Roger Biduk
Sliding gold and energy stocks led the way to a sharp loss on the Toronto stock market Friday, but the main index racked up gains for the week as investors grew more confident about an economic recovery.
The S&P/TSX composite index fell 82.28 points to 11,445.95 gaining 192.72 points or 1.71 per cent this week, led by rising energy and financial stocks.
The TSX Venture Exchange was up 9.06 points to 1,281.8.
A pickup in U.S. dollar strength sent the Canadian dollar down 0.26 of a cent to 93.48 cents U.S.
The gold sector led decliners, down 1.67 per cent as the December bullion contract on the New York Mercantile Exchange drifted $3.20 lower to US$1,010.30 an ounce. On the TSX, Goldcorp Inc. (TSX:G) faded 98 cents to $43.99.
Roger Biduk
The energy sector was off 1.45 per cent as the October crude contract on the New York Mercantile Exchange slid 43 cents to US$72.04 a barrel. On the TSX, EnCana Corp. (TSX:ECA) gave back $1.54 to $61.39.
Crude was up almost US$3 on the week, on hopes that the United States, the biggest oil consumer, is on the road to recovery. Still, the recession has sapped American fuel consumption, and U.S. oil stockpiles are 14 per cent larger than last year.
In economic news, Statistics Canada reported wholesale sales increased 2.8 per cent in July, mainly as a result of higher sales in the auto sector.
Elsewhere on the TSX, Canadian Pacific Railways (TSX:CP) paced a 1.27 per cent decline in the industrials sector, down $1.07 to $52.44 after analyst John Larkin of Stifel, Nicolaus & Co. cut his rating on the railroad to "sell" from "hold", saying CPR's fundamentals haven't improved enough to justify its 37 per cent increase in share price since July 10.
Elsewhere in the sector, Bombardier Inc. (TSX:BBD.B) lost 13 cents to $4.66 as it announced its rail division has received an order for 30 tram trains, which will be manufactured in Germany and Austria. The order is valued at euro129 million (US$190 million) not counting an option for 45 additional vehicles.
The base metals sector was flat even as December copper closed down 11.1 cents to US$2.785 a pound.
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Saturday, September 19, 2009
Tuesday, August 18, 2009
Roger Biduk; Bay Street Tanks
Roger Biduk
All 11 indices I follow on the TSX were lower today.
Is reality finally setting in?
I believe along with many prominent analysts that there’s lots more to go on the downside.
Markets have been going up and the news over the last two years in the U.S. regarding employment and housing has only been getting worse.
The Toronto stock market joined other indexes around the world in a sharp selloff Monday as investors sold off across all sectors on worries that the American consumer won't be much help in building a strong economic recovery.
The S&P/TSX composite index fell 316.42 points or 2.92 per cent to 10,531.59 with losses paced by a drop of more than three per cent in the energy sector as crude prices fell back on demand concerns.
The CDN$ closed down 0.61 cent to 90.32 cents U.S. after falling almost a cent on Friday while the TSX Venture Exchange backed off 33.60 points to 1,159.82.
Roger Biduk
ETFs that jumped to the upside today include:
Horizons BetaPro S&P/TSX Global Mining (HMD) +9.47% to $5.20. Horizons BetaPro MSCI Emerging Markets (HJD) +8.18% to $5.42. Horizons BetaPro S&P/TSX Global Gold bear Plus (HGD) +7.65% to $7.18. Horizons BetaPro S&P/TSX 60 Bear Plus (HXD) +5.58% to $15.90. Horizons BetaPro S&P/TSX Cap Energy Bear Plus (HED) +5.58% to $8.33. Horizons BetaPro NASDAQ-100 Bear Plus (HQD) +5.24% to $18.68.
The April crude contract on the New York Mercantile Exchange fell 1.13% to $66.75 and natural gas fell 2.28% to $3.56 as the S&P/TSX Energy Index fell 3.27%.
AltaGas Utility Group Inc. (AUI) +43.04% to $8.94.
Paramount Resources Ltd. (POU) -7.14% to $7.15. Pacific Rubiales Energy Corp. (PRE.WT)
-6.20% to $5.90. Major Drilling Group Internati (MDI) -6.09% to $22.82. Calfrac Well Services Ltd. (CFW) -5.84% to $10.48. Trican Well Service Ltd. (TCW) -5.60% to $10.29.
EnCana Corp. (TSX: ECA.TO) dropped $1.52 to $55.04 while Suncor Inc. (TSX: SU.TO) lost $1.43 to $34.41.
Evidence of weakness on the consumer front surfaced Friday in a sharp falloff in the Reuters-University of Michigan consumer sentiment index, which followed a surprisingly weak July retail sales report.
Roger Biduk
The S&P/TSX Capped Health Care Index was lower by 0.35%.
Shares pharmaceutical company Aeterna Zentaris Inc. (TSX: AEZ.TO) tumbled more than 60 per cent Monday after it said it has hit a snag in the development of its treatment for prostate problems. Its shares fell $1.90 to $1.21.
Economic concerns also forced down other commodity prices as the S&P/TSX Global Gold Index fell 3.68% as the April bullion contract in New York tanked $12.90 to US$935.80 an ounce.
Kirkland Lake Gold Inc. (KGI) -9.97% to $8.67. European Goldfields Limited (EGU) -6.82% to $3.28. Richmont Mines Inc. (RIC) -6.15% to $3.05. Lake Shore Gold Corp. (LSG) -6.07% to $3.25. Kinross Gold Corporation K. (WT.C) -5.91% to $3.98.
Goldcorp Inc. (TSX: G.TO) was down $1.31 to $37.70.
Other commodities dropped as the S&P/TSX Capped Diversified Metals & Mining Index sank 4.74% as aluminum rose .85%, copper was 2.30% lower at $2.05 and silver sank 5.07% to $13.98.
Athabasca Potash Inc. (API) -15.54% to $5.49. Pan American Silver Corp. (PAA) -9.91% to $20.28. Quadra Mining Ltd. (QUA) -8.91% to $11.14. Silvercorp Metals Inc. (SVM) -8.02% to $3.44. Western Areas NL (WSA) -7.08% to $5.25.
Teck Resources (TSX: TCK-B.TO) lost $1.08 to $27.92 while HudBay Minerals (TSX: HBM.TO) was 31 cents lower to $8.54.
Shares in fertilizer giant Agrium Inc. (TSX: AGU.TO) were down $2.55 to $50.70 after it said Monday it is extending the expiry date of its hostile takeover bid for U.S.-based CF Industries Holdings Inc.
The $4.26-billion deal, which offers US$40 in cash plus one Agrium share for each CF share, will now expire on Sept. 22.
Potash Corp. (TSX: POT.TO) fell $4.79 to $100.71.
Roger Biduk
The S&P/TSX Capped Financial Index fell 2.63%.
Savanna Energy Services Corp. (SVY) -7.44% to $5.10. Labrador Iron Ore Royalty Inco (LIF.UN) -7.37% 35.57. Sentry Select Primary Metals C (PME) -6.78% to $5.36. Canaccord Capital Inc. (CCI) -6.67% to $9.24. DundeeWealth Inc. (DW) -6.19% to $10.45.
Royal Bank (TSX: RY.TO) declined $1.26 to $50.10 while Manulife Financial (TSX: MFC.TO) lost 76 cents to $21.57.
The S&P/TSX Capped Telecom Services Index was 1.93% lower and the S&P/TSX Capped Information Technology Index fell 2.26%.
5N Plus Inc. (VNP) -7.00% to $5.58. Torstar Corporation (TS.B) -5.87% to $5.93. DragonWave Inc. (DW) -5.71% to $6.27.
Research In Motion Ltd. (TSX: RIM.TO) was down $2.19 to $78.10 as American business magazine Fortune named the BlackBerry-maker the world's fastest-growing company.
In other earnings news, high-hazard protective equipment maker Allen-Vanguard Corp. (TSX: VRS.TO) said Monday impairment charges contributed to widening losses in the third quarter while a delay of some U.S. programs led to revenue levels that fell short of expectations. The company turned in a net loss of $99.2 million for the quarter ended June 30, almost tripling year-earlier losses of $36.6 million. Its shares inched up half a cent to 12.5 cents.
Roger Biduk
In the service sector:
AutoCanada Income Fund (ACQ.UN) +12.71% to $3.37.
ACE Aviation Holdings Inc. (ACE.A) -7.19% to $4.39. Canadian Pacific Railway Limit (CP)
-5.47% to $50.10. New Flyer Industries Inc. (NFI.UN) -5.87% to $8.18.
The S&P/TSX Capped Industrials Index was down 3.41%.
Newalta Inc. (NAL) +11.04% to $7.04.
Canfor Corporation (CFP) -10.17% to $5.21. West Fraser Timber Co Ltd. (WFT) -7.85% to $26.18. TimberWest Forest Corp. (TWF.UN) -7.43% to $3.49. Rocky Mountain Dealerships Inc (RME) -6.06% to $6.20. Bombardier Inc. (BBD.B) -5.35% to $4.07.
The S&P/TSX Consumer Discretionary Index was 2.24% lower and the S&P/TSX Consumer Staples Index fell 1.03%.
The S&P/TSX Capped Utilities Index fell 1.63%.
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All 11 indices I follow on the TSX were lower today.
Is reality finally setting in?
I believe along with many prominent analysts that there’s lots more to go on the downside.
Markets have been going up and the news over the last two years in the U.S. regarding employment and housing has only been getting worse.
The Toronto stock market joined other indexes around the world in a sharp selloff Monday as investors sold off across all sectors on worries that the American consumer won't be much help in building a strong economic recovery.
The S&P/TSX composite index fell 316.42 points or 2.92 per cent to 10,531.59 with losses paced by a drop of more than three per cent in the energy sector as crude prices fell back on demand concerns.
The CDN$ closed down 0.61 cent to 90.32 cents U.S. after falling almost a cent on Friday while the TSX Venture Exchange backed off 33.60 points to 1,159.82.
Roger Biduk
ETFs that jumped to the upside today include:
Horizons BetaPro S&P/TSX Global Mining (HMD) +9.47% to $5.20. Horizons BetaPro MSCI Emerging Markets (HJD) +8.18% to $5.42. Horizons BetaPro S&P/TSX Global Gold bear Plus (HGD) +7.65% to $7.18. Horizons BetaPro S&P/TSX 60 Bear Plus (HXD) +5.58% to $15.90. Horizons BetaPro S&P/TSX Cap Energy Bear Plus (HED) +5.58% to $8.33. Horizons BetaPro NASDAQ-100 Bear Plus (HQD) +5.24% to $18.68.
The April crude contract on the New York Mercantile Exchange fell 1.13% to $66.75 and natural gas fell 2.28% to $3.56 as the S&P/TSX Energy Index fell 3.27%.
AltaGas Utility Group Inc. (AUI) +43.04% to $8.94.
Paramount Resources Ltd. (POU) -7.14% to $7.15. Pacific Rubiales Energy Corp. (PRE.WT)
-6.20% to $5.90. Major Drilling Group Internati (MDI) -6.09% to $22.82. Calfrac Well Services Ltd. (CFW) -5.84% to $10.48. Trican Well Service Ltd. (TCW) -5.60% to $10.29.
EnCana Corp. (TSX: ECA.TO) dropped $1.52 to $55.04 while Suncor Inc. (TSX: SU.TO) lost $1.43 to $34.41.
Evidence of weakness on the consumer front surfaced Friday in a sharp falloff in the Reuters-University of Michigan consumer sentiment index, which followed a surprisingly weak July retail sales report.
Roger Biduk
The S&P/TSX Capped Health Care Index was lower by 0.35%.
Shares pharmaceutical company Aeterna Zentaris Inc. (TSX: AEZ.TO) tumbled more than 60 per cent Monday after it said it has hit a snag in the development of its treatment for prostate problems. Its shares fell $1.90 to $1.21.
Economic concerns also forced down other commodity prices as the S&P/TSX Global Gold Index fell 3.68% as the April bullion contract in New York tanked $12.90 to US$935.80 an ounce.
Kirkland Lake Gold Inc. (KGI) -9.97% to $8.67. European Goldfields Limited (EGU) -6.82% to $3.28. Richmont Mines Inc. (RIC) -6.15% to $3.05. Lake Shore Gold Corp. (LSG) -6.07% to $3.25. Kinross Gold Corporation K. (WT.C) -5.91% to $3.98.
Goldcorp Inc. (TSX: G.TO) was down $1.31 to $37.70.
