Roger Biduk writes:
Today’s headline is exactly the opposite of yesterday’s.
Here we go again. Down 300 points one day, up 250 the next. Looks like volatility is back in the market and that’s what makes money for active investors.
The Toronto stock market ended a volatile session sharply higher thanks to late day bounces in financial and energy stocks, which helped to claw back a good-sized chunk of the previous day's losses.
Toronto's S&P/TSX composite index, down well over 100 points at one point in the session, charged ahead 252.96 points to 8,757.89 following a 337-point tumble on Tuesday.
The TSX Venture Exchange dipped 5.13 points to 851.55, while the Canadian dollar rose 0.74 cent to 79.63 cents US.
The market got off to a solid start for the year but a series of losses and rising pessimism about global economies threaten to send the TSX to the 7,727-point low established in November.
Further signs of economic weakness surfaced as Statistics Canada reported that wholesale sales fell 1.6 per cent in November to $44.4 billion as decreases in four of seven sectors contributed to the third decline in four months.
The TSX energy sector shook off early losses to climb 4.3 per cent as the March crude contract on the New York Mercantile Exchange added $2.71 to US$43.55 a barrel. Natural gas closed 2.55% higher at $4.78.
Gainers included Suncor (SU) soaring 11.22% to $24.58. Addax Petroleum (ACX) jumped 8.96% to $19.45. TriStar Oil & Gas (TOG) gained 8.28% to $10.85. Highpine Oil & Gas (HPX) higher by 8.05% to $4.70. Major Drilling Group Int’l (MDI) rose 6.92% to $12.83. Niko Res. (NKO) rose 6.45% to $47.02. Talisman Energy (TLM) gained 6.12% to $11.80. Paramount Res. (POU) up 5.11% to $7.61. Baytex Energy Trust (BTE.UN) up 5.16% to $15.49.
Precision Drilling Trust (TSX:PD.UN) units inched up three cents to $7.55 after the company said it is cutting its cash distribution for January to four cents a unit from the 13 cents paid out in December. The company said the reduction reflects "a sharp reduction in United States rig demand resulting from the steep decline in energy commodity prices over the past three months."
Decliners include Total Energy Services Trust (TOT.UN) sinking 5.16% to $3.86. Pacific Rubiales Energy (PRE) down 5.56% to $2.55. Stoneham Drilling Trust (SDG.UN) lower by 5.63% to $3.02. Pembina Pipeline Income (PIF.UN) down 5.93% to $14.27. Cathedral Energy Services (CET.UN) dropping 6.58% to $5.11. Trinidad Drilling (TDG) sinking 6.59% to $3.40. Pantera Drilling Income Trust (RIG.UN) tanking 7.43% to $2.49.
Roger Biduk
The metals and mining sector jumped 3.14% as copper lost 4.72% to $1.53. Silver rose 1.34% to $11.33. Aluminum slumped 4.28% to $.64. Platinum lost $21.70 to $921.60.
BHP Billiton announced plans to slash 6,000 jobs, or about six per cent of its global work force, as it rushes to cope with plummeting demand because of the global financial crisis.
Osisko Mining (OSK) rose 6.58%. Inmet Mining (IMN) gained 5.91%. Sherritt Int’l. (S) up by 5.15% to $3.88 and Ivanhoe Mines (IVN) rising 5.13% to $3.69.
Decliners include Altius Minerals (ALS) lower by 5.53% to $4.44. Silver Wheaton (SLW.WT.B) down by 5.63% to $2.85. Comaplex Minerals (CMF) down by 7.67%.
The gold sector rose 2.54% as the February bullion contract in New York dropped $5.10 to US$855.20 an ounce.
Gainers include Moto Goldmines (MGL) soared 13.04% to 2.34%. Aquine Res. (AQI) rose 6.82% to $2.82%. NovaGold Res. (NG) jumped 6.57% to $2.27.
Kinross Gold Corp. (TSX:K) shares were down $1.11 to $22 after the company said it plans to raise up to US$360.5 million through an issue of 20.9 million common shares at a price of $17.25 a share.
Decliners include Complex Minerals (CMF) lower by 7.67% to $3.13.
