Roger Biduk writes:
Bay Street was lower at midday with the financial sector weighing on the index.
Toronto's S&P/TSX composite index, up over 100 points in early trading, declined 49 points to 8,830.6 as the market was also pressured by energy stocks as oil prices reversed direction to head lower.
The TSX Venture Exchange advanced 8.89 points to 853.19 while the Canadian dollar snapped a five-day losing streak rising 0.35 cent to 80.26 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.
Toronto's financial sector slipped 2.23 per cent with TD Bank (TSX: TD.TO) down $1.55 to $42.50 and Scotiabank (TSX: BNS.TO) declined $1.42 to $29.94.
The energy sector was flat as oil prices headed higher after almost touching the US$33 level Thursday. The February crude contract on the New York Mercantile Exchange dropped 91 cents to US$34.49 a barrel and EnCana Corp. (TSX: ECA.TO) fell 59 cents to $56.11 while Petro-Canada (TSX: PCA.TO) improved 51 cents to $29.64.
Roger Biduk:
The base metals sector was one of the few positive sectors, up 1.5 per cent with March copper ahead 6.15 cents to US$1.515 a pound as Sherritt International (TSX: S.TO) moved ahead eight cents to $3.65 and FNX Mining Co. (TSX: FM.TO) advanced 21 cents to $3.66.
Agrium Inc. (TSX: AGU.TO) shares were $1.42 higher to $41.32 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.
Shares in Onex Corp. (TSX: OCX.TO) were down 40 cents to $18.35 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP, but also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release.
New Flyer Industries Inc. (TSX: NFI-UN.TO) units were 14 cents higher to $9.02 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.
Overseas, Japan's Nikkei stock average rose 2.6 per cent while Hong Kong's Hang Seng edged 0.1 per cent higher.
Britain's FTSE 100 gained 1.55 per cent, Germany's DAX rose 1.4 per cent and the Paris CAC 40 index rose 0.55 per cent.
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Friday, January 16, 2009
Roger Biduk; Bay Steet Comes Back 400 Points
Roger Biduk writes:
Stock markets closed higher Thursday after investors U.S. Democrats called for US$825 billion in federal spending and tax cuts to help revive the recession-plagued economy in the United States.
Toronto's S&P/TSX composite index closed 191.25 points higher to 8,879.61 after tumbling more than 200 points.
The TSX Venture Exchange slipped 5.23 points to 844.3.
The CDN$ moved down 0.21 cents to 79.9 cents US following four days of steep declines that cut the loonie's value by about four cents US. The declines have been prompted by a stronger American currency and falling commodity prices, especially oil.
The TSX materials index was up 4.28% even as gold dropped $1.50.
Gainers include Tanzanian Royalty Exploration (TNX) soaring 15.34% to $4.21. Queenston Mining (QMI) rising 11.79% to $2.75. Allied Nevada Gold (ANV) jumping 10.49% to $5.16. Iamgold (IMG) higher by 12.59% to $7.60. Yamana Gold (YRI) up 7.93% to $8.03. Agnico-Eagle (AEM) gaining 7.11% to $60.22. Barrick Gold (ABX) jumping 6.89% to $42.06.
Losers include Centerra Gold (CG) losing 10.00% to $3.33.
The TSX metals & mining index rose 1.96%.
Gainers include First Majestic Silver (FR) soaring 18.87% to $2.52.
First Uranium (FIU) jumping 9.83% to $3.24. Virginia Mines (VGQ) gaining 9.03% to $3.50. Pan American Silver (PAA) rising 8.13% to $18.89. Red Back Mining (RBI) up 7.31% to $7.93. Hudbay Minerals (HBM) higher by 12.23% to $3.58. Silver Standard Res. (SSO) jumping 10.42% to $21.09. Minefinders Corp. (MFL) rising 7.76% to 5.83%.
Roger Biduk
The TSX information technology sector was up 3.20% as tech heavyweight Research In Motion (TSX:RIM) provided strong support, rising $5.63 or 10 per cent to $62.
Shaw Communications Inc. (TSX:SJR.B) said Wednesday its first-quarter earnings increased 10 per cent to $123.1 million compared with a year ago. Revenue in the quarter totalled $817.5 million, up from $743.8 million. Its shares rose 90 cents to $20.85.
The TSX financial sector moved 0.7 per cent higher with Power Corp. (TSX:POW) gaining 82 cents to $22.32 and Manulife Financial (MFC) headed up 70 cents to $22.93.
The TSX energy sector improved 1.94% even as oil prices continued to retreat on concerns about falling demand. The February crude contract on the New York Mercantile Exchange declined $1.88 to US$35.40 a barrel as diving as low as US$33.20. EnCana Corp. (TSX:ECA) rose $2.07 to $56.70 while Suncor Inc. (TSX:SU) climbed 88 cents to $47.58.
Gainers include Petrobank Energy (PBG) jumping 5.22% to $22.77. Paramount Res. (POU) gained 3.71%$8.10.
Loser include Calfrac Well Services (CFW) losing 8.50% to $8.18 and Heritage Oil (HOC) down 7.77% to $3.80.
The TSX industrials sector was 3.28% higher thanks largely to Bombardier Inc. (TSX:BBD.B). Its shares rose 5.56% to $4.75 after it said that Virginia-based regional airline Colgan Air has confirmed previously conditional orders for 10 Q400 turboprop airliners and is exercising options on five Q400s placed in 2007 by its parent company, Pinnacle Airlines Corp. The list value of the 15 planes is US$432 million.