Other commodities dropped as the S&P/TSX Capped Diversified Metals & Mining Index sank 4.74% as aluminum rose .85%, copper was 2.30% lower at $2.05 and silver sank 5.07% to $13.98.
Athabasca Potash Inc. (API) -15.54% to $5.49. Pan American Silver Corp. (PAA) -9.91% to $20.28. Quadra Mining Ltd. (QUA) -8.91% to $11.14. Silvercorp Metals Inc. (SVM) -8.02% to $3.44. Western Areas NL (WSA) -7.08% to $5.25.
Teck Resources (TSX: TCK-B.TO) lost $1.08 to $27.92 while HudBay Minerals (TSX: HBM.TO) was 31 cents lower to $8.54.
Shares in fertilizer giant Agrium Inc. (TSX: AGU.TO) were down $2.55 to $50.70 after it said Monday it is extending the expiry date of its hostile takeover bid for U.S.-based CF Industries Holdings Inc.
The $4.26-billion deal, which offers US$40 in cash plus one Agrium share for each CF share, will now expire on Sept. 22.
Potash Corp. (TSX: POT.TO) fell $4.79 to $100.71.
Roger Biduk
The S&P/TSX Capped Financial Index fell 2.63%.
Savanna Energy Services Corp. (SVY) -7.44% to $5.10. Labrador Iron Ore Royalty Inco (LIF.UN) -7.37% 35.57. Sentry Select Primary Metals C (PME) -6.78% to $5.36. Canaccord Capital Inc. (CCI) -6.67% to $9.24. DundeeWealth Inc. (DW) -6.19% to $10.45.
Royal Bank (TSX: RY.TO) declined $1.26 to $50.10 while Manulife Financial (TSX: MFC.TO) lost 76 cents to $21.57.
The S&P/TSX Capped Telecom Services Index was 1.93% lower and the S&P/TSX Capped Information Technology Index fell 2.26%.
5N Plus Inc. (VNP) -7.00% to $5.58. Torstar Corporation (TS.B) -5.87% to $5.93. DragonWave Inc. (DW) -5.71% to $6.27.
Research In Motion Ltd. (TSX: RIM.TO) was down $2.19 to $78.10 as American business magazine Fortune named the BlackBerry-maker the world's fastest-growing company.
In other earnings news, high-hazard protective equipment maker Allen-Vanguard Corp. (TSX: VRS.TO) said Monday impairment charges contributed to widening losses in the third quarter while a delay of some U.S. programs led to revenue levels that fell short of expectations. The company turned in a net loss of $99.2 million for the quarter ended June 30, almost tripling year-earlier losses of $36.6 million. Its shares inched up half a cent to 12.5 cents.
Roger Biduk
In the service sector:
AutoCanada Income Fund (ACQ.UN) +12.71% to $3.37.
ACE Aviation Holdings Inc. (ACE.A) -7.19% to $4.39. Canadian Pacific Railway Limit (CP)
-5.47% to $50.10. New Flyer Industries Inc. (NFI.UN) -5.87% to $8.18.
The S&P/TSX Capped Industrials Index was down 3.41%.
Newalta Inc. (NAL) +11.04% to $7.04.
Canfor Corporation (CFP) -10.17% to $5.21. West Fraser Timber Co Ltd. (WFT) -7.85% to $26.18. TimberWest Forest Corp. (TWF.UN) -7.43% to $3.49. Rocky Mountain Dealerships Inc (RME) -6.06% to $6.20. Bombardier Inc. (BBD.B) -5.35% to $4.07.
The S&P/TSX Consumer Discretionary Index was 2.24% lower and the S&P/TSX Consumer Staples Index fell 1.03%.
The S&P/TSX Capped Utilities Index fell 1.63%.
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Monday, August 17, 2009
Roger Biduk; Bay Street Lower for Week
Roger Biduk:
The Toronto stock market closed slightly higher Friday - but lost ground on the week - following a second glum dose of U.S. economic data that raised doubt about how much the American consumer can participate in the recovery.
The S&P/TSX composite index finished off the lows of the session as early losses in the financial sector disappeared and energy sector declines moderated despite a steep drop in crude prices.
The index came back from a 112-point deficit to close 22.45 points higher to 10,848.01 after the University of Michigan's consumer sentiment index for August came in at 63.2. That was much worse than the 69 reading that economists had expected and down from 66 posted in July.
The consumer report on Friday came a day after other data showed that U.S. retail sales unexpectedly dropped last month.
The TSX Venture Exchange slipped 7.08 points to 1,193.42.
The Canadian dollar gave up early momentum to move down 0.9 of a cent to 90.93 cents US.
Roger Biduk
The economic news was better in Canada as manufacturing sales increased 1.9 per cent to $39.7 billion in June, a much better showing than the 0.3 per cent dip that economists had expected.
However, Statistics Canada said that strong sales in the aerospace industry and a rise in the price of petroleum and coal products largely explain the increase. Excluding both industries, Canada's manufacturing sales would have decreased 0.5 per cent.
The TSX energy sector was off 0.48 per cent Friday as the September crude contract on the New York Mercantile Exchange gave up early advances following the release of the consumer sentiment data to tumble $3.01 to US$67.51 a barrel. Suncor Inc. (TSX:SU) dropped 61 cents to $35.84 and EnCana Corp. (TSX:ECA) moved down 60 cents to $56.56.
The TSX financial sector was up 0.48 per cent after the Irish Times reported Friday that a major Canadian bank has proposed to take a stake in Allied Irish Banks. It said that the investment would take place only after AIB's development loans move to NAMA, the National Asset Management Agency, which is being established by the Irish government to take over toxic development loans to developers.
Both CIBC (TSX:CM) and Royal Bank (TSX:RY) were mentioned as the interested buyer of a minority stake in the Irish bank, which confirmed it received interest from an unidentified third party.
But AIB said the discussions were "preliminary and are not expected to progress in the near term." Royal shares gained 65 cents to $51.36 and CIBC declined 31 cents to $67.75.
Roger Biduk
The base metals sector dropped 0.88 per cent as September copper fell back 7.8 cents to $US2.836 a pound. Teck Resources (TSX:TCK.B) was down 80 cents to $29 while Sherritt International (TSX:S) lost 11 cents to $7.33.
The December bullion contract was down $7.80 to $948.70 an ounce, taking the gold sector down 0.56 per cent. Goldcorp Inc. (TSX:G) faded 51 cents to $39.01.
A burst in the consumer discretionary sector was led by another strong showing in t-shirt maker Gildan Activewear (TSX:GIL). Its shares ran up $1.93 or 9.78 per cent to $21.66 after advancing almost 10 per cent Thursday as it said quarterly profits fell 24 per cent - but delivered an optimistic outlook.
A major decliner in Toronto was Chartwell Seniors Housing Real Estate Investment Trust(TSX:CSH.UN). Its units tumbled $1.07 or 16.2 per cent to $5.54 after the company cut its monthly cash distributions to unitholders on Thursday in a bid to preserve its cash. It said that "given the uncertain economic climate in North America management believes that recovery and growth in certain markets may take longer than previously anticipated."
On the earnings front, high priced teen retailer Abercrombie & Fitch said Friday that slumping sales led to a loss of $26.7 million, compared with a profit of $77.8 million a year earlier. However, its shares ran ahead $1.29 to US$34.25.
FNX Mining Co. Inc. (TSX:FNX) reported second-quarter profits of C$12.5 million, up from year-earlier net earnings of $11.3 million. Revenue was down 45 per cent to $61.9 million and its shares rose 51 cents to $9.88. Linamar Corp. (TSX:LNR) saw a $48.4-million loss in the second quarter, but the auto parts company said it well positioned for a turnaround with hundreds of millions of dollars in new business set to begin production this year. Its shares fell 74 cents to $12.35.
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The Toronto stock market closed slightly higher Friday - but lost ground on the week - following a second glum dose of U.S. economic data that raised doubt about how much the American consumer can participate in the recovery.
The S&P/TSX composite index finished off the lows of the session as early losses in the financial sector disappeared and energy sector declines moderated despite a steep drop in crude prices.
The index came back from a 112-point deficit to close 22.45 points higher to 10,848.01 after the University of Michigan's consumer sentiment index for August came in at 63.2. That was much worse than the 69 reading that economists had expected and down from 66 posted in July.
The consumer report on Friday came a day after other data showed that U.S. retail sales unexpectedly dropped last month.
The TSX Venture Exchange slipped 7.08 points to 1,193.42.
The Canadian dollar gave up early momentum to move down 0.9 of a cent to 90.93 cents US.
Roger Biduk
The economic news was better in Canada as manufacturing sales increased 1.9 per cent to $39.7 billion in June, a much better showing than the 0.3 per cent dip that economists had expected.
However, Statistics Canada said that strong sales in the aerospace industry and a rise in the price of petroleum and coal products largely explain the increase. Excluding both industries, Canada's manufacturing sales would have decreased 0.5 per cent.
The TSX energy sector was off 0.48 per cent Friday as the September crude contract on the New York Mercantile Exchange gave up early advances following the release of the consumer sentiment data to tumble $3.01 to US$67.51 a barrel. Suncor Inc. (TSX:SU) dropped 61 cents to $35.84 and EnCana Corp. (TSX:ECA) moved down 60 cents to $56.56.
The TSX financial sector was up 0.48 per cent after the Irish Times reported Friday that a major Canadian bank has proposed to take a stake in Allied Irish Banks. It said that the investment would take place only after AIB's development loans move to NAMA, the National Asset Management Agency, which is being established by the Irish government to take over toxic development loans to developers.
Both CIBC (TSX:CM) and Royal Bank (TSX:RY) were mentioned as the interested buyer of a minority stake in the Irish bank, which confirmed it received interest from an unidentified third party.
But AIB said the discussions were "preliminary and are not expected to progress in the near term." Royal shares gained 65 cents to $51.36 and CIBC declined 31 cents to $67.75.
Roger Biduk
The base metals sector dropped 0.88 per cent as September copper fell back 7.8 cents to $US2.836 a pound. Teck Resources (TSX:TCK.B) was down 80 cents to $29 while Sherritt International (TSX:S) lost 11 cents to $7.33.
The December bullion contract was down $7.80 to $948.70 an ounce, taking the gold sector down 0.56 per cent. Goldcorp Inc. (TSX:G) faded 51 cents to $39.01.
A burst in the consumer discretionary sector was led by another strong showing in t-shirt maker Gildan Activewear (TSX:GIL). Its shares ran up $1.93 or 9.78 per cent to $21.66 after advancing almost 10 per cent Thursday as it said quarterly profits fell 24 per cent - but delivered an optimistic outlook.
A major decliner in Toronto was Chartwell Seniors Housing Real Estate Investment Trust(TSX:CSH.UN). Its units tumbled $1.07 or 16.2 per cent to $5.54 after the company cut its monthly cash distributions to unitholders on Thursday in a bid to preserve its cash. It said that "given the uncertain economic climate in North America management believes that recovery and growth in certain markets may take longer than previously anticipated."
On the earnings front, high priced teen retailer Abercrombie & Fitch said Friday that slumping sales led to a loss of $26.7 million, compared with a profit of $77.8 million a year earlier. However, its shares ran ahead $1.29 to US$34.25.
FNX Mining Co. Inc. (TSX:FNX) reported second-quarter profits of C$12.5 million, up from year-earlier net earnings of $11.3 million. Revenue was down 45 per cent to $61.9 million and its shares rose 51 cents to $9.88. Linamar Corp. (TSX:LNR) saw a $48.4-million loss in the second quarter, but the auto parts company said it well positioned for a turnaround with hundreds of millions of dollars in new business set to begin production this year. Its shares fell 74 cents to $12.35.
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Wednesday, August 12, 2009
Roger Biduk - Bay Street Lower on Financials
Roger Biduk
The Toronto stock market tumbled as investors took profits from the five-month-old rally following a warning about the financial sector's health and ahead of Wednesday's interest rate announcement by the U.S. Federal Reserve.
The S&P/TSX Capped Financial Index fell 2.60%.
Royal Host Real Estate Investment (RYL.UN) -9.02% to $2.42. Melcor Developments Ltd. (MRD) -7.11% to $8.10. Plutonic Power Corporation (PCC) -6.85% to $2.99. H & R Real Estate Investment T (HR.UN)
-5.22% to $13.06. Sun Life Financial Inc. (SLF)
-5.20% to $31.57.