The information technology sector jumped 4.56% and the telecom sector gained 1.32%.
CryptoLogic (CRY) soared 14.71%. Aastra Tech. (AAH) jumped 8.40% to $11.48. BCE (BCE.PR.S) higher by 6.17% to $14.97. Absolute Software (ABT) gained 6.07% to $3.32. CGI Group (GIB.A) higher by 5.96% to $9.43. Research in motion (RIM) up 5.95% to $66.75. Mosaid Tech. (MSD) up 5.88% to $9.91.
Descartes Systems (DSG) lost 5.29% to $3.22.
Financials rebounded 4.33%. Royal Bank (TSX:RY) rose $1.28 to $32.12 and Scotiabank (TSX:BNS) gained $1.12 to $29.70. Both banks announced Wednesday they plan to raise $200 million by issuing preferred shares.
Franco-Nevada (FNV) rising 7.61% to $21.50. Coverntree (COF) jumped 18.84% to $4.10. Brookfield Properties (BPO) gained 10.46% to $7.18. Canadian Western Bank (CWB) up 8.42% to $12.10. Manulife (MFC) higher by 7.56% to $21.63. Boralex Power Income (BPT.UN) up 7.42% to $3.91. Sun Life Financial (SLF) up 6.65% to $25.50. Brompton Split Banc (SBC) up 6.58% to $3.89. DundeeWealth (DW) higher by 5.09% to $5.78.
Decliners include Wall Financial (WFC) tanking 21.70% to $7.00. Dividend Growth Split (DGS) sinkunf 10.18% to $3.00. Morguard Real Estate Development (MRT.UN) losing 7.63% to $10.05. Livingston Int’l (LIV.UN) lower by 7.48% to $6.31. Fort Chicago Energy Partners (FCE.UN) down 6.42% to $7.72.
Roger Biduk
Consumer discretionary was up 1.00% and consumer staples were up 2.09%.
Viterra (VT) soared 13.90% to $9.34. Domtar (UFS) jumped 12.23% to $2.11. AlarmForce Industries (AF) gained 5.97% to $4.08. Maple Leaf foods (MFI) up 5.84% to $10.88. Linamar (LNR) up 5.66% to $4.11.
The healthcare sector was up 1.96%.
Biovail (BVF) gained 6.82% to $14.09.
Transition Therapeutics (TTH) lost 5.42% to $5.41. Novadaq Tech. (NDQ) down 7.37% to $2.01.
The industrial sector was up 3.18%.
IPL (IPL.A) jumped 19.47% to $2.70. West Fraser timber (WFT) gained 6.11% to $29.18.
Vector Aerospace (RNO) lost 5.88% to $4.00. Marsules (MLX) down 7.91% to $8.50. Nova Chemical Corp. (TSX:NCX) shares got hammered, down $1.60 or 26.5 per cent to $4.45 over investor concerns the company will not be able to meet a debt payment due this spring.
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Wednesday, January 21, 2009
Roger Biduk; Oils & Financials Hammer Bay Street
Roger Biduk writes:
North American markets tumbled Tuesday as financial stocks sold off on the banking sector's latest woes, while the Toronto market was also hit by sharp slides in energy stocks amid lower oil prices.
Toronto's S&P/TSX composite index tumbled 336.55 points to 8,504.93.
The Canadian dollar lost 0.81 to 78.89 cents US.
The TSX Venture Exchange moved down 16.27 points to 856.68.
The Bank of Canada said Tuesday it expects the economy will continue to shrink until mid-year and cut its key interest rate by another half a point to one per cent - the lowest ever - to provide stimulus.
The Canadian central bank said "the economy is projected to contract through mid-2009, with real GDP dropping by 1.2 per cent this year on an annual average basis."
However, there was some good news in the statement, as the bank said next year's GDP growth rate should rise to 3.8 per cent.
As if to underscore the central bank's comments on the economy, Statistics Canada announced that manufacturing sales decreased for a fourth consecutive month in November. The agency said that sales fell 6.4 per cent to $48.4 billion, the lowest level since December 2004.
The energy sector backed off 6.8 per cent even as oil prices switched direction after falling sharply in the morning on the continued gloomy outlook for global energy demand.
