sector was up 6.55 per cent. Royal Bank rose $2.50 to $45 while A advanced $2.36 to $38.68 despite a downgrade to "sell" by an analyst at Dundee Securities.
The gold sector ran up 15 per cent although bullion slipped $2.40 to US$740.50 an ounce. Goldcorp Inc. (TSX:G) climbed $1.90 to $20.65 while Barrick Gold Corp. (TSX:ABX) ran ahead $2.81 or 12.5 per cent to $25.32.
The base metals sector moved ahead 8.6 per cent as copper turned up 5.35 cents to US$1.8585 a pound. Teck Cominco Ltd. (TSX:TCK.B) rose 73 cents to $11.49 while Sherritt International (TSX:S) rose 87 cents to $4.070.
Roger Biduk writes:
In third-quarter earnings reports, Rogers Communications Inc. (TSX:RCI.B) booked an 84 per cent increase in third-quarter net income to $495 million as operating revenue grew 14 per cent from a year ago to $2.98 billion. Rogers shares advanced $2.93 or 10 per cent to $32.
Canadian Pacific Railway Ltd. (TSX:CP) shares were up $6.85 or 15.75 per cent to $50.35 after third-quarter net income dropped 21 per cent to $172.7 million on accounting items but management reported steady operating results and maintained its full-year profit forecast.
Pipeline and power utility operator TransCanada Corp. (TSX:TRP) said its third-quarter earnings bulked up 20 per cent to $390 million. Its shares rose $1.81 to $34.44.
Canadian Tire (TSX:CTC.A) shares rose $1.50 to $43.50 after it said it is planning to open two experimental stores in Ontario that will offer an expanded variety of food and other consumable items as part of a new product assortment.
The positive showing on North American stock exchanges came alongside similar strong advances in Asia following steep losses.
Japan's Nikkei stock average jumped 6.4 per cent and Hong Kong's Hang Seng index surged 14.4 per cent - its biggest gain in 11 years - a day after plunging more than 12 per cent.
On the TSX, advances beat declines 862 to 725 with 215 unchanged as 600 million shares traded worth $6.7 billion.
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Wednesday, October 29, 2008
Tuesday, October 21, 2008
Bay Street Soars on Energy
Roger Biduk writes:
The Toronto stock market soared almost 700 points, led by a big runup in energy stocks as oil prices moved higher and investors grew confident that massive injections of government cash into the financial system was starting to thaw the credit markets.
Toronto's S&P/TSX composite index jumped 688.91 points or 7.2 per cent to 10,251.4 on top of last week's 500-point gain.
The TSX was lifted by energy stocks as oil prices moved higher ahead of a meeting of the Organization of Petroleum Exporting Countries at the end of the week. OPEC is widely expected to cut production significantly in an attempt to support oil prices that are half of their July peak of US$147 a barrel.
The TSX energy sector rose more than 14 per cent as the November crude contract on the New York Mercantile Exchange rose $2.40 to US$74.25 a barrel. EnCana Corp. (TSX:ECA) advanced $7.19 to $57.07.
The financial sector was ahead five per cent as Royal Bank (TSX:RY) improved $3.58 to $49.83 while CIBC (TSX:CM) was ahead $2.99 to $60.99. Financial stocks were boosted by hopes that Ottawa is set to guarantee loans that Canada's banks extend to other financial institutions.
Roger Biduk writes:
The TSX Venture Exchange was ahead 38.82 points to 984.94, while the Canadian dollar shed 0.48 cent to at 83.77 cents U.S. ahead of the Bank of Canada's announcement on interest rates Tuesday. Economists expect the central bank to cut its key interest rates by at least a quarter-point to deal with worsening economic conditions.
Gold was up $2.30 to US$790 an ounce on the Nymex, taking the TSX gold sector ahead more than 11 per cent with Goldcorp Inc. (TSX:G) ahead 13.8% to $26.75 and Barrick Gold (TSX:ABX) advanced 15.4% to $32.33.
Base metals were also stronger as Teck Cominco Ltd. (TSX:TCK.B) added $3.24 to $26.75 and FNX Mining (TSX:FNX) jumped $1 or 17.25 per cent to $6.80.