Financial sector losses picked up following comments from U.S. analyst Richard Bove of Rochdale Securities, who said that U.S. bank earnings are unlikely to improve in the second half and that many firms may post losses. He said investors should lock in profits after a surge in bank stocks since early March.
Also, U.S. bank CIT Group warned of "substantial doubt" regarding its ability to continue as a going concern, due to "on-going stress in the credit markets, operating losses, credit ratings downgrades, and regulatory and cash restrictions."
S&P/TSX Capped Diversified Metals & Mining Index fell .90% as aluminum fell 1.45%, copper was 1.23% lower at $2.05 and silver was flat at $14.35.
Osisko Mining Corporation (OSK) +6.39% to $7.49.
Migao Corporation (MGO) -10.42% to $6.96. Thompson Creek Metals Company (TCM.WT)
-8.19% to $6.95.
Roger Biduk
The S&P/TSX composite index dropped 164.2 points to 10,629.47. The TSX loss followed a 92-point slide Monday. However, the Toronto market is still ahead more than 40 per cent since the start of the rally in early March, reflecting general optimism that the economy is recovering.
The TSX Venture Exchange declined 8.37 points to 1,176.84.
The S&P/TSX Capped Telecom Services Index was .14% higher and the S&P/TSX Capped Information Technology Index fell 0.26%.
SXC Health Solutions Corp. (SXC) +7.52% to $44.19.
The CDN$ closed down 1.06 cents to 90.79 cents US as the American dollar continued to rally in the wake of Friday's much better than expected jobless report for last month.
The April crude contract on the New York Mercantile Exchange fell 1.63% to $69.45 and natural gas fell 2.75% to $3.54 as the S&P/TSX Energy Index fell 1.67%.
The S&P/TSX Capped Industrials Index was down 0.91%.
Rocky Mountain Dealerships Inc (RME) +13.33% to $5.10.
Bombardier Aerospace (TSX:BBD.B) shares were down 27 cents to $4.06 after the company cancelled an order from Italy's My Air for 15 of its CRJ1000 aircraft as the carrier faces an "uncertain situation." Italy's civil aviation authority suspended My Air's licence last month due to financial troubles at the airline.
Roger Biduk
In the Service sector:
Great Canadian Gaming Corporation (GC) +14.02% to $6.83.
On the Canadian economic front, Canada Mortgage and Housing Corp. said the seasonally adjusted annual rate of housing starts decreased to 132,100 units in July from 137,800 units in June, mainly because of weakness in the multiple starts segment.
The S&P/TSX Consumer Discretionary Index was 1.34% lower and the S&P/TSX Consumer Staples Index fell 0.83%.
Cascades Inc. (CAS) +9.43% to $5.80. ZCL Composites Inc. (ZCL) +5.26% to $4.00.
In earnings news, hardware and home improvement retailer Rona Inc. (TSX:RON) says a drop in housing starts led to a seven per cent dip in second-quarter sales and a reduction in profits for the period. Rona booked profits of $60.8 million, down from $76.6 million a year ago and its shares added two cents to $14.35.
Shares in Leon's Furniture Ltd. (TSX:LNF) rose five cents to $10.10 after the Toronto-based retailer said its profit last quarter was $8.62 million, 26 per cent lower than the same time last year. Total sales including franchise stores fell to $209.9 million from $224.7 million, a decline of $14.7 million.
Roger Biduk
The S&P/TSX Capped Utilities Index fell 0.51%.
Tissue maker and cardboard producer Cascades Inc. (TSX:CAS) said Tuesday it turned a profit of $30 million during the second quarter despite a modest dip in sales. The showing reversed a year-earlier loss of $25 million and its shares jumped 50 cents to $5.80.
The S&P/TSX Global Gold Index fell .20% as the April bullion contract in New York gained $.70 to US$947.60 an ounce.
After the market closed, Brookfield Asset Management (TSX:BAM.A) and Brookfield Properties (TSX:BPO) announced a plan to form a $4-billion consortium with other institutional investors to invest in under-performing real estate in several regions of the world.
Brookfield has allocated $1 billion to the consortium with opportunities in the office sector being funded by Brookfield Properties and opportunities in other sectors being funded by Brookfield Asset Management.
The S&P/TSX Capped Health Care Index was higher by 0.77%.
Paladin Labs Inc. (PLB) -6.81% to $17.94.
The Toronto stock market tumbled as investors took profits from the five-month-old rally following a warning about the financial sector's health and ahead of Wednesday's interest rate announcement by the U.S. Federal Reserve.
The S&P/TSX Capped Financial Index fell 2.60%.
Royal Host Real Estate Investment (RYL.UN) -9.02% to $2.42. Melcor Developments Ltd. (MRD) -7.11% to $8.10. Plutonic Power Corporation (PCC) -6.85% to $2.99. H & R Real Estate Investment T (HR.UN)
-5.22% to $13.06. Sun Life Financial Inc. (SLF)
-5.20% to $31.57.
Financial sector losses picked up following comments from U.S. analyst Richard Bove of Rochdale Securities, who said that U.S. bank earnings are unlikely to improve in the second half and that many firms may post losses. He said investors should lock in profits after a surge in bank stocks since early March.
Also, U.S. bank CIT Group warned of "substantial doubt" regarding its ability to continue as a going concern, due to "on-going stress in the credit markets, operating losses, credit ratings downgrades, and regulatory and cash restrictions."
S&P/TSX Capped Diversified Metals & Mining Index fell .90% as aluminum fell 1.45%, copper was 1.23% lower at $2.05 and silver was flat at $14.35.
Osisko Mining Corporation (OSK) +6.39% to $7.49.
Migao Corporation (MGO) -10.42% to $6.96. Thompson Creek Metals Company (TCM.WT)
-8.19% to $6.95.
Roger Biduk
The S&P/TSX composite index dropped 164.2 points to 10,629.47. The TSX loss followed a 92-point slide Monday. However, the Toronto market is still ahead more than 40 per cent since the start of the rally in early March, reflecting general optimism that the economy is recovering.
The TSX Venture Exchange declined 8.37 points to 1,176.84.
The S&P/TSX Capped Telecom Services Index was .14% higher and the S&P/TSX Capped Information Technology Index fell 0.26%.
SXC Health Solutions Corp. (SXC) +7.52% to $44.19.
The CDN$ closed down 1.06 cents to 90.79 cents US as the American dollar continued to rally in the wake of Friday's much better than expected jobless report for last month.
The April crude contract on the New York Mercantile Exchange fell 1.63% to $69.45 and natural gas fell 2.75% to $3.54 as the S&P/TSX Energy Index fell 1.67%.
The S&P/TSX Capped Industrials Index was down 0.91%.
Rocky Mountain Dealerships Inc (RME) +13.33% to $5.10.
Bombardier Aerospace (TSX:BBD.B) shares were down 27 cents to $4.06 after the company cancelled an order from Italy's My Air for 15 of its CRJ1000 aircraft as the carrier faces an "uncertain situation." Italy's civil aviation authority suspended My Air's licence last month due to financial troubles at the airline.
Roger Biduk
In the Service sector:
Great Canadian Gaming Corporation (GC) +14.02% to $6.83.
On the Canadian economic front, Canada Mortgage and Housing Corp. said the seasonally adjusted annual rate of housing starts decreased to 132,100 units in July from 137,800 units in June, mainly because of weakness in the multiple starts segment.
The S&P/TSX Consumer Discretionary Index was 1.34% lower and the S&P/TSX Consumer Staples Index fell 0.83%.
Cascades Inc. (CAS) +9.43% to $5.80. ZCL Composites Inc. (ZCL) +5.26% to $4.00.
In earnings news, hardware and home improvement retailer Rona Inc. (TSX:RON) says a drop in housing starts led to a seven per cent dip in second-quarter sales and a reduction in profits for the period. Rona booked profits of $60.8 million, down from $76.6 million a year ago and its shares added two cents to $14.35.
Shares in Leon's Furniture Ltd. (TSX:LNF) rose five cents to $10.10 after the Toronto-based retailer said its profit last quarter was $8.62 million, 26 per cent lower than the same time last year. Total sales including franchise stores fell to $209.9 million from $224.7 million, a decline of $14.7 million.
Roger Biduk
The S&P/TSX Capped Utilities Index fell 0.51%.
Tissue maker and cardboard producer Cascades Inc. (TSX:CAS) said Tuesday it turned a profit of $30 million during the second quarter despite a modest dip in sales. The showing reversed a year-earlier loss of $25 million and its shares jumped 50 cents to $5.80.
The S&P/TSX Global Gold Index fell .20% as the April bullion contract in New York gained $.70 to US$947.60 an ounce.
After the market closed, Brookfield Asset Management (TSX:BAM.A) and Brookfield Properties (TSX:BPO) announced a plan to form a $4-billion consortium with other institutional investors to invest in under-performing real estate in several regions of the world.
Brookfield has allocated $1 billion to the consortium with opportunities in the office sector being funded by Brookfield Properties and opportunities in other sectors being funded by Brookfield Asset Management.
The S&P/TSX Capped Health Care Index was higher by 0.77%.
Paladin Labs Inc. (PLB) -6.81% to $17.94.
Thursday, April 30, 2009
Roger Biduk, Bay Street Starting to Show Cracks
Roger Biduk
Stock markets surrendered big gains and put in a weak close Thursday after U.S. President Barack Obama confirmed that Chrysler LLC is going into Chapter 11 bankruptcy protection.
While the move wasn't a surprise, it did undermine optimism that the recession is nearing a bottom.
By the way, if any of you think this recession is at the bottom like many rah-rah analysts on television on CNBC, I think you and your portfolios are in for a big surprise (refer to my email I sent in the wee hours on Apr. 27).
The S&P/TSX Capped Financial Index fell 0.51%.
Algonquin Power Income Fund (APF.UN) +7.69% to $3.08. Melcor Developments Ltd. (MRD) +7.95% to $5.70.
Jovian Cap Corp (JOV) -13.33% to $6.50. Canadian Oil Sands Trust (COS.UN -6.31% to $24.64. RioCan Real Estate Investment (REI.UN) -5.26% to $$13.68.
Markets had been trying to factor in the likelihood of a Chrysler insolvency but "once investors become face-to-face with that reality, they have a different reaction," commented Jack Ablin, chief investment officer at Harris Private Bank in New York.
Just wait till GM goes belly-up next month!
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index rose 1.98% as aluminum rose 1.52%, copper was 2.12% higher at $2.05 and silver dropped 3.52% to $12.33.
Thompson Creek Metals Company (TCM.WT) +8.26% to $2.49. First Quantum Minerals Ltd. (FM) +6.68% to $46.15. Gerdau AmeriSteel Corporation (GNA) +6.26% to $6.28. Capstone Mining Corp. (CS) +5.82% to $2.00.
Uranium One Inc. (UUU) -7.04% to $3.30. Silvercorp Metals Inc.(SVM) -6.10% to $2.77. Red Back Mining Inc.(RBI) -5.28% to $8.26.
Toronto's S&P/TSX composite index came down from a 152-point surge and ended the day with a loss of 91.48 points at 9,324.83.
The TSX Venture Exchange was down 4.99 points to 1,008.98.
The April crude contract on the New York Mercantile Exchange rose 0.30% to $50.96 and natural gas fell 0.88% to $3.38 as the S&P/TSX Energy Index fell 1.59%.
Orleans Energy Ltd. (OEX) +13.83% to $2.14.
Calfrac Well Services Ltd. (CFW) -5.14% to $9.60. Peyto Energy Trust (PEY.UN) -5.23% to $9.06.
The Canadian dollar moved up 0.69 cent to 83.82 cents US after Statistics Canada said the economy shrank 0.1 per cent in February - much less painful than the 0.7 per cent slide in January and better than the 0.2 per cent contraction economists were projecting.
Roger Biduk
The S&P/TSX Capped Telecom Services Index was 1.23% lower and the S&P/TSX Capped Information Technology Index rose 0.56%.
Torstar Corporation (TS.B) -5.46% to $5.02.
SXC Health Solutions Corp. (SXC) +9.31% to $23.72. 5N Plus Inc. (VNP) +8.69% to $6.38. DragonWave Inc. (DWI) +5.65% to $2.62.
Stats Canada also noted that economic activity has declined 2.4 per cent since October,
Following an incredibly intense three-month plunge in Canadian output from November to January, the mild February decline seems like a relief, a version of “been down so long, it feels like up” to the economy.
In the Service sector:
Clarke Inc. (CKI) +13.27% 2.39. Resolve Business Outsourcing I (RBO.UN) +10.64% to $2.60. Cossette Inc. (KOS) +10.45% to $3.17.