The February crude contract on the New York Mercantile Exchange, which expired at the end of the session, gained $2.23 to US$38.74 while the March contract declined $1.77 to US$40.84. Natural gas declining 3.72% to $4.71.
Challenges escalated in the fiscal fourth quarter of 2008 as the precipitous drop in commodity prices dragged Suncor into the red. The company reported a quarterly loss of $215 million or 24 cents a share, reversing year-earlier profits of $1 billion or $1.13 a share. Suncor (SU) shares fell $4.16 to $22.10.
Decliners include Corridor Res. (CDH) sinking 10.04% to $2.24. North American Energy Partners (NOA) dropping 10.00% to $3.24. Addax Petroleum (AXC) lower by 9.67% to $17.85. Ensign Energy Serv. (ESI) down 8.19% to $11.21. Cdn. Nat. Res. (CNQ) sank 8.02% to $43.58. TriStar Oil & Gas (TOG) lower by 7.48% to $10.02. ShawCor (SCL.A) down $7.24% to $15.50. Husky Energy (HSE) sank 6.30% to $30.50. Nexen (NXY) down 6.01% to $17.83. Pason Sys. (PSI) lower by 5.96% to $12.46. Verenex Energy (VNX) down 5.52% to $7.70. Major Drilling Group (MDI) dropping 5.51% to $12.00. EnCana (ECA) down 5.47% to $52.67. Talisman Energy (TLM) lower by 5.44% to $11.12. Gran Terra Energy (GTE) sinking 5.33% to $3.20 and Petrobank Energy (PBG) dropping 5.20% to $21.33. Fairborne Energy (FEL) down 7.21% to $4.63. Canadian Oil Sands Tr. (COS.UN) down 8.01% to $17.46.
Fort Chicago Energy Partners (FCE.UN) gained 6.04% to $8.25.
Roger Biduk:
The metals and mining sector dropped 4.82% as copper lost 1.51% to $1.50. Silver dropped $.04 to $11.18. Aluminum slumped 4.81% to $.64.
Inmet Mining (IMN) tanking 9.91% to $19.46. Quandra Mining (QUA) sinking 9.46% to 2.87%. Timminco (TIM) lost 9.45% to $4.12. Ivanhoe Mines (IVN) down 9.45% $3.51. Gerdau AmeriSteel (GNA) sinking 7.59% to $7.67. First Uranium (FIU) lower by 7.14% to $3.00. Uranium One (UUU) down 7.33% to $2.15. Silver Wheaton (SLW.WT.B) down 7.08% to $3.02. Altius Minerals (ALS) lower by 6.93% to $4.70. Tech Cominco (TCK.A) down 5.53% to $11.10.
Elsewhere in the sector, Rio Tinto Alcan (NYSE:RTP) said it is permanently closing its Beauharnois smelter in Quebec and curtailing production at the Vaudreuil alumina refinery. The moves are part of a new six per cent reduction in aluminum production, which will cost 1,100 jobs worldwide at the international metal giant.
The gold sector rose 3.3 per cent as the February bullion contract in New York rose $15.30 to US$855.20 an ounce.
Gainers include Royal Gold (RGL) soaring 15.06% to $57.53. Kirkland Lake Gold (KGI) jumping 10.59% to $4.49. Barrick Gold (ABX) rising 6.13% to $44.30. Comaplex minerals (CMF) rising 5.94% to $3.39. Kinross Gold (K.WT.B) up 5.90% to $3.59. Moto Goldmines (MGL) gaining 5.61% to $2.07. Newmont Mining (NMC) up 5.31% to $49.74.
Decliners include European Goldfields (EGU) sinking 5.45% to $2.60. Virginia Mines (VGQ) dropping 5.46% to 3.46%. First Quantum Minerals (FM) down 7.09% to $22.00.
The information technology sector was down 3.15% and the telecom sector sank 3.23%.
Tundra Semi (TUN) sinking 7.86% to $3.40. CGI Group (GIB.A) down 7.58% to $8.90. Telus (T) down 6.76% to $34.18. Gennum (GND) lower by 6.46% to $6.08. Cryptologic (CRY) down 6.25%to $4.35.