First Nickel Inc. (TSX:FNI) fell one cent or 18 per cent to 4.5 cents after suspending production at its Lockerby mine near Sudbury due to low metal prices and the "challenging financial environment."
On the TSX, advances beat declines 1,174 to 374 with 195 unchanged as 473 million shares traded worth $6.8 billion.
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The Toronto stock market soared almost 700 points, led by a big runup in energy stocks as oil prices moved higher and investors grew confident that massive injections of government cash into the financial system was starting to thaw the credit markets.
Toronto's S&P/TSX composite index jumped 688.91 points or 7.2 per cent to 10,251.4 on top of last week's 500-point gain.
The TSX was lifted by energy stocks as oil prices moved higher ahead of a meeting of the Organization of Petroleum Exporting Countries at the end of the week. OPEC is widely expected to cut production significantly in an attempt to support oil prices that are half of their July peak of US$147 a barrel.
The TSX energy sector rose more than 14 per cent as the November crude contract on the New York Mercantile Exchange rose $2.40 to US$74.25 a barrel. EnCana Corp. (TSX:ECA) advanced $7.19 to $57.07.
The financial sector was ahead five per cent as Royal Bank (TSX:RY) improved $3.58 to $49.83 while CIBC (TSX:CM) was ahead $2.99 to $60.99. Financial stocks were boosted by hopes that Ottawa is set to guarantee loans that Canada's banks extend to other financial institutions.
Roger Biduk writes:
The TSX Venture Exchange was ahead 38.82 points to 984.94, while the Canadian dollar shed 0.48 cent to at 83.77 cents U.S. ahead of the Bank of Canada's announcement on interest rates Tuesday. Economists expect the central bank to cut its key interest rates by at least a quarter-point to deal with worsening economic conditions.
Gold was up $2.30 to US$790 an ounce on the Nymex, taking the TSX gold sector ahead more than 11 per cent with Goldcorp Inc. (TSX:G) ahead 13.8% to $26.75 and Barrick Gold (TSX:ABX) advanced 15.4% to $32.33.
Base metals were also stronger as Teck Cominco Ltd. (TSX:TCK.B) added $3.24 to $26.75 and FNX Mining (TSX:FNX) jumped $1 or 17.25 per cent to $6.80.
First Nickel Inc. (TSX:FNI) fell one cent or 18 per cent to 4.5 cents after suspending production at its Lockerby mine near Sudbury due to low metal prices and the "challenging financial environment."
On the TSX, advances beat declines 1,174 to 374 with 195 unchanged as 473 million shares traded worth $6.8 billion.
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Sunday, October 19, 2008
ENERGY & FINANCIALS LEAD BAY STREET HIGHER
Roger Biduk writes
The Toronto stock market surged almost 300 points Friday, led by big gains in energy stocks after oil prices turned around following steep losses in the past three sessions.
Banks and insurance companies were also a big reason that Toronto's S&P/TSX composite index came back from a morning deficit of about 200 points to close up 292.52 points at 9,562.49.
The Toronto market ended the week up a healthy 497.33 points or 5.5 per cent, with financials up 10 per cent in the wake of an announcement that Ottawa will buy up to $25 billion in mortgages from the banks and shift them to Canada Mortgage and Housing Corp.
But the main TSX index is down about 19 per cent since the first of the month.
The TSX Venture Exchange gained 8.33 points to 946.12, while the Canadian dollar edged 0.38 cent lower to 84.25 cents U.S.
On the TSX, the energy sector was up 6.9 cent after three days of oil-price declines that took crude below US$70 a barrel for the first time since August 2007.
The November crude contract on the New York Mercantile Exchange gained $2 to US$71.85 a barrel ahead of OPEC's special meeting on prices next week.
EnCana Corp. (TSX:ECA) advanced $3.38 to $49.88 and Suncor Inc. (TSX:SU) gained $2.02 to $26.22.
The TSX base metals sector moved ahead five per cent as Teck Cominco Ltd. (TCK.B) jumped $1.29 to $16.39.