Data Group Income Fund (The) (DGI.UN) -10.22% to $3.60. TMX Group Inc. (X) -5.87% to $32.09.
The Chrysler developments - including major planned production suspensions - hit already knocked-down auto parts makers.
Magna International (TSX:MG.A) fell 3.2 per cent, Linamar (TSX:LNR) dropped 4.2 per cent and Wescast Industries (TSX:WCS) plunged 19 per cent, losing 21 cents to 90 cents.
Roger Biduk
The S&P/TSX Capped Utilities Index rose 0.29%.
EPCOR Power L.P. (EP.UN) -5.18% to $11.89.
Canadian Oil Sands Trust (TSX:COS.UN) units were down $1.66 at $24.64 after its quarterly earnings came in at $43 million, down from $298 million a year ago.
The S&P/TSX Capped Industrials Index was down 1.59%.
Strongco Income Fund (SQP.UN) +51.52% to $2.50. Ballard Power Systems Inc. (BLD) +7.46% to $2.45. Bombardier Inc. (BBD.B) +7.39% to $3.78.
JDS Uniphase Canada Ltd. (JDU) -14.70% to $5.63. GLV Inc. (GLV.A) -6.74% to $5.81.
ExxonMobil Corp.'s first-quarter profit fell 58 per cent from a year ago to US$4.6 billion as the world's biggest publicly traded oil company, like the rest of the industry, saw crude and gas prices fall precipitously. Its shares were down $1.77 to US$66.67.
The S&P/TSX Capped Health Care Index was higher by 0.6883%.
Noveko International Inc. (EKO) +5.38% to $2.74.
Exxon’s Canadian subsidiary, Imperial Oil Ltd. (TSX:IMO), reported its profit plunged to $289 million from $681 million, and its shares moved 35 cents lower to $42.65 in Toronto.
Roger Biduk
The S&P/TSX Global Gold Index fell 4.06% as the April bullion contract in New York sank $9.30 to US$891.20 an ounce.
First Quantum Minerals Ltd. (FM) +6.68% to $46.15.
Laramide Resources Ltd. (LAM) -10.83% to $2.14. Centerra Gold Inc. (CG) -8.53% to $6.65. Greystar Resources Ltd. (GSL) -6.18% to $4.10. Allied Nevada Gold Corp. (ANV) -5.73% to $6.42. Premier Gold Mines Limited (PG) -5.46% to $2.25.
Teck Resources Ltd. (TSX:TCK.B) gained 52 cents to $12.53 after finalizing a deal to sell its 40 per cent stake in Alaska's Pogo gold property for US$245 million.
Denison Mines Corp. (TSX:DML) rose 23 cents or 11.5 per cent to $2.24 after CEO Peter Farmer predicted the uranium price will heat back up to US$60 or $70 a pound over the next year on increasing demand and dwindling supply.
The S&P/TSX Consumer Discretionary Index was 0.92% lower and the S&P/TSX Consumer Staples Index fell 0.78%.
Domtar Corporation (UFS) +16.85% to $2.15. Domtar (Canada) Paper Inc. (UFX) +13.66% to $2.08.
CCL Industries Inc. (CCL.B) -5.15% to $23.01.
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Stock markets surrendered big gains and put in a weak close Thursday after U.S. President Barack Obama confirmed that Chrysler LLC is going into Chapter 11 bankruptcy protection.
While the move wasn't a surprise, it did undermine optimism that the recession is nearing a bottom.
By the way, if any of you think this recession is at the bottom like many rah-rah analysts on television on CNBC, I think you and your portfolios are in for a big surprise (refer to my email I sent in the wee hours on Apr. 27).
The S&P/TSX Capped Financial Index fell 0.51%.
Algonquin Power Income Fund (APF.UN) +7.69% to $3.08. Melcor Developments Ltd. (MRD) +7.95% to $5.70.
Jovian Cap Corp (JOV) -13.33% to $6.50. Canadian Oil Sands Trust (COS.UN -6.31% to $24.64. RioCan Real Estate Investment (REI.UN) -5.26% to $$13.68.
Markets had been trying to factor in the likelihood of a Chrysler insolvency but "once investors become face-to-face with that reality, they have a different reaction," commented Jack Ablin, chief investment officer at Harris Private Bank in New York.
Just wait till GM goes belly-up next month!
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index rose 1.98% as aluminum rose 1.52%, copper was 2.12% higher at $2.05 and silver dropped 3.52% to $12.33.
Thompson Creek Metals Company (TCM.WT) +8.26% to $2.49. First Quantum Minerals Ltd. (FM) +6.68% to $46.15. Gerdau AmeriSteel Corporation (GNA) +6.26% to $6.28. Capstone Mining Corp. (CS) +5.82% to $2.00.
Uranium One Inc. (UUU) -7.04% to $3.30. Silvercorp Metals Inc.(SVM) -6.10% to $2.77. Red Back Mining Inc.(RBI) -5.28% to $8.26.
Toronto's S&P/TSX composite index came down from a 152-point surge and ended the day with a loss of 91.48 points at 9,324.83.
The TSX Venture Exchange was down 4.99 points to 1,008.98.
The April crude contract on the New York Mercantile Exchange rose 0.30% to $50.96 and natural gas fell 0.88% to $3.38 as the S&P/TSX Energy Index fell 1.59%.
Orleans Energy Ltd. (OEX) +13.83% to $2.14.
Calfrac Well Services Ltd. (CFW) -5.14% to $9.60. Peyto Energy Trust (PEY.UN) -5.23% to $9.06.
The Canadian dollar moved up 0.69 cent to 83.82 cents US after Statistics Canada said the economy shrank 0.1 per cent in February - much less painful than the 0.7 per cent slide in January and better than the 0.2 per cent contraction economists were projecting.
Roger Biduk
The S&P/TSX Capped Telecom Services Index was 1.23% lower and the S&P/TSX Capped Information Technology Index rose 0.56%.
Torstar Corporation (TS.B) -5.46% to $5.02.
SXC Health Solutions Corp. (SXC) +9.31% to $23.72. 5N Plus Inc. (VNP) +8.69% to $6.38. DragonWave Inc. (DWI) +5.65% to $2.62.
Stats Canada also noted that economic activity has declined 2.4 per cent since October,
Following an incredibly intense three-month plunge in Canadian output from November to January, the mild February decline seems like a relief, a version of “been down so long, it feels like up” to the economy.
In the Service sector:
Clarke Inc. (CKI) +13.27% 2.39. Resolve Business Outsourcing I (RBO.UN) +10.64% to $2.60. Cossette Inc. (KOS) +10.45% to $3.17.
Data Group Income Fund (The) (DGI.UN) -10.22% to $3.60. TMX Group Inc. (X) -5.87% to $32.09.
The Chrysler developments - including major planned production suspensions - hit already knocked-down auto parts makers.
Magna International (TSX:MG.A) fell 3.2 per cent, Linamar (TSX:LNR) dropped 4.2 per cent and Wescast Industries (TSX:WCS) plunged 19 per cent, losing 21 cents to 90 cents.
Roger Biduk
The S&P/TSX Capped Utilities Index rose 0.29%.
EPCOR Power L.P. (EP.UN) -5.18% to $11.89.
Canadian Oil Sands Trust (TSX:COS.UN) units were down $1.66 at $24.64 after its quarterly earnings came in at $43 million, down from $298 million a year ago.
The S&P/TSX Capped Industrials Index was down 1.59%.
Strongco Income Fund (SQP.UN) +51.52% to $2.50. Ballard Power Systems Inc. (BLD) +7.46% to $2.45. Bombardier Inc. (BBD.B) +7.39% to $3.78.
JDS Uniphase Canada Ltd. (JDU) -14.70% to $5.63. GLV Inc. (GLV.A) -6.74% to $5.81.
ExxonMobil Corp.'s first-quarter profit fell 58 per cent from a year ago to US$4.6 billion as the world's biggest publicly traded oil company, like the rest of the industry, saw crude and gas prices fall precipitously. Its shares were down $1.77 to US$66.67.
The S&P/TSX Capped Health Care Index was higher by 0.6883%.
Noveko International Inc. (EKO) +5.38% to $2.74.
Exxon’s Canadian subsidiary, Imperial Oil Ltd. (TSX:IMO), reported its profit plunged to $289 million from $681 million, and its shares moved 35 cents lower to $42.65 in Toronto.
Roger Biduk
The S&P/TSX Global Gold Index fell 4.06% as the April bullion contract in New York sank $9.30 to US$891.20 an ounce.
First Quantum Minerals Ltd. (FM) +6.68% to $46.15.
Laramide Resources Ltd. (LAM) -10.83% to $2.14. Centerra Gold Inc. (CG) -8.53% to $6.65. Greystar Resources Ltd. (GSL) -6.18% to $4.10. Allied Nevada Gold Corp. (ANV) -5.73% to $6.42. Premier Gold Mines Limited (PG) -5.46% to $2.25.
Teck Resources Ltd. (TSX:TCK.B) gained 52 cents to $12.53 after finalizing a deal to sell its 40 per cent stake in Alaska's Pogo gold property for US$245 million.
Denison Mines Corp. (TSX:DML) rose 23 cents or 11.5 per cent to $2.24 after CEO Peter Farmer predicted the uranium price will heat back up to US$60 or $70 a pound over the next year on increasing demand and dwindling supply.
The S&P/TSX Consumer Discretionary Index was 0.92% lower and the S&P/TSX Consumer Staples Index fell 0.78%.
Domtar Corporation (UFS) +16.85% to $2.15. Domtar (Canada) Paper Inc. (UFX) +13.66% to $2.08.
CCL Industries Inc. (CCL.B) -5.15% to $23.01.
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Wednesday, April 29, 2009
Roger Biduk; Bay Street Higher on U.S. Hopes
Roger Biduk
Markets finished with gains Wednesday following two days of declines, as hope strengthened that the American recession is moderating.
The S&P/TSX Capped Financial Index rose 0.71%.
Pinetree Capital Ltd. (PNP) +29.49% to $2.02. Global Uranium Fund Inc. (GUR) +17.70% to $2.86. Kingsway Financial Services In (KFS) +11.43% to $2.73. Sun Gro Horticulture Income Fu (GRO.UN) +10.79% to $2.67. Uranium Focused Energy Fund (UF.UN) +9.58% to $3.66.
Resverlogix Corp. (RVX) -6.43% to $2.62.
Toronto's S&P/TSX composite index eased back from triple-digit gains to close ahead 68.28 points at 9,416.31.
The TSX Venture Exchange advanced 20.87 to 1,013.97 while weakness in the greenback sent the Canadian dollar ahead 1.20 cents to 83.13 cents US.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index rose 5.50% as aluminum rose 1.52%, copper was 4.62% higher at $2.01 and silver rose 2.81% to $12.78.
Inmet Mining Corporation (IMN) +11.63% to $40.97. Gerdau AmeriSteel Corporation (GNA) +8.84% to $5.91. Mega Uranium Ltd. (MGA) +8.25% to 2.23. Thompson Creek Metals Company (TCM.WT) +6.98% to $2.30.
On the earnings front, Rogers Communications Inc. shares (TSX:RCI.B) were down 35 cents to $29.24 after weak advertising sales in its media division cut into first-quarter profit. Canada's biggest cable-TV and cellphone network operator earned $309 million for the quarter, down 10 per cent from a year-earlier.
The April crude contract on the New York Mercantile Exchange rose 2.11% to $50.92 and natural gas fell 1.09% to $3.35 as the S&P/TSX Energy Index rose 1.77%.
Oil prices rose even as the U.S. Energy Information Administration said crude inventories rose by 4.1 million barrels last week, far higher than the expected boost of 1.8 million.
Eveready Inc. (EIS) +199.71% to $10.40. OPTI Canada Inc. (OPC) +11.11% to $2.00. Flint Energy Services Ltd. (FES) +9.81% to $6.94. Calfrac Well Services Ltd. (CFW) +7.20% to $10.12. Talisman Energy Inc. (TLM) +6.97% to $15.35.
Cathedral Energy Services Inco (CET.UN) -5.78% to $4.24.
Roger Biduk
Maple Leaf Foods Inc. (TSX:MFI) rose 15 cents to $8.60 after a first-quarter profit of $2.9 million, boosted by higher prices in its Canada Bread subsidiary. Margins are still shaky in packaged meat as recovery from last summer's tainted meat recall continues, but Maple Leaf's sales were up 6.3 per cent to $1.3 billion.