Shares in Research In Motion (TSX:RIM) were well off early highs, losing 75 cents to $63 after Certicom Corp. (TSX:CIC) obtained a court order preventing the maker of the BlackBerry, Curve and Pearl smartphones from pursuing its current hostile bid. Certicom shares fell 10 cents to $1.70.
Roger Biduk
Financials tanked 5.81%.
Brompton Lifeco (LCS) tanking 22.81%. Copernican Int’l Fin. (CIR.PR.A) sinking 17.41% to $3.51. Allbanc (ALB) down 13.79%. Brookfield Prop. (BPO) losing 10.84% to $6.50. Sun Life Fin. (SLF) down by 10.78% to $23.91. Manulife Fin. (MFC) down 9.46% to $20.11. Franco-Nevada (FNV) down 7.74% to $2.86. TD Bank (TD) down 6.63% to $39.42. CIBC (CM) lower by 6.61% to 3.08%. GMF Capital Tr. (GMP.UN) down 6.48% to $5.05. Brookfield Asset Mgmt. (BAM.PR.B) lower by 6.37% to $8.52. World Financial (WFS.PR.A) down 5.86% to $9.00. H&R Real Estate Inv. (HR.UN) down 5.82% to $7.45. InnVest Real Estate Inv. (INN.UN) lower by 5.71% to $3.30. Canadian Western Bank (CWB) down 5.42% to $11.16. Royal Bank (RY) down 5.40% to $30.84.
Gainers include Wall Financial (WFC) soaring 27.71% to $8.94. Split Reit Opportunity tr. (SOT.UN) jumping 10.53% to $10.53. Livingston Int’l (LIV.UN) up 8.95% to $6.82. Endeavour Financial (EDV) 10.99% to $2.02.
Consumer discretionary was down 2.60% and consumer staples were down .67%.
Ridley (RCL) gained 7.64% to $6.76. Danier Leather (DL) jumped 14% to $2.85. Gildan Activewear (GIL) lost 9.02% to 13.61.
The healthcare sector sank 2.16%.
Amica Mature Lifestyles (ACC) up 9.28% to $4.00. QLT Inc. (QLT) dropped 7.74% to $2.86. BioMS Medical (MS) sank 8.02% to $3.67.
The utilities sector dropped 1.92%.
Roger Biduk:
In the chemicals sector, Nova Chemicals (NCX) tanked 11.03% to $6.05.. Agrium (AGU) dropped 8.96% to $38.69.
The industrial sector was down 5.23%
Vector Aerospace (RNO) gained 6.25% to $4.25. ACE Aviation Holdings (ACE) jumping 8.42% to $8.50.
Bombardier (BBD.B) tanked 9.51% to $4.47. International Forest Products (IFP.A) sank 6.98% to $2.00. Velan (VLN) down 6.75% to $11.89. Finning Int’l. (FTT) tanking 9.46% to $12.64. Easyhome (EH) sinking 8.55% to $10.05. Canadian Tire (CTC.A) down 6.65% to $42.00. Quebecor (QBR.B) losing 6.41% to $18.11. Canadian Pacific Railway (CP) losing 5.96% to $35.84. Patheon (PTI) down 5.83% to $2.10. Transat A.T. (TRZ.B) down 5.69% to 9.94%.
Shares in auto parts giant Magna International (TSX:MG.A) fell $2.15 to $36.63.Bell Canada says it wants to cut its workforce by another 1,500 jobs through a retirement incentive to qualifying unionized employees, the latest move by Canada's largest telecom operator to streamline and cut operating costs. Shares in parent BCE Inc. (TSX:BCE) were off 19 cents to $24.86.
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North American markets tumbled Tuesday as financial stocks sold off on the banking sector's latest woes, while the Toronto market was also hit by sharp slides in energy stocks amid lower oil prices.
Toronto's S&P/TSX composite index tumbled 336.55 points to 8,504.93.
The Canadian dollar lost 0.81 to 78.89 cents US.
The TSX Venture Exchange moved down 16.27 points to 856.68.
The Bank of Canada said Tuesday it expects the economy will continue to shrink until mid-year and cut its key interest rate by another half a point to one per cent - the lowest ever - to provide stimulus.