Bullion was down $16.80 at US$787.70 an ounce,sending the TSX gold sector down 2.65 per cent. Barrick Gold Corp. (TSX:ABX) declined $1.03 to $28.01.
Roger Biduk writes:
The financial sector 1.8 rose per cent as National Bank (TSX:NA) added $2.45 to $46.39 and Royal Bank (TSX:RY) improved 59 cents to $46.25.
In Canadian corporate news, the Priszm Income Fund (TSX:QSR.UN) suffered a 24 per cent shrinkage in summer-quarter net profit to $3.5 million as sales at its KFC, Taco Bell and Pizza Hut restaurants declined 1.9 per cent to $95.9 million. Priszm units ran ahead 59 cents or 40 per cent to $2.06.
Allen-Vanguard Corp. (TSX:VRS) shares were up six cents or 26 per cent to 29 cents after the maker of high-hazard protective equipment announced a contract to provide specialized training to the U.S. Department of Defence valued at $100 million over five years.
On the TSX, advances beat declines 1,056 to 504 with 210 unchanged as 488.9 million shares traded worth $7 billion.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
The Toronto stock market surged almost 300 points Friday, led by big gains in energy stocks after oil prices turned around following steep losses in the past three sessions.
Banks and insurance companies were also a big reason that Toronto's S&P/TSX composite index came back from a morning deficit of about 200 points to close up 292.52 points at 9,562.49.
The Toronto market ended the week up a healthy 497.33 points or 5.5 per cent, with financials up 10 per cent in the wake of an announcement that Ottawa will buy up to $25 billion in mortgages from the banks and shift them to Canada Mortgage and Housing Corp.
But the main TSX index is down about 19 per cent since the first of the month.
The TSX Venture Exchange gained 8.33 points to 946.12, while the Canadian dollar edged 0.38 cent lower to 84.25 cents U.S.
On the TSX, the energy sector was up 6.9 cent after three days of oil-price declines that took crude below US$70 a barrel for the first time since August 2007.
The November crude contract on the New York Mercantile Exchange gained $2 to US$71.85 a barrel ahead of OPEC's special meeting on prices next week.
EnCana Corp. (TSX:ECA) advanced $3.38 to $49.88 and Suncor Inc. (TSX:SU) gained $2.02 to $26.22.
The TSX base metals sector moved ahead five per cent as Teck Cominco Ltd. (TCK.B) jumped $1.29 to $16.39.
Bullion was down $16.80 at US$787.70 an ounce,sending the TSX gold sector down 2.65 per cent. Barrick Gold Corp. (TSX:ABX) declined $1.03 to $28.01.
Roger Biduk writes:
The financial sector 1.8 rose per cent as National Bank (TSX:NA) added $2.45 to $46.39 and Royal Bank (TSX:RY) improved 59 cents to $46.25.
In Canadian corporate news, the Priszm Income Fund (TSX:QSR.UN) suffered a 24 per cent shrinkage in summer-quarter net profit to $3.5 million as sales at its KFC, Taco Bell and Pizza Hut restaurants declined 1.9 per cent to $95.9 million. Priszm units ran ahead 59 cents or 40 per cent to $2.06.
Allen-Vanguard Corp. (TSX:VRS) shares were up six cents or 26 per cent to 29 cents after the maker of high-hazard protective equipment announced a contract to provide specialized training to the U.S. Department of Defence valued at $100 million over five years.
On the TSX, advances beat declines 1,056 to 504 with 210 unchanged as 488.9 million shares traded worth $7 billion.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Thursday, October 16, 2008
Roger Biduk - Bay Street Lower on Volatility
Roger Biduk writes:
The Toronto stock market finished modestly lower Thursday, after a late-day rally that saw investors buy beaten up energy stocks despite a big drop in oil prices below the US$70 mark for the first time in more than a year.
Toronto's S&P/TSX composite surged about 100 points, dropped well over 500 points and finished the session down 53.88 points to 9,269.97, after an energy-sector rout sent the main index down 632 points on Wednesday.
The TSX Venture Exchange was off 53.42 points to 937.79, while the Canadian dollar gained 0.45 cent to 84.63 cents U.S.