The S&P/TSX Capped Telecom Services Index was 1.07% lower and the S&P/TSX Capped Information Technology Index fell 0.96%.
Evertz Technologies Limited (ET) +9.97% to $16.32. March Networks Corporation (MN) +5.57% to $3.79.
SXC Health Solutions Corp. (SXC) -9.47% to $21.70. Vecima Networks Inc. (VCM) -15.83% to $4.20.
Sherritt International Corp. (TSX:S) posted a first-quarter loss of $42.9 million, reversing a year-ago profit of $89 million, after a $57.4 million loss on the sale of oil and gas assets. Revenue increased to $349 million from $314.2 million and Sherritt stock inched up two cents to $4.95.
Roger Biduk
In the Service sector:
Tri-White Corporation (TWH) +8.15% to $6.50. Mullen Group Income Fund (MTL.UN) +7.82% to $12.00. Trimac Income Fund (TMA.UN) +6.84% to $2.81. Great Canadian Gaming Corporat (GC) +6.29% to $3.720.
TMX Group Inc. (X) -10.17% to $34.09.
Western Canadian Coal Corp. (TSX:WTN) rose another 48 per cent to $1.42, after a 23 per cent gain Tuesday on word of new sales contracts. It's still down from $10.99 last June.
The S&P/TSX Consumer Discretionary Index was 0.11% higher and the S&P/TSX Consumer Staples Index fell 1.22%.
Supremex Income Fund (SXP.UN) +9.13% to $2.51. CCL Industries Inc. (CCL.B) +7.63% to $24.26.
Canfor Pulp Income Fund (CFX.UN) -6.00% to $2.35.
Roger Biduk
Talisman Energy Inc. (TSX:TLM) reported net income of $455 million for the quarter ended March 31, a two per cent decrease from a year ago. Its shares moved up $1 to $15.35.
The S&P/TSX Global Gold Index fell 0.41% as the April bullion contract in New York rose $6.90 to US$900.50 an ounce.
Premier Gold Mines Limited (PG) +14.98% to $2.38. Laramide Resources Ltd. (LAM) +11.11% to $2.40. Gabriel Resources Ltd. (GBU) +5.99% to $2.30. First Quantum Minerals Ltd. (FM) +5.90% to $43.26. Aquiline Resources Inc. (AQI) +5.83% to $2.36.
US Gold Corporation (UXG) -5.86% to $2.41.
Eveready Inc. (TSX:EIS) soared $6.93 or 200 per cent to $10.40 after a $464-million deal to be acquired by Clean Harbors Inc. (NYSE:CLH), North America's biggest handler of hazardous waste. The cash-and-stock arrangement values the Edmonton-based energy services company at $11 per share.
Roger Biduk
The S&P/TSX Capped Health Care Index was lower by 0.68%.
Noveko International Inc. (EKO) -9.41% to $2.60.
Atrium Innovations Inc. (ATB) +6.25% to $13.94.
The S&P/TSX Capped Industrials Index was up 0.77%.
ADF Group Inc. (DRX) +13.02% 2.43. Canam Group Inc. Groupe Canam (CAM) +8.20% 6.86. Newalta Inc. (NAL) +7.06% 4.55. International Forest Products (IFP.A) +6.99% to $2.45. TimberWest Forest Corp. (TWF.UN) +5.83% to $3.45.
Barrick Gold Corp. (TSX:ABX) was five cents higher at $35.65 after a first-quarter profit of US$371 million, down from $514 million as the world's largest gold producer saw lower realized prices and higher costs.
The S&P/TSX Capped Utilities Index rose 1.79%.
EPCOR Power L.P. (EP.UN) -6.21% to $12.54.
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Markets finished with gains Wednesday following two days of declines, as hope strengthened that the American recession is moderating.
The S&P/TSX Capped Financial Index rose 0.71%.
Pinetree Capital Ltd. (PNP) +29.49% to $2.02. Global Uranium Fund Inc. (GUR) +17.70% to $2.86. Kingsway Financial Services In (KFS) +11.43% to $2.73. Sun Gro Horticulture Income Fu (GRO.UN) +10.79% to $2.67. Uranium Focused Energy Fund (UF.UN) +9.58% to $3.66.
Resverlogix Corp. (RVX) -6.43% to $2.62.
Toronto's S&P/TSX composite index eased back from triple-digit gains to close ahead 68.28 points at 9,416.31.
The TSX Venture Exchange advanced 20.87 to 1,013.97 while weakness in the greenback sent the Canadian dollar ahead 1.20 cents to 83.13 cents US.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index rose 5.50% as aluminum rose 1.52%, copper was 4.62% higher at $2.01 and silver rose 2.81% to $12.78.
Inmet Mining Corporation (IMN) +11.63% to $40.97. Gerdau AmeriSteel Corporation (GNA) +8.84% to $5.91. Mega Uranium Ltd. (MGA) +8.25% to 2.23. Thompson Creek Metals Company (TCM.WT) +6.98% to $2.30.
On the earnings front, Rogers Communications Inc. shares (TSX:RCI.B) were down 35 cents to $29.24 after weak advertising sales in its media division cut into first-quarter profit. Canada's biggest cable-TV and cellphone network operator earned $309 million for the quarter, down 10 per cent from a year-earlier.
The April crude contract on the New York Mercantile Exchange rose 2.11% to $50.92 and natural gas fell 1.09% to $3.35 as the S&P/TSX Energy Index rose 1.77%.
Oil prices rose even as the U.S. Energy Information Administration said crude inventories rose by 4.1 million barrels last week, far higher than the expected boost of 1.8 million.
Eveready Inc. (EIS) +199.71% to $10.40. OPTI Canada Inc. (OPC) +11.11% to $2.00. Flint Energy Services Ltd. (FES) +9.81% to $6.94. Calfrac Well Services Ltd. (CFW) +7.20% to $10.12. Talisman Energy Inc. (TLM) +6.97% to $15.35.
Cathedral Energy Services Inco (CET.UN) -5.78% to $4.24.
Roger Biduk
Maple Leaf Foods Inc. (TSX:MFI) rose 15 cents to $8.60 after a first-quarter profit of $2.9 million, boosted by higher prices in its Canada Bread subsidiary. Margins are still shaky in packaged meat as recovery from last summer's tainted meat recall continues, but Maple Leaf's sales were up 6.3 per cent to $1.3 billion.
The S&P/TSX Capped Telecom Services Index was 1.07% lower and the S&P/TSX Capped Information Technology Index fell 0.96%.
Evertz Technologies Limited (ET) +9.97% to $16.32. March Networks Corporation (MN) +5.57% to $3.79.
SXC Health Solutions Corp. (SXC) -9.47% to $21.70. Vecima Networks Inc. (VCM) -15.83% to $4.20.
Sherritt International Corp. (TSX:S) posted a first-quarter loss of $42.9 million, reversing a year-ago profit of $89 million, after a $57.4 million loss on the sale of oil and gas assets. Revenue increased to $349 million from $314.2 million and Sherritt stock inched up two cents to $4.95.
Roger Biduk
In the Service sector:
Tri-White Corporation (TWH) +8.15% to $6.50. Mullen Group Income Fund (MTL.UN) +7.82% to $12.00. Trimac Income Fund (TMA.UN) +6.84% to $2.81. Great Canadian Gaming Corporat (GC) +6.29% to $3.720.
TMX Group Inc. (X) -10.17% to $34.09.
Western Canadian Coal Corp. (TSX:WTN) rose another 48 per cent to $1.42, after a 23 per cent gain Tuesday on word of new sales contracts. It's still down from $10.99 last June.
The S&P/TSX Consumer Discretionary Index was 0.11% higher and the S&P/TSX Consumer Staples Index fell 1.22%.
Supremex Income Fund (SXP.UN) +9.13% to $2.51. CCL Industries Inc. (CCL.B) +7.63% to $24.26.
Canfor Pulp Income Fund (CFX.UN) -6.00% to $2.35.
Roger Biduk
Talisman Energy Inc. (TSX:TLM) reported net income of $455 million for the quarter ended March 31, a two per cent decrease from a year ago. Its shares moved up $1 to $15.35.
The S&P/TSX Global Gold Index fell 0.41% as the April bullion contract in New York rose $6.90 to US$900.50 an ounce.
Premier Gold Mines Limited (PG) +14.98% to $2.38. Laramide Resources Ltd. (LAM) +11.11% to $2.40. Gabriel Resources Ltd. (GBU) +5.99% to $2.30. First Quantum Minerals Ltd. (FM) +5.90% to $43.26. Aquiline Resources Inc. (AQI) +5.83% to $2.36.
US Gold Corporation (UXG) -5.86% to $2.41.
Eveready Inc. (TSX:EIS) soared $6.93 or 200 per cent to $10.40 after a $464-million deal to be acquired by Clean Harbors Inc. (NYSE:CLH), North America's biggest handler of hazardous waste. The cash-and-stock arrangement values the Edmonton-based energy services company at $11 per share.
Roger Biduk
The S&P/TSX Capped Health Care Index was lower by 0.68%.
Noveko International Inc. (EKO) -9.41% to $2.60.
Atrium Innovations Inc. (ATB) +6.25% to $13.94.
The S&P/TSX Capped Industrials Index was up 0.77%.
ADF Group Inc. (DRX) +13.02% 2.43. Canam Group Inc. Groupe Canam (CAM) +8.20% 6.86. Newalta Inc. (NAL) +7.06% 4.55. International Forest Products (IFP.A) +6.99% to $2.45. TimberWest Forest Corp. (TWF.UN) +5.83% to $3.45.
Barrick Gold Corp. (TSX:ABX) was five cents higher at $35.65 after a first-quarter profit of US$371 million, down from $514 million as the world's largest gold producer saw lower realized prices and higher costs.
The S&P/TSX Capped Utilities Index rose 1.79%.
EPCOR Power L.P. (EP.UN) -6.21% to $12.54.
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Tuesday, April 28, 2009
Roger Biduk; Bay Street Lower for Second day
Roger Biduk
The Toronto stock market closed lower for a second day, as investors continued to take profits Tuesday from a seven-week-old spring rally.
The S&P/TSX Capped Financial Index rose 0.22%.
Canaccord Capital Inc. (CCI) +8.25% to $7.22.
Canadian Oil Sands Trust (COS.UN) -6.00% to $25.05.
Toronto's S&P/TSX composite index lost 46.77 points to 9,348.03 dragged down by oil stocks as crude prices remained under pressure on concerns that the spread of swine flu could cut demand for fuel.
The TSX Venture Exchange was 9.88 points lower to 993.1 while the CDN$ was down 0.07 of a cent to 81.93 cents U.S.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index fell 2.21% as aluminum was flat, copper was 3.48% lower at $1.92 and silver fell 4.30% to $12.43.
Thompson Creek Metals Company (TCM.WT) +6.97% to $2.15.
Far West Mining Ltd. (FWM) -9.38% to $2.03. Fronteer Development Group Inc (FRG) -5.50% to $2.75.
The World Health Organization raised its alert on swine flu to Phase 4, meaning there is sustained human-to-human transmission of the virus causing outbreaks in at least one country.
The April crude contract on the New York Mercantile Exchange fell 0.44% to $49.92 and natural gas rose 2.32% to $3.44 as the S&P/TSX Energy Index fell 1.22%.
Peyto Energy Trust (PEY.UN) -6.28% to $9.40. Petrominerales Ltd. (PMG) -5.23% to $10.52.
Parkland Income Fund (PKI.UN) +9.74% to $8.56. Xtreme Coil Drilling Corp. (XDC) +6.78% to $3.15. Heritage Oil Corporation (HOC) +6.59% to $7.60.
Oil prices had earlier fell sharply amid the swine flu concerns as investors worried about lower demand. But losses were pared sharply mid-afternoon.
Roger Biduk
There has been concern that the spread of the disease could escalate to a full-blown pandemic and derail the economic rally, which has been based on hopes the worst of the economic damage from the recession is already factored in.
The S&P/TSX Capped Telecom Services Index was 1.18% higher and the S&P/TSX Capped Information Technology Index rose 1.05%.
CryptoLogic Limited (CRY) +16.26% to $8.15. Matrikon Inc. (MTK) +5.85% to $2.17. Bridgewater Systems Corporatio (BWC) +5.00% to $4.20.
However, analysts point out that the market was already vulnerable after a string of gains that have taken the TSX up about 24% since March 10.