The Canadian central bank said "the economy is projected to contract through mid-2009, with real GDP dropping by 1.2 per cent this year on an annual average basis."
However, there was some good news in the statement, as the bank said next year's GDP growth rate should rise to 3.8 per cent.
As if to underscore the central bank's comments on the economy, Statistics Canada announced that manufacturing sales decreased for a fourth consecutive month in November. The agency said that sales fell 6.4 per cent to $48.4 billion, the lowest level since December 2004.
The energy sector backed off 6.8 per cent even as oil prices switched direction after falling sharply in the morning on the continued gloomy outlook for global energy demand.
The February crude contract on the New York Mercantile Exchange, which expired at the end of the session, gained $2.23 to US$38.74 while the March contract declined $1.77 to US$40.84. Natural gas declining 3.72% to $4.71.
Challenges escalated in the fiscal fourth quarter of 2008 as the precipitous drop in commodity prices dragged Suncor into the red. The company reported a quarterly loss of $215 million or 24 cents a share, reversing year-earlier profits of $1 billion or $1.13 a share. Suncor (SU) shares fell $4.16 to $22.10.
Decliners include Corridor Res. (CDH) sinking 10.04% to $2.24. North American Energy Partners (NOA) dropping 10.00% to $3.24. Addax Petroleum (AXC) lower by 9.67% to $17.85. Ensign Energy Serv. (ESI) down 8.19% to $11.21. Cdn. Nat. Res. (CNQ) sank 8.02% to $43.58. TriStar Oil & Gas (TOG) lower by 7.48% to $10.02. ShawCor (SCL.A) down $7.24% to $15.50. Husky Energy (HSE) sank 6.30% to $30.50. Nexen (NXY) down 6.01% to $17.83. Pason Sys. (PSI) lower by 5.96% to $12.46. Verenex Energy (VNX) down 5.52% to $7.70. Major Drilling Group (MDI) dropping 5.51% to $12.00. EnCana (ECA) down 5.47% to $52.67. Talisman Energy (TLM) lower by 5.44% to $11.12. Gran Terra Energy (GTE) sinking 5.33% to $3.20 and Petrobank Energy (PBG) dropping 5.20% to $21.33. Fairborne Energy (FEL) down 7.21% to $4.63. Canadian Oil Sands Tr. (COS.UN) down 8.01% to $17.46.
Fort Chicago Energy Partners (FCE.UN) gained 6.04% to $8.25.
Roger Biduk:
The metals and mining sector dropped 4.82% as copper lost 1.51% to $1.50. Silver dropped $.04 to $11.18. Aluminum slumped 4.81% to $.64.
Inmet Mining (IMN) tanking 9.91% to $19.46. Quandra Mining (QUA) sinking 9.46% to 2.87%. Timminco (TIM) lost 9.45% to $4.12. Ivanhoe Mines (IVN) down 9.45% $3.51. Gerdau AmeriSteel (GNA) sinking 7.59% to $7.67. First Uranium (FIU) lower by 7.14% to $3.00. Uranium One (UUU) down 7.33% to $2.15. Silver Wheaton (SLW.WT.B) down 7.08% to $3.02. Altius Minerals (ALS) lower by 6.93% to $4.70. Tech Cominco (TCK.A) down 5.53% to $11.10.
Elsewhere in the sector, Rio Tinto Alcan (NYSE:RTP) said it is permanently closing its Beauharnois smelter in Quebec and curtailing production at the Vaudreuil alumina refinery. The moves are part of a new six per cent reduction in aluminum production, which will cost 1,100 jobs worldwide at the international metal giant.
The gold sector rose 3.3 per cent as the February bullion contract in New York rose $15.30 to US$855.20 an ounce.
Gainers include Royal Gold (RGL) soaring 15.06% to $57.53. Kirkland Lake Gold (KGI) jumping 10.59% to $4.49. Barrick Gold (ABX) rising 6.13% to $44.30. Comaplex minerals (CMF) rising 5.94% to $3.39. Kinross Gold (K.WT.B) up 5.90% to $3.59. Moto Goldmines (MGL) gaining 5.61% to $2.07. Newmont Mining (NMC) up 5.31% to $49.74.