Railway stocks improved after an RBC Capital analyst said that North America's railroad industry is positioned for long-term growth despite enduring financial pressures from the economic slowdown. Walter Spracklin says Canadian railways Canadian National Railways (TSX:CNR) and Canadian Pacific (TSX:CP) will continue to gain market share from trucking. CN shares rose $1 to $43.41 while CP shares moved up $1.12 to $39.78.
Gainers include West Fraser Timber (WFT) gaining 9.26% to $25.72. ATS Automation (ATA) rising 7.57% to $4.55 and SNC Lavalin (SNC) up by 5.78% to $37.49. Domtar (UFS) higher by 10.87% to $2.00. Westjet (WJA.A) moving 7.12% higher to $14.15.
Other gainers included CryptoLogic (CRY) soaring 18.87% to $4.68. Lululemon Athletica (LLL) jumping 11.88% to $8.76. Plutonic Power (PCC) higher by 11.21% to $2.48. Corus Ent. (CJR.B) up 9.58% to $13.15.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
Stock markets closed higher Thursday after investors U.S. Democrats called for US$825 billion in federal spending and tax cuts to help revive the recession-plagued economy in the United States.
Toronto's S&P/TSX composite index closed 191.25 points higher to 8,879.61 after tumbling more than 200 points.
The TSX Venture Exchange slipped 5.23 points to 844.3.
The CDN$ moved down 0.21 cents to 79.9 cents US following four days of steep declines that cut the loonie's value by about four cents US. The declines have been prompted by a stronger American currency and falling commodity prices, especially oil.
The TSX materials index was up 4.28% even as gold dropped $1.50.
Gainers include Tanzanian Royalty Exploration (TNX) soaring 15.34% to $4.21. Queenston Mining (QMI) rising 11.79% to $2.75. Allied Nevada Gold (ANV) jumping 10.49% to $5.16. Iamgold (IMG) higher by 12.59% to $7.60. Yamana Gold (YRI) up 7.93% to $8.03. Agnico-Eagle (AEM) gaining 7.11% to $60.22. Barrick Gold (ABX) jumping 6.89% to $42.06.
Losers include Centerra Gold (CG) losing 10.00% to $3.33.
The TSX metals & mining index rose 1.96%.
Gainers include First Majestic Silver (FR) soaring 18.87% to $2.52.
First Uranium (FIU) jumping 9.83% to $3.24. Virginia Mines (VGQ) gaining 9.03% to $3.50. Pan American Silver (PAA) rising 8.13% to $18.89. Red Back Mining (RBI) up 7.31% to $7.93. Hudbay Minerals (HBM) higher by 12.23% to $3.58. Silver Standard Res. (SSO) jumping 10.42% to $21.09. Minefinders Corp. (MFL) rising 7.76% to 5.83%.
Roger Biduk
The TSX information technology sector was up 3.20% as tech heavyweight Research In Motion (TSX:RIM) provided strong support, rising $5.63 or 10 per cent to $62.
Shaw Communications Inc. (TSX:SJR.B) said Wednesday its first-quarter earnings increased 10 per cent to $123.1 million compared with a year ago. Revenue in the quarter totalled $817.5 million, up from $743.8 million. Its shares rose 90 cents to $20.85.
The TSX financial sector moved 0.7 per cent higher with Power Corp. (TSX:POW) gaining 82 cents to $22.32 and Manulife Financial (MFC) headed up 70 cents to $22.93.
The TSX energy sector improved 1.94% even as oil prices continued to retreat on concerns about falling demand. The February crude contract on the New York Mercantile Exchange declined $1.88 to US$35.40 a barrel as diving as low as US$33.20. EnCana Corp. (TSX:ECA) rose $2.07 to $56.70 while Suncor Inc. (TSX:SU) climbed 88 cents to $47.58.
Gainers include Petrobank Energy (PBG) jumping 5.22% to $22.77. Paramount Res. (POU) gained 3.71%$8.10.
Loser include Calfrac Well Services (CFW) losing 8.50% to $8.18 and Heritage Oil (HOC) down 7.77% to $3.80.
The TSX industrials sector was 3.28% higher thanks largely to Bombardier Inc. (TSX:BBD.B). Its shares rose 5.56% to $4.75 after it said that Virginia-based regional airline Colgan Air has confirmed previously conditional orders for 10 Q400 turboprop airliners and is exercising options on five Q400s placed in 2007 by its parent company, Pinnacle Airlines Corp. The list value of the 15 planes is US$432 million.
Railway stocks improved after an RBC Capital analyst said that North America's railroad industry is positioned for long-term growth despite enduring financial pressures from the economic slowdown. Walter Spracklin says Canadian railways Canadian National Railways (TSX:CNR) and Canadian Pacific (TSX:CP) will continue to gain market share from trucking. CN shares rose $1 to $43.41 while CP shares moved up $1.12 to $39.78.
Gainers include West Fraser Timber (WFT) gaining 9.26% to $25.72. ATS Automation (ATA) rising 7.57% to $4.55 and SNC Lavalin (SNC) up by 5.78% to $37.49. Domtar (UFS) higher by 10.87% to $2.00. Westjet (WJA.A) moving 7.12% higher to $14.15.
Other gainers included CryptoLogic (CRY) soaring 18.87% to $4.68. Lululemon Athletica (LLL) jumping 11.88% to $8.76. Plutonic Power (PCC) higher by 11.21% to $2.48. Corus Ent. (CJR.B) up 9.58% to $13.15.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
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