In the Service sector:
Calian Technologies Ltd. (CTY) +10.69% to $16.05. Trimac Income Fund (TMA.UN) +6.48% to $2.63. MacDonald, Dettwiler and Assoc (MDA) +5.42% to $28.81. Data Group Income Fund (The) (DGI.UN) +5.28% to $4.19.
Roger Biduk
Petro-Canada (TSX:PCA) reported a quarterly loss of $47 million, which marked a sharp reversal from a profit of $1.08 billion during the same quarter the year before and its shares were up $.07 to $37.65.
The S&P/TSX Consumer Discretionary Index was 0.69% lower and the S&P/TSX Consumer Staples Index rose 0.25%.
Saputo Inc. (SAP) +5.57% to $23.12.
Viterra Inc. (VT) -10.18% to $8.47. Linamar Corporation (LNR) -6.55% to $4.28.
Nexen Inc. (TSX:NXY) shares slipped $.19 to $22.84 as it reported net income of $135 million for the quarter, down sharply from year-earlier profit of $630 million. Quarterly revenue fell to $1.31 billion from year-earlier levels of $2.09 billion.
The S&P/TSX Global Gold Index fell 2.37% as the April bullion contract in New York tanked $14.60 to US$893.60 an ounce.
Greystar Resources Ltd. (GSL) +8.97% to $4.25.
Laramide Resources Ltd. (LAM) -8.09% to $2.16.
Roger Biduk
Shares in UTS Energy Corp. (TSX:UTS) fell $.06 to $1.52 after French oil giant Total SA dropped its bid to take over the Canadian oilsands player. UTS, a partner in the Fort Hills oilsands project in Alberta had earlier rejected Total's $830 million offer as inadequate.
The S&P/TSX Capped Health Care Index was higher by 1.34%.
Shoppers Drug Mart Corp. (TSX:SC) shares rose $.69 to $44.84 as the company overcame both an ailing economy and a later Easter shopping season to post a six per cent increase in its first quarter profits.
The S&P/TSX Capped Industrials Index was down 0.64%.
ATS Automation Tooling Systems (ATA) -10.07% to $4.11. International Forest Products (IFP.A) -6.91% to $2.29.
ADF Group Inc. (DRX) +6.44% to $2.15.
And shares in sporting goods retailer Forzani Group Ltd. (TSX:FGL) gained $.18 to $12.24 after it said it plans to increase its sales by 10 per cent a year over five years by reducing its banner count and expanding its Sport Chek outlets.
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The Toronto stock market closed lower for a second day, as investors continued to take profits Tuesday from a seven-week-old spring rally.
The S&P/TSX Capped Financial Index rose 0.22%.
Canaccord Capital Inc. (CCI) +8.25% to $7.22.
Canadian Oil Sands Trust (COS.UN) -6.00% to $25.05.
Toronto's S&P/TSX composite index lost 46.77 points to 9,348.03 dragged down by oil stocks as crude prices remained under pressure on concerns that the spread of swine flu could cut demand for fuel.
The TSX Venture Exchange was 9.88 points lower to 993.1 while the CDN$ was down 0.07 of a cent to 81.93 cents U.S.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index fell 2.21% as aluminum was flat, copper was 3.48% lower at $1.92 and silver fell 4.30% to $12.43.
Thompson Creek Metals Company (TCM.WT) +6.97% to $2.15.
Far West Mining Ltd. (FWM) -9.38% to $2.03. Fronteer Development Group Inc (FRG) -5.50% to $2.75.
The World Health Organization raised its alert on swine flu to Phase 4, meaning there is sustained human-to-human transmission of the virus causing outbreaks in at least one country.
The April crude contract on the New York Mercantile Exchange fell 0.44% to $49.92 and natural gas rose 2.32% to $3.44 as the S&P/TSX Energy Index fell 1.22%.
Peyto Energy Trust (PEY.UN) -6.28% to $9.40. Petrominerales Ltd. (PMG) -5.23% to $10.52.
Parkland Income Fund (PKI.UN) +9.74% to $8.56. Xtreme Coil Drilling Corp. (XDC) +6.78% to $3.15. Heritage Oil Corporation (HOC) +6.59% to $7.60.
Oil prices had earlier fell sharply amid the swine flu concerns as investors worried about lower demand. But losses were pared sharply mid-afternoon.
Roger Biduk
There has been concern that the spread of the disease could escalate to a full-blown pandemic and derail the economic rally, which has been based on hopes the worst of the economic damage from the recession is already factored in.
The S&P/TSX Capped Telecom Services Index was 1.18% higher and the S&P/TSX Capped Information Technology Index rose 1.05%.
CryptoLogic Limited (CRY) +16.26% to $8.15. Matrikon Inc. (MTK) +5.85% to $2.17. Bridgewater Systems Corporatio (BWC) +5.00% to $4.20.
However, analysts point out that the market was already vulnerable after a string of gains that have taken the TSX up about 24% since March 10.
In the Service sector:
Calian Technologies Ltd. (CTY) +10.69% to $16.05. Trimac Income Fund (TMA.UN) +6.48% to $2.63. MacDonald, Dettwiler and Assoc (MDA) +5.42% to $28.81. Data Group Income Fund (The) (DGI.UN) +5.28% to $4.19.
Roger Biduk
Petro-Canada (TSX:PCA) reported a quarterly loss of $47 million, which marked a sharp reversal from a profit of $1.08 billion during the same quarter the year before and its shares were up $.07 to $37.65.
The S&P/TSX Consumer Discretionary Index was 0.69% lower and the S&P/TSX Consumer Staples Index rose 0.25%.
Saputo Inc. (SAP) +5.57% to $23.12.
Viterra Inc. (VT) -10.18% to $8.47. Linamar Corporation (LNR) -6.55% to $4.28.
Nexen Inc. (TSX:NXY) shares slipped $.19 to $22.84 as it reported net income of $135 million for the quarter, down sharply from year-earlier profit of $630 million. Quarterly revenue fell to $1.31 billion from year-earlier levels of $2.09 billion.
The S&P/TSX Global Gold Index fell 2.37% as the April bullion contract in New York tanked $14.60 to US$893.60 an ounce.
Greystar Resources Ltd. (GSL) +8.97% to $4.25.
Laramide Resources Ltd. (LAM) -8.09% to $2.16.
Roger Biduk
Shares in UTS Energy Corp. (TSX:UTS) fell $.06 to $1.52 after French oil giant Total SA dropped its bid to take over the Canadian oilsands player. UTS, a partner in the Fort Hills oilsands project in Alberta had earlier rejected Total's $830 million offer as inadequate.
The S&P/TSX Capped Health Care Index was higher by 1.34%.
Shoppers Drug Mart Corp. (TSX:SC) shares rose $.69 to $44.84 as the company overcame both an ailing economy and a later Easter shopping season to post a six per cent increase in its first quarter profits.
The S&P/TSX Capped Industrials Index was down 0.64%.
ATS Automation Tooling Systems (ATA) -10.07% to $4.11. International Forest Products (IFP.A) -6.91% to $2.29.
ADF Group Inc. (DRX) +6.44% to $2.15.
And shares in sporting goods retailer Forzani Group Ltd. (TSX:FGL) gained $.18 to $12.24 after it said it plans to increase its sales by 10 per cent a year over five years by reducing its banner count and expanding its Sport Chek outlets.
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Monday, April 27, 2009
Roger Biduk; Bay Street Lower on Energy & Flu
Roger Biduk
Stock markets closed lower Monday amid worries that a swine flu outbreak might morph into a full blown pandemic that could derail the economic recovery.
The S&P/TSX Capped Financial Index fell 1.96%.
Brookfield Properties Corporat (BPO) -6.14% to $9.02. Birchcliff Energy Ltd. (BIR) -5.32% to $5.87. Industrial Alliance Insurance (IAG) -5.05% to $24.24.
Toronto's S&P/TSX snapped a four-session winning streak, closing 154.68 points lower at 9,394.8, under pressure from the energy sector and falling crude prices.
The TSX Venture Exchange moved 3.83 points lower to 1,002.98, while the Canadian dollar was down 0.67 of a cent to 82 cents US.
S&P/TSX Capped Diversified Metals & Mining Index fell 1.62% as aluminum was flat, copper was 3.15% lower at $1.99 and silver rose 0.27% to $12.99.
Thompson Creek Metals Company (TCM.WT) +16.18% to $2.010. Greystar Resources Ltd. (GSL) +11.11% to $3.90. Augusta Resource Corporation (AZC) +9.36% to $2.22.
Roger Biduk
General Motors Canada will slash its workforce by more than half to 4,400 by 2014 and close as many as 310 dealerships by the end of next year. GM shares ran ahead $.35 or 20.7% to US$2.04.
The April crude contract on the New York Mercantile Exchange fell 2.73% to $50.16 and natural gas was down 1.17% to $3.37 as the S&P/TSX Energy Index fell 2.40%.
Corridor Resources Inc. (CDH) -9.09% to $2.20. Flint Energy Services Ltd. (FES) -6.32% to $6.37. Calfrac Well Services Ltd. (CFW) -6.19% to $9.10. Canadian Energy Services L.P. (CEU.UN) -5.98% to $5.50. Highpine Oil & Gas Limited (HPX) -5.57% to $5.43.
Fears that a spread of the swine flu virus could affect travel sent airline stocks lower. WestJet (TSX:WJA) dropped $.64 to $12.12, but Air Canada (TSX:AC.B) edged up $.01 to 81 cents.
The S&P/TSX Capped Telecom Services Index was 1.25% lower and the S&P/TSX Capped Information Technology Index fell 0.08%.
Tundra Semiconductor Corporati (TUN) +14.91% to $6.32. Gennum Corporation (GND) +14.06% to $5.11. CryptoLogic Limited (CRY) +7.85% to $7.01. Miranda Technologies Inc. (MT) +5.71% to $5.55.
Roger Biduk
In other corporate news, Tundra Semiconductor Corp. (TSX:TUN) says it has received a rival bid from Integrated Device Technology Inc. (Nasdaq:IDTI) that values the Ottawa company at C$6.25 per share or about $120.8 million.
The company says the offer is superior to a cash and share bid from Gennum Corp., a Burlington, Ont.-based microelectronics company (TSX:GND). Tundra shares moved up $.82 or 14.9% to $6.32 while Gennum shares surged $.63 or 14% to $5.11.
In the Service sector:
Transat A.T. Inc (TRZ.B) -10.04% to $10.75. Jazz Air Income Fund (JAZ.UN) -8.07% to $2.62. Mullen Group Income Fund (MTL.UN) -6.38% to $11.00. Reitmans (Canada) Limited (RET.A)
-5.06% to $11.45. WestJet Airlines Ltd. (WJA) -5.02% to $12.12.
Canadian pharmacy company Jean Coutu Group Inc. (TSX:PJC.A) said quarterly and full-year losses more than doubled versus year-earlier results, due to a weak financial performance by U.S. based Rite Aid Corp. (NYSE:RAD). Its shares added $.23 to $8.60.
The S&P/TSX Consumer Discretionary Index was 0.67% lower and the S&P/TSX Consumer Staples Index rose 0.99%.
Canfor Pulp Income Fund (CFX.UN) +9.66% to $2.61.
Roger Biduk
The S&P/TSX Global Gold Index fell 1.47% as the April bullion contract in New York sank $5.90 to US$908.20 an ounce.
Laramide Resources Ltd. (LAM) +32.77% to $2.350. Greystar Resources Ltd. (GSL) +11.11% to $3.90.
First Quantum Minerals Ltd. (FM) -5.36% to $41.14.
The S&P/TSX Capped Health Care Index was lower by 0.85%.
Noveko International Inc. (EKO) +47.37% to $2.80. Amica Mature Lifestyles Inc. (ACC) +10.61% to $3.65. Cangene Corporation (CNJ) +5.38% to $5.29.
The S&P/TSX Capped Industrials Index was down 2.13%.
Martinrea International Inc. (MRE) +6.78% to $4.25.
The S&P/TSX Capped Utilities Index fell 0.43%. Maxim Power Corp. (MXG) -8.03% to $2.75.
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Stock markets closed lower Monday amid worries that a swine flu outbreak might morph into a full blown pandemic that could derail the economic recovery.
The S&P/TSX Capped Financial Index fell 1.96%.
Brookfield Properties Corporat (BPO) -6.14% to $9.02. Birchcliff Energy Ltd. (BIR) -5.32% to $5.87. Industrial Alliance Insurance (IAG) -5.05% to $24.24.
