Saturday, September 19, 2009

Roger Biduk; Bay Street Lower on Gold & Oil

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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