Roger Biduk writes:
Stock markets drifted to a weak close Wednesday with nervous investors finding little reason to buy amid roadblocks to the Bush administration's US$700-billion rescue of the financial industry and Warren Buffett's investment in Goldman Sachs Group Inc.
Toronto's S&P/TSX composite index was off 19.27 points to 12,513.36, while the Dow Jones industrial average shed 29 points to 10,825.17.
The TSX Venture Exchange was up 12.04 points to 1,550.64, while the Canadian dollar dipped 0.04 of a cent to 96.46 cents US.
The Toronto financial sector was flat. Scotiabank (TSX:BNS) declined 53 cents to $48.85, while Royal Bank (TSX:RY) was ahead 76 cents to $51.25. The Royal promoted Doug McGregor to chairman and co-CEO of RBC Capital Markets and Mark Standish to president and co-CEO of the division. They succeed Chuck Winograd, retiring at age 60 as chairman and CEO of the investment banking arm of Canada's largest bank.
AGF Management Ltd. (TSX:AGF.B) was down four cents to $19.96 after lower taxes helped boost summer-quarter profit by 4.3 per cent to $41.1 million, while stock market volatility hurt revenues.
The TSX energy sector was off 0.4 per cent as the November crude oil contract on the New York Mercantile Exchange fell 88 cents to US$105.73 a barrel after earlier rising on data that showed an increase in American crude inventories last week.
EnCana Corp. (TSX:ECA) and partner ConocoPhillips said they are starting construction on a US$3.6-billion expansion at the Wood River refinery in Roxana, Ill. EnCana shares were 56 cents lower to $72.80.
Shares in Nexen Inc. (TSX:NXY) added 19 cents to $26.69 after it said full-year production will be "slightly" below previous guidance because of hurricane damage in the Gulf of Mexico.
The TSX gold sector rose 1.14 per cent as the December bullion contract in New York closed up $3.80 to US$895 an ounce. Barrick Gold Corp. (TSX:ABX) ran ahead $1.15 to $39.95.
The consumer discretionary sector was also a drag with shares of auto parts giant Magna International Inc. (TSX:MG.A) down $2.39 to $59.25.
The industrials sector was down two per cent. Bombardier Inc. (TSX:BBD.B) shares were down 31 cents to $6.08 while shares of Canadian National Railways gave up $1.34 to $51.90.
On the TSX, declines beat advances 837 to 692 with 219 unchanged as 365.2 million shares traded worth $5.77 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Wednesday, September 24, 2008
Roger Biduk - Bay Street Lower on Commodities
Roger Biduk writes:
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
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