Toronto's S&P/TSX snapped a four-session winning streak, closing 154.68 points lower at 9,394.8, under pressure from the energy sector and falling crude prices.
The TSX Venture Exchange moved 3.83 points lower to 1,002.98, while the Canadian dollar was down 0.67 of a cent to 82 cents US.
S&P/TSX Capped Diversified Metals & Mining Index fell 1.62% as aluminum was flat, copper was 3.15% lower at $1.99 and silver rose 0.27% to $12.99.
Thompson Creek Metals Company (TCM.WT) +16.18% to $2.010. Greystar Resources Ltd. (GSL) +11.11% to $3.90. Augusta Resource Corporation (AZC) +9.36% to $2.22.
Roger Biduk
General Motors Canada will slash its workforce by more than half to 4,400 by 2014 and close as many as 310 dealerships by the end of next year. GM shares ran ahead $.35 or 20.7% to US$2.04.
The April crude contract on the New York Mercantile Exchange fell 2.73% to $50.16 and natural gas was down 1.17% to $3.37 as the S&P/TSX Energy Index fell 2.40%.
Corridor Resources Inc. (CDH) -9.09% to $2.20. Flint Energy Services Ltd. (FES) -6.32% to $6.37. Calfrac Well Services Ltd. (CFW) -6.19% to $9.10. Canadian Energy Services L.P. (CEU.UN) -5.98% to $5.50. Highpine Oil & Gas Limited (HPX) -5.57% to $5.43.
Fears that a spread of the swine flu virus could affect travel sent airline stocks lower. WestJet (TSX:WJA) dropped $.64 to $12.12, but Air Canada (TSX:AC.B) edged up $.01 to 81 cents.
The S&P/TSX Capped Telecom Services Index was 1.25% lower and the S&P/TSX Capped Information Technology Index fell 0.08%.
Tundra Semiconductor Corporati (TUN) +14.91% to $6.32. Gennum Corporation (GND) +14.06% to $5.11. CryptoLogic Limited (CRY) +7.85% to $7.01. Miranda Technologies Inc. (MT) +5.71% to $5.55.
Roger Biduk
In other corporate news, Tundra Semiconductor Corp. (TSX:TUN) says it has received a rival bid from Integrated Device Technology Inc. (Nasdaq:IDTI) that values the Ottawa company at C$6.25 per share or about $120.8 million.
The company says the offer is superior to a cash and share bid from Gennum Corp., a Burlington, Ont.-based microelectronics company (TSX:GND). Tundra shares moved up $.82 or 14.9% to $6.32 while Gennum shares surged $.63 or 14% to $5.11.
In the Service sector:
Transat A.T. Inc (TRZ.B) -10.04% to $10.75. Jazz Air Income Fund (JAZ.UN) -8.07% to $2.62. Mullen Group Income Fund (MTL.UN) -6.38% to $11.00. Reitmans (Canada) Limited (RET.A)
-5.06% to $11.45. WestJet Airlines Ltd. (WJA) -5.02% to $12.12.
Canadian pharmacy company Jean Coutu Group Inc. (TSX:PJC.A) said quarterly and full-year losses more than doubled versus year-earlier results, due to a weak financial performance by U.S. based Rite Aid Corp. (NYSE:RAD). Its shares added $.23 to $8.60.
The S&P/TSX Consumer Discretionary Index was 0.67% lower and the S&P/TSX Consumer Staples Index rose 0.99%.
Canfor Pulp Income Fund (CFX.UN) +9.66% to $2.61.
Roger Biduk
The S&P/TSX Global Gold Index fell 1.47% as the April bullion contract in New York sank $5.90 to US$908.20 an ounce.
Laramide Resources Ltd. (LAM) +32.77% to $2.350. Greystar Resources Ltd. (GSL) +11.11% to $3.90.
First Quantum Minerals Ltd. (FM) -5.36% to $41.14.
The S&P/TSX Capped Health Care Index was lower by 0.85%.
Noveko International Inc. (EKO) +47.37% to $2.80. Amica Mature Lifestyles Inc. (ACC) +10.61% to $3.65. Cangene Corporation (CNJ) +5.38% to $5.29.
The S&P/TSX Capped Industrials Index was down 2.13%.
Martinrea International Inc. (MRE) +6.78% to $4.25.
The S&P/TSX Capped Utilities Index fell 0.43%. Maxim Power Corp. (MXG) -8.03% to $2.75.
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Thursday, April 23, 2009
Roger Biduk; Bay Street Higher on Lousy News
Roger Biduk
How does this work? The news gets worse and worse but the markets go up. I’m expecting a nice downturn coming up very soon.
North American markets all finished near their highs of the day on Thursday as investors fended off another wave of bleak economic data on U.S. home sales and employment.
The S&P/TSX Capped Financial Index rose 1.63%.
Canexus Income Fund (CUS.UN) +21.21% to $4.00. Algonquin Power Income Fund (APF.UN) +13.60% to $2.84. Crown Hill Fund (MYT.UN) +10.31% to $4.28. Franco-Nevada Corporation (FNV.WT) +10.87% to $5.10. Fiera High Income Trust (HIT.UN) +8.31% to $10.04.
SL Split Corp. (SLS) -14.55% to $2.82. Oil Sands Split Trust (OST.UN) -9.87% to $109.99. Whiterock Real Estate Investme (WRK.UN) -9.09% to $15.000. NB Split Corp. (NBF) -7.46% to $6.20. Allbanc Split Corp. (ABK.A) -7.36% to $17.13.
Toronto's S&P/TSX composite index rode out a relatively turbulent trading session and closed up 130.35 points to 9409.50.
The TSX Venture Exchange gained 8.82 points to 987.94.
The Canadian dollar gained 1.06 to 81.71 cents US.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index gained 0.46% as aluminum lost 1.13%, copper was 3.37% lower at $1.99 and silver rose 3.66% to $12.66.
Quadra Mining Ltd. (QUA) +9.08% to $6.25. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.62% to $7.20. Richmont Mines Inc. (RIC) +7.48% to $4.31. Osisko Mining Corporation (OSK) +6.52% to $5.72. Silvercorp Metals Inc. (SVM) +5.86% to $2.89.
Gerdau AmeriSteel Corporation (GNA) -8.94% to $5.50.
Statistics Canada said retail sales edged up 0.2 per cent in February to $33.7 billion, driven by higher prices rather than sales volumes.
The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was down 3.70% to $3.51 as the S&P/TSX Energy Index rose 2.08%.
West Energy Ltd. (WTL) +6.09% to $2.44. ShawCor Ltd. (SCL.A) +5.68% to $21.60. Peyto Energy Trust (PEY.UN) +5.21% to $9.89.
Eveready Inc. (EIS) -15.95% to $3.320.
Investors were also focused on comments from the Bank of Canada which said in its April monetary report that the recession is much more severe and will last longer than it previously thought.
Roger Biduk
The S&P/TSX Consumer Discretionary Index was 0.18% lower and the S&P/TSX Consumer Staples Index rose 0.62%.
Gildan Activewear Inc. (GIL) -5.96% to $15.00.
Fortress Paper Ltd. (FTP) +15.51% to $7.00. Cascades Inc. (CAS) +7.69% to $3.50. Arctic Glacier Income Fund (AG.UN) +6.09% to $2.09. Linamar Corporation (LNR) +6.06% to $4.55.
In earnings, Suncor Energy Inc. (TSX:SU) reported a first quarter loss of $189 million on comparatively low oil prices and various accounting and foreign exchange impacts. Shares in the company rose 86 cents to $30.33.
The S&P/TSX Capped Telecom Services Index was 0.95% higher and the S&P/TSX Capped Information Technology Index rose 0.82%.
Celestica Inc. (CLS) +13.03% to $6.42. March Networks Corporation (MN) +12.15% to $3.60.
Celestica Inc. (TSX:CLS) shares rose 13% to $6.42 after the contract manufacturer reported first-quarter earnings of US$19.2 million, down 36 per cent from a year earlier, as revenue fell 20 per cent.
Roger Biduk
The S&P/TSX Global Gold Index rose 2.52% as the April bullion contract in New York rose $14.10 to US$906.60 an ounce.
Banro Corporation (BAA) +8.56% to $2.03. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.60% to $7.220. Richmont Mines Inc. (RIC) +7.48% to $4.31. Kirkland Lake Gold Inc. (KGI) +6.16% to $7.75.
Weaker demand for fertilizer and lower prices pushed Potash Corp. (TSX:POT) profits to US$308.3 million, down from a year-earlier profit of $566 million, while shares dropped $2.91 to $97.49.
In the Service sector:
Vitran Corporation Inc. (VTN) +12.00% to $8.40. Great Canadian Gaming Corp. (GC) +6.32% to $3.70. Garda World Security Corporati (GW) +5.72% to $3.14.
Roger Biduk
Grocery store operator Metro Inc. (TSX:MRU.A) said it is raising its dividend by 10 per cent as it posted net earnings of $76.3 million, an increase of 41 per cent over the same time last year. Company shares were down $.10 to $37.55.
The S&P/TSX Capped Health Care Index was lower by 0.97%.
Oncolytics Biotech Inc. (ONC) +8.87% to $2.21. Transition Therapeutics Inc. (TTH) +5.22% to $4.84.
The S&P/TSX Capped Industrials Index was up 1.86%.
Newalta Inc. (NAL) +8.86% to $4.30.
The S&P/TSX Capped Utilities Index rose 0.72%.
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How does this work? The news gets worse and worse but the markets go up. I’m expecting a nice downturn coming up very soon.
North American markets all finished near their highs of the day on Thursday as investors fended off another wave of bleak economic data on U.S. home sales and employment.
The S&P/TSX Capped Financial Index rose 1.63%.
Canexus Income Fund (CUS.UN) +21.21% to $4.00. Algonquin Power Income Fund (APF.UN) +13.60% to $2.84. Crown Hill Fund (MYT.UN) +10.31% to $4.28. Franco-Nevada Corporation (FNV.WT) +10.87% to $5.10. Fiera High Income Trust (HIT.UN) +8.31% to $10.04.
SL Split Corp. (SLS) -14.55% to $2.82. Oil Sands Split Trust (OST.UN) -9.87% to $109.99. Whiterock Real Estate Investme (WRK.UN) -9.09% to $15.000. NB Split Corp. (NBF) -7.46% to $6.20. Allbanc Split Corp. (ABK.A) -7.36% to $17.13.
Toronto's S&P/TSX composite index rode out a relatively turbulent trading session and closed up 130.35 points to 9409.50.
The TSX Venture Exchange gained 8.82 points to 987.94.
The Canadian dollar gained 1.06 to 81.71 cents US.
Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index gained 0.46% as aluminum lost 1.13%, copper was 3.37% lower at $1.99 and silver rose 3.66% to $12.66.
Quadra Mining Ltd. (QUA) +9.08% to $6.25. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.62% to $7.20. Richmont Mines Inc. (RIC) +7.48% to $4.31. Osisko Mining Corporation (OSK) +6.52% to $5.72. Silvercorp Metals Inc. (SVM) +5.86% to $2.89.
Gerdau AmeriSteel Corporation (GNA) -8.94% to $5.50.
Statistics Canada said retail sales edged up 0.2 per cent in February to $33.7 billion, driven by higher prices rather than sales volumes.
The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was down 3.70% to $3.51 as the S&P/TSX Energy Index rose 2.08%.
West Energy Ltd. (WTL) +6.09% to $2.44. ShawCor Ltd. (SCL.A) +5.68% to $21.60. Peyto Energy Trust (PEY.UN) +5.21% to $9.89.
Eveready Inc. (EIS) -15.95% to $3.320.
Investors were also focused on comments from the Bank of Canada which said in its April monetary report that the recession is much more severe and will last longer than it previously thought.
Roger Biduk
The S&P/TSX Consumer Discretionary Index was 0.18% lower and the S&P/TSX Consumer Staples Index rose 0.62%.
Gildan Activewear Inc. (GIL) -5.96% to $15.00.
Fortress Paper Ltd. (FTP) +15.51% to $7.00. Cascades Inc. (CAS) +7.69% to $3.50. Arctic Glacier Income Fund (AG.UN) +6.09% to $2.09. Linamar Corporation (LNR) +6.06% to $4.55.
In earnings, Suncor Energy Inc. (TSX:SU) reported a first quarter loss of $189 million on comparatively low oil prices and various accounting and foreign exchange impacts. Shares in the company rose 86 cents to $30.33.