Decliners include European Goldfields (EGU) sinking 5.45% to $2.60. Virginia Mines (VGQ) dropping 5.46% to 3.46%. First Quantum Minerals (FM) down 7.09% to $22.00.
The information technology sector was down 3.15% and the telecom sector sank 3.23%.
Tundra Semi (TUN) sinking 7.86% to $3.40. CGI Group (GIB.A) down 7.58% to $8.90. Telus (T) down 6.76% to $34.18. Gennum (GND) lower by 6.46% to $6.08. Cryptologic (CRY) down 6.25%to $4.35.
Shares in Research In Motion (TSX:RIM) were well off early highs, losing 75 cents to $63 after Certicom Corp. (TSX:CIC) obtained a court order preventing the maker of the BlackBerry, Curve and Pearl smartphones from pursuing its current hostile bid. Certicom shares fell 10 cents to $1.70.
Roger Biduk
Financials tanked 5.81%.
Brompton Lifeco (LCS) tanking 22.81%. Copernican Int’l Fin. (CIR.PR.A) sinking 17.41% to $3.51. Allbanc (ALB) down 13.79%. Brookfield Prop. (BPO) losing 10.84% to $6.50. Sun Life Fin. (SLF) down by 10.78% to $23.91. Manulife Fin. (MFC) down 9.46% to $20.11. Franco-Nevada (FNV) down 7.74% to $2.86. TD Bank (TD) down 6.63% to $39.42. CIBC (CM) lower by 6.61% to 3.08%. GMF Capital Tr. (GMP.UN) down 6.48% to $5.05. Brookfield Asset Mgmt. (BAM.PR.B) lower by 6.37% to $8.52. World Financial (WFS.PR.A) down 5.86% to $9.00. H&R Real Estate Inv. (HR.UN) down 5.82% to $7.45. InnVest Real Estate Inv. (INN.UN) lower by 5.71% to $3.30. Canadian Western Bank (CWB) down 5.42% to $11.16. Royal Bank (RY) down 5.40% to $30.84.
Gainers include Wall Financial (WFC) soaring 27.71% to $8.94. Split Reit Opportunity tr. (SOT.UN) jumping 10.53% to $10.53. Livingston Int’l (LIV.UN) up 8.95% to $6.82. Endeavour Financial (EDV) 10.99% to $2.02.
Consumer discretionary was down 2.60% and consumer staples were down .67%.
Ridley (RCL) gained 7.64% to $6.76. Danier Leather (DL) jumped 14% to $2.85. Gildan Activewear (GIL) lost 9.02% to 13.61.
The healthcare sector sank 2.16%.
Amica Mature Lifestyles (ACC) up 9.28% to $4.00. QLT Inc. (QLT) dropped 7.74% to $2.86. BioMS Medical (MS) sank 8.02% to $3.67.
The utilities sector dropped 1.92%.
Roger Biduk:
In the chemicals sector, Nova Chemicals (NCX) tanked 11.03% to $6.05.. Agrium (AGU) dropped 8.96% to $38.69.
The industrial sector was down 5.23%
Vector Aerospace (RNO) gained 6.25% to $4.25. ACE Aviation Holdings (ACE) jumping 8.42% to $8.50.
Bombardier (BBD.B) tanked 9.51% to $4.47. International Forest Products (IFP.A) sank 6.98% to $2.00. Velan (VLN) down 6.75% to $11.89. Finning Int’l. (FTT) tanking 9.46% to $12.64. Easyhome (EH) sinking 8.55% to $10.05. Canadian Tire (CTC.A) down 6.65% to $42.00. Quebecor (QBR.B) losing 6.41% to $18.11. Canadian Pacific Railway (CP) losing 5.96% to $35.84. Patheon (PTI) down 5.83% to $2.10. Transat A.T. (TRZ.B) down 5.69% to 9.94%.
Shares in auto parts giant Magna International (TSX:MG.A) fell $2.15 to $36.63.Bell Canada says it wants to cut its workforce by another 1,500 jobs through a retirement incentive to qualifying unionized employees, the latest move by Canada's largest telecom operator to streamline and cut operating costs. Shares in parent BCE Inc. (TSX:BCE) were off 19 cents to $24.86.
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www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
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