The rise the loonie followed a Statistics Canada report that manufacturing sales declined 3.7 per cent to $52 billion in August.
The Toronto stock market's energy sector was up two per cent after plunging 12 per cent Wednesday. The November crude contract on the New York Mercantile Exchange closed down $4.69 at US$69.85, closing below S$70 for the first time since August 2007, as new data showed much higher oil inventories in the U.S. last week.
Oil has lost more than half its value in three months from its July peak of US$147.27.
Canadian Oilsands Trust units ran ahead $2.31 to $24.50 while Suncor Energy (TSX:SU) lost 79 cents to $24.20.
Other commodities were lower with the December copper contract on the Nymex down 12.5 cents to US$2.0855 a pound after Rio Tinto PLC, one of the world's biggest mining giants, warned of slowing demand from China, the world's biggest growth engine over the last few years.
Shares of Teck Cominco Ltd. (TSX:TCK.B) retreated 36 cents to $15.10.
The volatility extended to the precious metals sector where gold declined $34.50 to US$804.50 an ounce, sending the sector down almost 10 per cent as investors looking for safety dumped gold in favour of cash.
Goldcorp Inc. (TSX:G) fell back $3.03 to $24.75.
NovaGold Resources Inc. (TSX:NG) faded 83 cents or 17.5 per cent to $3.90 after it reported a record third-quarter profit of $16.7 million on a $33.5-million pre-tax gain from the sale of its NovaGreenPower subsidiary.
Other materials stocks pressuring the TSX included Potash Corp., (TSX:POT) down $5.57 to $87.
The TSX financial sector was down 0.45 per cent, with Manulife Financial (TSX:MFC) down $1.25 to $27.80 while Royal Bank advanced 66 cents to $45.66.
On the TSX, declines beat advances 1,096 to 511 with 195 unchanged as 555 million shares traded worth $7.7 billion.
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The Toronto stock market finished modestly lower Thursday, after a late-day rally that saw investors buy beaten up energy stocks despite a big drop in oil prices below the US$70 mark for the first time in more than a year.
Toronto's S&P/TSX composite surged about 100 points, dropped well over 500 points and finished the session down 53.88 points to 9,269.97, after an energy-sector rout sent the main index down 632 points on Wednesday.
The TSX Venture Exchange was off 53.42 points to 937.79, while the Canadian dollar gained 0.45 cent to 84.63 cents U.S.
The rise the loonie followed a Statistics Canada report that manufacturing sales declined 3.7 per cent to $52 billion in August.
The Toronto stock market's energy sector was up two per cent after plunging 12 per cent Wednesday. The November crude contract on the New York Mercantile Exchange closed down $4.69 at US$69.85, closing below S$70 for the first time since August 2007, as new data showed much higher oil inventories in the U.S. last week.
Oil has lost more than half its value in three months from its July peak of US$147.27.
Canadian Oilsands Trust units ran ahead $2.31 to $24.50 while Suncor Energy (TSX:SU) lost 79 cents to $24.20.
Other commodities were lower with the December copper contract on the Nymex down 12.5 cents to US$2.0855 a pound after Rio Tinto PLC, one of the world's biggest mining giants, warned of slowing demand from China, the world's biggest growth engine over the last few years.
Shares of Teck Cominco Ltd. (TSX:TCK.B) retreated 36 cents to $15.10.
The volatility extended to the precious metals sector where gold declined $34.50 to US$804.50 an ounce, sending the sector down almost 10 per cent as investors looking for safety dumped gold in favour of cash.
Goldcorp Inc. (TSX:G) fell back $3.03 to $24.75.
NovaGold Resources Inc. (TSX:NG) faded 83 cents or 17.5 per cent to $3.90 after it reported a record third-quarter profit of $16.7 million on a $33.5-million pre-tax gain from the sale of its NovaGreenPower subsidiary.
Other materials stocks pressuring the TSX included Potash Corp., (TSX:POT) down $5.57 to $87.
The TSX financial sector was down 0.45 per cent, with Manulife Financial (TSX:MFC) down $1.25 to $27.80 while Royal Bank advanced 66 cents to $45.66.