The S&P/TSX Capped Telecom Services Index was 0.95% higher and the S&P/TSX Capped Information Technology Index rose 0.82%.
Celestica Inc. (CLS) +13.03% to $6.42. March Networks Corporation (MN) +12.15% to $3.60.
Celestica Inc. (TSX:CLS) shares rose 13% to $6.42 after the contract manufacturer reported first-quarter earnings of US$19.2 million, down 36 per cent from a year earlier, as revenue fell 20 per cent.
Roger Biduk
The S&P/TSX Global Gold Index rose 2.52% as the April bullion contract in New York rose $14.10 to US$906.60 an ounce.
Banro Corporation (BAA) +8.56% to $2.03. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.60% to $7.220. Richmont Mines Inc. (RIC) +7.48% to $4.31. Kirkland Lake Gold Inc. (KGI) +6.16% to $7.75.
Weaker demand for fertilizer and lower prices pushed Potash Corp. (TSX:POT) profits to US$308.3 million, down from a year-earlier profit of $566 million, while shares dropped $2.91 to $97.49.
In the Service sector:
Vitran Corporation Inc. (VTN) +12.00% to $8.40. Great Canadian Gaming Corp. (GC) +6.32% to $3.70. Garda World Security Corporati (GW) +5.72% to $3.14.
Roger Biduk
Grocery store operator Metro Inc. (TSX:MRU.A) said it is raising its dividend by 10 per cent as it posted net earnings of $76.3 million, an increase of 41 per cent over the same time last year. Company shares were down $.10 to $37.55.
The S&P/TSX Capped Health Care Index was lower by 0.97%.
Oncolytics Biotech Inc. (ONC) +8.87% to $2.21. Transition Therapeutics Inc. (TTH) +5.22% to $4.84.
The S&P/TSX Capped Industrials Index was up 1.86%.
Newalta Inc. (NAL) +8.86% to $4.30.
The S&P/TSX Capped Utilities Index rose 0.72%.
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Wednesday, April 22, 2009
Roger Biduk; Small Gains for Bay Street
Roger Biduk
Toronto's main index finished higher Wednesday, but backed off earlier triple-digit gains, as questions about the direction of the global economy weighed on markets.
The S&P/TSX Capped Financial Index fell 1.22%.
Scott's Real Estate Investment (SRQ.UN) +7.32% to $4.40. Extendicare Real Estate Invest (EXE.UN) +7.97% to $4.74.
Crown Hill Fund (MYT.UN) -11.59% to $3.66.
The S&P/TSX composite index rose 31.98 points to 9,279.15, after climbing as much as 164 points in the afternoon.
The TSX Venture Exchange fell 4.74 points to 979.12.
S&P/TSX Capped Diversified Metals & Mining Index dropped 0.65% as aluminum was flat, copper was 0.94% lower at $2.06 and silver rose 2.03% to $12.31.
Uranium One Inc. (UUU) +8.90% to $3.06. Red Back Mining Inc. (RBI) +6.39% to $8.16. Jaguar Mining Inc. (JAG) +6.02% to $6.69. Gerdau AmeriSteel Corporation (GNA) +5.78% to $6.04. Silvercorp Metals Inc. (SVM) +5.41% to $2.73.
Roger Biduk
The International Monetary Fund is projecting a 1.3 per cent drop in global economic activity this year, the first decline in six decades. The new forecast of a decline in global economic activity for 2009 is much weaker than the 0.5 per cent growth the IMF had estimated in January.
The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was up 0.28% to $3.65 as the S&P/TSX Energy Index rose 1.66%.
Eveready Inc. (EIS) +17.91% to $3.95. Heritage Oil Corporation (HOC) +10.06% to $7.44. Trinidad Drilling Ltd. (TDG) +9.65% to $4.66. Flint Energy Services Ltd. (FES) +6.83% to $6.73. Ensign Energy Services Inc. (ESI) +5.40% to $13.46.
The U.S. Energy Information Administration said that crude inventories rose by 3.7 million barrels to 370.6 million barrels, which is the highest level in nearly 19 years.
The CDN$ moved down 0.24 cent to 80.65 cents U.S., and Statistics Canada reported its composite leading index fell 1.3 per cent in March, another contraction as the manufacturing sector faced widespread cutbacks.
Roger Biduk
The S&P/TSX Capped Telecom Services Index was 0.52% higher and the S&P/TSX Capped Information Technology Index rose 0.46%.
Aastra Technologies Limited (AAH) +34.73% to $30.65. DragonWave Inc. (DWI) +19.72% to $2.55. March Networks Corporation (MN) +8.81% to $3.21.
EnCana Corp. (TSX:ECA) topped expectations as its first-quarter profit soared to US$962 million or $1.28 per share, from $93 million a year ago. Its shares were up $2.21 to $54.92.
The S&P/TSX Capped Health Care Index was lower by 0.86%.
Novadaq Technologies Inc. (NDQ) +16.28% to $3.50. Theratechnologies Inc. (TH) +7.39% to $3.05.
QLT Inc. (QLT) -5.66% to $2.500. Oncolytics Biotech Inc. (ONC) -6.02% to $2.03.
Precision Drilling Trust (TSX:PD.UN) reported a first-quarter net profit of $57 million, down 46 per cent from a year ago amid an "unprecedented" slump in oilpatch activity. Its units closed 32 cents higher to $5.55.
Roger Biduk
The S&P/TSX Consumer Discretionary Index was 1.02% higher and the S&P/TSX Consumer Staples Index fell 0.33%.
Canfor Pulp Income Fund (CFX.UN) +9.90% to $2.22. Cascades Inc. (CAS) +8.33% to $3.25.
Toromont Industries Ltd. (TSX:TIH) booked a record 44 per cent year-over-year increase in first quarter profit to $23.7 million as revenue rose to $457.7 million despite lower booking activities. Shares of the company ended up 91 cents at $24.90.
The S&P/TSX Global Gold Index rose 0.74% as the April bullion contract in New York rose $9.80 to US$892.20 an ounce.
Centerra Gold Inc. (CG) +11.42% to $6.44. Kirkland Lake Gold Inc. (KGI) +7.35% to $7.30. Jaguar Mining Inc. (JAG) +6.02% to $6.69. NovaGold Resources Inc (NG) +5.05% to $2.91.
Canwest Global Communications Corp. (TSX:CGS) gained four cents to 28 cents after the media conglomerate arranged another reprieve from lenders and noteholders, this time until May 5.
Roger Biduk
In the Service sector:
CanWel Building Materials Inco (CWX.UN) +14.85% to $2.63. Transat A.T. Inc (TRZ.A) +12.88% to $11.04. Garda World Security Corporati (GW) +10.41% to $2.97. Transat A.T. Inc (TRZ.B) +7.06% to $10.77. Finning International Inc. (FTT) +6.95% to $14.00.
Gamehost Income Fund (GH.UN) -5.39% to $6.50.
Clothing retailer West 49 Inc. (TSX:WXX) dropped to an $8.5-million net loss in its latest quarter, and also said it was in violation of a bank covenant at the end of the quarter, though it has obtained a waiver until June 30. The company expects to violate another covenant when the current quarter closes at the end of this month. Shares lost 55 cents to close at 31 cents.
The S&P/TSX Capped Industrials Index was up 0.47%.
The S&P/TSX Capped Utilities Index rose 0.36%.
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Toronto's main index finished higher Wednesday, but backed off earlier triple-digit gains, as questions about the direction of the global economy weighed on markets.
The S&P/TSX Capped Financial Index fell 1.22%.
Scott's Real Estate Investment (SRQ.UN) +7.32% to $4.40. Extendicare Real Estate Invest (EXE.UN) +7.97% to $4.74.
Crown Hill Fund (MYT.UN) -11.59% to $3.66.
The S&P/TSX composite index rose 31.98 points to 9,279.15, after climbing as much as 164 points in the afternoon.
The TSX Venture Exchange fell 4.74 points to 979.12.
S&P/TSX Capped Diversified Metals & Mining Index dropped 0.65% as aluminum was flat, copper was 0.94% lower at $2.06 and silver rose 2.03% to $12.31.
Uranium One Inc. (UUU) +8.90% to $3.06. Red Back Mining Inc. (RBI) +6.39% to $8.16. Jaguar Mining Inc. (JAG) +6.02% to $6.69. Gerdau AmeriSteel Corporation (GNA) +5.78% to $6.04. Silvercorp Metals Inc. (SVM) +5.41% to $2.73.
Roger Biduk
The International Monetary Fund is projecting a 1.3 per cent drop in global economic activity this year, the first decline in six decades. The new forecast of a decline in global economic activity for 2009 is much weaker than the 0.5 per cent growth the IMF had estimated in January.
The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was up 0.28% to $3.65 as the S&P/TSX Energy Index rose 1.66%.
Eveready Inc. (EIS) +17.91% to $3.95. Heritage Oil Corporation (HOC) +10.06% to $7.44. Trinidad Drilling Ltd. (TDG) +9.65% to $4.66. Flint Energy Services Ltd. (FES) +6.83% to $6.73. Ensign Energy Services Inc. (ESI) +5.40% to $13.46.
The U.S. Energy Information Administration said that crude inventories rose by 3.7 million barrels to 370.6 million barrels, which is the highest level in nearly 19 years.
The CDN$ moved down 0.24 cent to 80.65 cents U.S., and Statistics Canada reported its composite leading index fell 1.3 per cent in March, another contraction as the manufacturing sector faced widespread cutbacks.
Roger Biduk
The S&P/TSX Capped Telecom Services Index was 0.52% higher and the S&P/TSX Capped Information Technology Index rose 0.46%.
Aastra Technologies Limited (AAH) +34.73% to $30.65. DragonWave Inc. (DWI) +19.72% to $2.55. March Networks Corporation (MN) +8.81% to $3.21.
EnCana Corp. (TSX:ECA) topped expectations as its first-quarter profit soared to US$962 million or $1.28 per share, from $93 million a year ago. Its shares were up $2.21 to $54.92.
The S&P/TSX Capped Health Care Index was lower by 0.86%.
Novadaq Technologies Inc. (NDQ) +16.28% to $3.50. Theratechnologies Inc. (TH) +7.39% to $3.05.
QLT Inc. (QLT) -5.66% to $2.500. Oncolytics Biotech Inc. (ONC) -6.02% to $2.03.
Precision Drilling Trust (TSX:PD.UN) reported a first-quarter net profit of $57 million, down 46 per cent from a year ago amid an "unprecedented" slump in oilpatch activity. Its units closed 32 cents higher to $5.55.
Roger Biduk
The S&P/TSX Consumer Discretionary Index was 1.02% higher and the S&P/TSX Consumer Staples Index fell 0.33%.
Canfor Pulp Income Fund (CFX.UN) +9.90% to $2.22. Cascades Inc. (CAS) +8.33% to $3.25.
Toromont Industries Ltd. (TSX:TIH) booked a record 44 per cent year-over-year increase in first quarter profit to $23.7 million as revenue rose to $457.7 million despite lower booking activities. Shares of the company ended up 91 cents at $24.90.
The S&P/TSX Global Gold Index rose 0.74% as the April bullion contract in New York rose $9.80 to US$892.20 an ounce.
Centerra Gold Inc. (CG) +11.42% to $6.44. Kirkland Lake Gold Inc. (KGI) +7.35% to $7.30. Jaguar Mining Inc. (JAG) +6.02% to $6.69. NovaGold Resources Inc (NG) +5.05% to $2.91.
Canwest Global Communications Corp. (TSX:CGS) gained four cents to 28 cents after the media conglomerate arranged another reprieve from lenders and noteholders, this time until May 5.
Roger Biduk
In the Service sector:
CanWel Building Materials Inco (CWX.UN) +14.85% to $2.63. Transat A.T. Inc (TRZ.A) +12.88% to $11.04. Garda World Security Corporati (GW) +10.41% to $2.97. Transat A.T. Inc (TRZ.B) +7.06% to $10.77. Finning International Inc. (FTT) +6.95% to $14.00.
Gamehost Income Fund (GH.UN) -5.39% to $6.50.
Clothing retailer West 49 Inc. (TSX:WXX) dropped to an $8.5-million net loss in its latest quarter, and also said it was in violation of a bank covenant at the end of the quarter, though it has obtained a waiver until June 30. The company expects to violate another covenant when the current quarter closes at the end of this month. Shares lost 55 cents to close at 31 cents.
The S&P/TSX Capped Industrials Index was up 0.47%.
The S&P/TSX Capped Utilities Index rose 0.36%.
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