On the TSX, declines beat advances 1,096 to 511 with 195 unchanged as 555 million shares traded worth $7.7 billion.
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Saturday, October 11, 2008
Roger Biduk - Bay Street Drops to Lowest Level in Four Years
Roger Biduk writes:
The Toronto stock market closed at its worst level in almost four years Friday thanks to big selloffs in energy and metals stocks.
The S&P/TSX composite index plunged 535.02 points to 9,065.16 for a loss of 1,738 points or 16 per cent this week.
But that was far better than the 750-point plunge registered during the afternoon as the TSX joined a series of big declines on stock markets around the world, as investors bailed out on continued fears over frozen credit and economic instability.
The TSX Venture Exchange fell 71.47 points to 975.81.
Financial stocks also moved lower even as the government announced help for Canada's big banks.
Finance Minister Jim Flaherty announced that Canada Mortgage and Housing Corp. is buying up to $25 billion in mortgage-backed securities from the country's banks in an effort to maintain the availability of credit.
Investors initially reacted positively to the news, but the sector ended up losing 3.3 per cent as Royal Bank (TSX:RY) lost 40 cents to $41 and Scotiabank (TSX:BNS) fell $1.33 to $39.98.
Canada's big banks also announced they are passing on more rate cuts to consumers and companies in the wake of the Flaherty announcement.
TD Canada Trust and CIBC (TSX:CM) said it will lower its prime lending rate by 15 basis points to 4.35 per cent, effective next Tuesday. The Bank of Nova Scotia and the Royal Bank are cutting their prime rate by a quarter-point to 4.25 per cent.
The banks had come under fire earlier this week after they passed on only half of the50-basis-point cut in the Bank of Canada's overnight rate, which was part of a co-ordinated effort by major central banks to ease credit markets.
The TSX energy sector dropped more than eight per cent as the November crude contract on the New York Mercantile Exchange pulled back $8.89 to US$77.70 a barrel as investors believe rapidly slowing economic conditions will curb demand.
EnCana Corp. (TSX:ECA) retreated $6.39 or 12.8 per cent to $43.50 and Suncor Energy (TSX:SU) fell $1.67 to $26.09.
Meanwhile, worsening economic conditions and retreating oil prices pushed the Canadian dollar down 2.59 cents to 84.69 cents US, after the loonie briefly took a five cent dive against the greenback-its biggest drop ever. The loonie lost 7.77 cents or 8.4 per cent this past week.
On the TSX, there didn't seem to be any safe haven with even the gold sector down 11 per cent as the December bullion contract on the Nymex fell $27.50 to US$859. Goldcorp Inc. (TSX:G) gave back $4.81 or 14 per cent to $29.69.
The base metals sector moved back over six per cent with Teck Cominco Ltd. (TSX:TCK.B) down $2.74 or 14.3 per cent to $16.36.
On the TSX, declines beat advances 1,411 to 317 with 167 unchanged as 712.8 million shares traded worth $9.5 billion.
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The Toronto stock market closed at its worst level in almost four years Friday thanks to big selloffs in energy and metals stocks.
The S&P/TSX composite index plunged 535.02 points to 9,065.16 for a loss of 1,738 points or 16 per cent this week.
But that was far better than the 750-point plunge registered during the afternoon as the TSX joined a series of big declines on stock markets around the world, as investors bailed out on continued fears over frozen credit and economic instability.
The TSX Venture Exchange fell 71.47 points to 975.81.
Financial stocks also moved lower even as the government announced help for Canada's big banks.
Finance Minister Jim Flaherty announced that Canada Mortgage and Housing Corp. is buying up to $25 billion in mortgage-backed securities from the country's banks in an effort to maintain the availability of credit.
Investors initially reacted positively to the news, but the sector ended up losing 3.3 per cent as Royal Bank (TSX:RY) lost 40 cents to $41 and Scotiabank (TSX:BNS) fell $1.33 to $39.98.
Canada's big banks also announced they are passing on more rate cuts to consumers and companies in the wake of the Flaherty announcement.
TD Canada Trust and CIBC (TSX:CM) said it will lower its prime lending rate by 15 basis points to 4.35 per cent, effective next Tuesday. The Bank of Nova Scotia and the Royal Bank are cutting their prime rate by a quarter-point to 4.25 per cent.
The banks had come under fire earlier this week after they passed on only half of the50-basis-point cut in the Bank of Canada's overnight rate, which was part of a co-ordinated effort by major central banks to ease credit markets.
The TSX energy sector dropped more than eight per cent as the November crude contract on the New York Mercantile Exchange pulled back $8.89 to US$77.70 a barrel as investors believe rapidly slowing economic conditions will curb demand.
EnCana Corp. (TSX:ECA) retreated $6.39 or 12.8 per cent to $43.50 and Suncor Energy (TSX:SU) fell $1.67 to $26.09.
Meanwhile, worsening economic conditions and retreating oil prices pushed the Canadian dollar down 2.59 cents to 84.69 cents US, after the loonie briefly took a five cent dive against the greenback-its biggest drop ever. The loonie lost 7.77 cents or 8.4 per cent this past week.
On the TSX, there didn't seem to be any safe haven with even the gold sector down 11 per cent as the December bullion contract on the Nymex fell $27.50 to US$859. Goldcorp Inc. (TSX:G) gave back $4.81 or 14 per cent to $29.69.
The base metals sector moved back over six per cent with Teck Cominco Ltd. (TSX:TCK.B) down $2.74 or 14.3 per cent to $16.36.
On the TSX, declines beat advances 1,411 to 317 with 167 unchanged as 712.8 million shares traded worth $9.5 billion.
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Tuesday, October 7, 2008
Roger Biduk - Tough Day on Bay Street
Roger Biduk writes:
Deepening economic gloom pushed stock markets into the red for the fifth straight day Tuesday as investors worried further intervention in financial markets won't prevent a looming recession.
Toronto's S&P/TSX composite index fell 400.88 points to 9,829.55. The benchmark had been up more than 250 points in the morning.
That followed Monday's 573-point loss and 800-plus declines on two separate days last week. The TSX has lost about one-third of its value from its high in June.
The Canadian dollar was down 0.67 cent to 90.31 cents US. The currency has lost more than three cents against the American dollar since the start of October.
The TSX Venture Exchange lost 39.64 points Tuesday to 1,094.46.
In Toronto, the energy sector was down 6.3 per cent even as crude oil posted an increase of $2.25 to US$90.06 a barrel after plunging to an eight-month low Monday on recession fears.
EnCana (TSX:ECA) was down $4.03 to $52.17, and Suncor Energy (TSX:SU) lost $2.34 to $29.16.
The gold sector added 1.2 per cent as the December gold contract on the New York Mercantile Exchange gained $15.80 to $882 an ounce. Goldcorp (TSX:G) was up $1.85 to $28.83, while Barrick Gold (TSX:ABX) added 87 cents to $33.67.
The TSX metals sector lost 6.9 per cent on lower commodity prices. Sector heavyweight Teck Cominco (TSX:TCK.B) was down $2.42 or 11 per cent to $19.96.
The financial sector declined 4.4 per cent. Bank of Montreal (TSX:BMO) lost $1.21 to $39 and Bank of Nova Scotia (TSX:BNS) declined $1.85 to $43.15. Manulife Financial (TSX:MFC) lost $2.04 to $32.67.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Deepening economic gloom pushed stock markets into the red for the fifth straight day Tuesday as investors worried further intervention in financial markets won't prevent a looming recession.
Toronto's S&P/TSX composite index fell 400.88 points to 9,829.55. The benchmark had been up more than 250 points in the morning.
That followed Monday's 573-point loss and 800-plus declines on two separate days last week. The TSX has lost about one-third of its value from its high in June.
The Canadian dollar was down 0.67 cent to 90.31 cents US. The currency has lost more than three cents against the American dollar since the start of October.
The TSX Venture Exchange lost 39.64 points Tuesday to 1,094.46.
In Toronto, the energy sector was down 6.3 per cent even as crude oil posted an increase of $2.25 to US$90.06 a barrel after plunging to an eight-month low Monday on recession fears.
EnCana (TSX:ECA) was down $4.03 to $52.17, and Suncor Energy (TSX:SU) lost $2.34 to $29.16.
The gold sector added 1.2 per cent as the December gold contract on the New York Mercantile Exchange gained $15.80 to $882 an ounce. Goldcorp (TSX:G) was up $1.85 to $28.83, while Barrick Gold (TSX:ABX) added 87 cents to $33.67.
The TSX metals sector lost 6.9 per cent on lower commodity prices. Sector heavyweight Teck Cominco (TSX:TCK.B) was down $2.42 or 11 per cent to $19.96.
The financial sector declined 4.4 per cent. Bank of Montreal (TSX:BMO) lost $1.21 to $39 and Bank of Nova Scotia (TSX:BNS) declined $1.85 to $43.15. Manulife Financial (TSX:MFC) lost $2.04 to $32.67.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Wednesday, October 1, 2008
Roger Biduk - Flat Day for Bay Street
Roger Biduk writes:
Stock markets drifted to a weak close Wednesday after another volatile day amid bleak U.S. manufacturing numbers and dismal auto sales results in the United States.
Toronto's S&P/TSX composite index was down 38.39 points to 11,714.51 as the November crude contract on the New York Mercantile Exchange declined $2.11 to US$98.53 a barrel.
The TSX Venture Exchange edged down 8.35 points to 1,406.65, while the CDN$ was up 0.19 cent to 94.16 cents U.S.
In Canada, September auto sales crept slightly higher compared with a year ago as growth in car sales offset a decline in light truck sales, according to auto sales figures compiled by analyst Dennis DesRosiers. Canadian passenger car sales for the month totalled 74,484, up 5.1 per cent from 70,855, while light truck sales dipped 2.2 per cent to 59,647 from 60,972.
In Toronto, the financial sector was up 0.7 per cent at the close of Wednesday trading.
The TSX energy sector lost 2.7 per cent on lower crude prices after the U.S. Energy Information Administration said crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. EnCana (TSX:ECA) was down $2.50 to $65.46 while Suncor Energy (TSX:SU) lost $3 to $41.
The metals sector declined 3.7 per cent. Teck Cominco (TSX:TCK.B) gave up $2.31 to $27.91.
The gold sector gained 1.8 per cent as the December bullion price on the New York Mercantile Exchange increased $6.50 to US$887.30 per ounce. Goldcorp (TSX:G) was up 85 cents to $34.32 while Barrick Gold (TSX:ABX) added 80 cents to $39.77.
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Stock markets drifted to a weak close Wednesday after another volatile day amid bleak U.S. manufacturing numbers and dismal auto sales results in the United States.
Toronto's S&P/TSX composite index was down 38.39 points to 11,714.51 as the November crude contract on the New York Mercantile Exchange declined $2.11 to US$98.53 a barrel.
The TSX Venture Exchange edged down 8.35 points to 1,406.65, while the CDN$ was up 0.19 cent to 94.16 cents U.S.
In Canada, September auto sales crept slightly higher compared with a year ago as growth in car sales offset a decline in light truck sales, according to auto sales figures compiled by analyst Dennis DesRosiers. Canadian passenger car sales for the month totalled 74,484, up 5.1 per cent from 70,855, while light truck sales dipped 2.2 per cent to 59,647 from 60,972.
In Toronto, the financial sector was up 0.7 per cent at the close of Wednesday trading.
The TSX energy sector lost 2.7 per cent on lower crude prices after the U.S. Energy Information Administration said crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. EnCana (TSX:ECA) was down $2.50 to $65.46 while Suncor Energy (TSX:SU) lost $3 to $41.
The metals sector declined 3.7 per cent. Teck Cominco (TSX:TCK.B) gave up $2.31 to $27.91.
The gold sector gained 1.8 per cent as the December bullion price on the New York Mercantile Exchange increased $6.50 to US$887.30 per ounce. Goldcorp (TSX:G) was up 85 cents to $34.32 while Barrick Gold (TSX:ABX) added 80 cents to $39.77.
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www.rogerbiduk.wordpress.com
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