Roger Biduk:
The Toronto stock market and the Canadian dollar both tanked Tuesday on disappointment with U.S. Treasury Secretary Timothy Geithner's plan to help the financial sector.
Toronto's S&P/TSX composite index snapped a five-session winning streak to close down 229.39 points or 2.5 per cent to 8,817.89 led by a four per cent drop in the financial sector.
The TSX Venture Exchange was 0.99 of a point higher to 902.09.
The Canadian dollar tanked 1.97 cents to 80.24 cents US - after going as low as 80.04 cents as disappointment with the Geithner announcement sparked a selloff of a string of currencies in favour of the U.S. dollar.
Investors were also focused on Bank of Canada governor Mark Carney, who reiterated to a parliamentary committee that he expects the economy to rebound in 2010, growing by 3.8 per cent.
Many economists regard this as overly optimistic, but Carney said "such a recovery is actually more muted than usual," after what will be a difficult 2009.
ETFs (Exchange Traded Funds) that short the market, that is, they go up when everything goes down (my favorite since last January) were the best gainers in Toronto.
Horizons BetaPro NYMEX Natural Gas Bear ETF (HND) soared 11.54% to $45.54. Horizons BetaPro MSCI Emerging Markets Bear ETF (HJD-T) jumped 11.01% to %15.32. Horizons BetaPro S&P 500 Bear Plus ETF (HSD-T) was up 10.07% to $33.88. Horizons BetaPro NYMEX Crude Oil Bear ETF (HOD-T). Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD-T) gained 8.28% to $34.40.
Roger Biduk
The S&P/TSX Capped Financial Index sank 3.97% as TD Bank (TSX:TD) was down $1.57 to $39.12 and Bank of Montreal (TSX:BMO) fell $1.42 to $30.36. Savanna Energy Services (SVY) sank 12.13% to $5.94. Dundee Corp. (DC.A) dropped 11.01% to $5.09. Noranda Income fund (NIF.UN) dropped 9.98% to $4.24.
The S&P/TSX Energy Index tanked 4.44% per cent as the March crude contract in New York lost $2.01 to US$37.55 a barrel. Petro-Canada (TSX:PCA) declined $1.55 to $28.26 and EnCana Corp. (TSX:ECA) gave back $2.55 to $55.31.
Tusk Energy Corp. (TSX:TSK) announced a deal to be taken over by a unit of Teachers Insurance and Annuity Association of America in a deal valued at $257 million. Its shares soared $1.22 or 142 per cent to $2.08.
Pacific Rubiales Energy (PRE) tanked 9.71% to $2.79. Trinidad Drilling (TDG) sank 9.49% to $2.67. Highpine Oil & Gas (HPX) dropped 7.77% to $4.63.
The S&P/TSX Global Gold Index was up .30% as the April bullion contract in New York rose $21.40 to US$914.20 an ounce.
Goldcorp Inc. (TSX:G) climbed 74 cents to $36.83. First Quantum Minerals (FM) sank 13.03% to $26.96. Centerra Gold (CG) dropped 11.31% to $4.47. Aquiline Res. (AQI) sank 10.91% to $2.45. European Goldfields (EGU) dropped 7.86% to $2.93.
The S&P/TSX Capped Divesified Metals & Mining Index tanked 8.70% as aluminum dropped 2.64%, copper dipped 2.29% and silver gained 2.34%8.7 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 54 cents to $4.96 and Quadra Mining (QUA) tanked 13.25% to $3.47. Ivanhoe Mines (IVN) sank 11.19%.
Shares in Inmet Mining (TSX:IMN) were off 96 cents to $25.65 after a fourth-quarter loss of $32.5 million on asset writedowns and low metal prices.
A Japanese consortium is paying $270 million for a 19.95 per cent interest in Uranium One Inc. (TSX:UUU). The Toronto-headquartered miner is active in Kazakhstan, the United States and South Africa and its shares climbed eight cents to $2.09 .
Roger Biduk:
The S&P/TSX Capped Information Technology Index was down 1.43% and the S&P/TSX Capped Telecom Services Index was down .75%.
Data encryption specialist Certicom Corp. (TSX:CIC) says it has been told by VeriSign Inc. that the California company will not match a $3-a-share takeover offer from Research In Motion Ltd. (TSX:RIM). RIM's proposal topped a $2.10-per-share price previously agreed to between VeriSign and Certicom. Certicom shares declined 29 cents to $2.97 while RIM ticked 92 cents lower to $70.88.
The S&P/TSX Consumer Discretionary Index dropped 2.00% and the S&P/TSX Consumer Staples Index was down .98%.
The S&P/TSX Capped Health Care Index sank 3.87%.
The S&P/TSX Capped Utilities Index was lower by 1.18%.
The S&P/TSX Capped Industrial Index dropped 2.67%.
Molson Coors Brewing Co. (TSX:TAP) reported a steep drop in fourth-quarter earnings to US$96.8 million "due to unfavourable foreign currency and slowing industry trends." In New York, its shares were down $3.20 at US$37.30.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
Tuesday, February 10, 2009
Roger Biduk; Financials Lift Bay Street
Roger Biduk:
The Toronto stock market closed higher Monday, supported by financials a day before U.S. Treasury Secretary Timothy Geithner is to unveil an overhaul of the US$700-billion aid plan for the financial sector and by energy stocks even as oil prices slipped.
Toronto's S&P/TSX composite index was positive for a fifth session, adding 39.26 points to 9,047.28. The Dow Jones industrial eased 9.72 points to 8,270.87.
The TSX Venture Exchange inched 8.24 points lower to 901.1.
The Toronto market's advance followed a gain last week that saw the main index above 9,000 for the first time since early January, but analysts cautioned against exuberance.
The Canadian dollar was ahead 0.61 of a cent to 82.21 cents U.S. as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined 10.9 per cent in January to 153,500 units. It was the fifth straight monthly decline and left home construction at its slowest rate since 2001.
The S&P/TSX Capped Financial Index was up 1.15 per cent with Scotiabank (TSX:BNS) higher by 59 cents to $31.17 while TD Bank (TSX:TD) climbed 89 cents to $40.69.
Kingsway Financial Services Inc. (TSX:KFS) crumpled $1.36 or 21.75 per cent to $4.89 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.
Allied Properties Real Estate (AP.UN) jumped 10.34%. H&R Real Estate Inv. (HR.UN) higher by 6.62% to $8.54. Birchcliff Energy Ltd. (BIR) rose 6.49% to $5.09. MI Developments Inc. (MIM.A) up by 5.60% to $9.05.
Roger Biduk:
The S&P/TSX Energy Index was ahead 2.49% as the March crude contract on the New York Mercantile Exchange fell 61 cents to US$39.56 a barrel despite an announcement from OPEC that dozens of production projects were being postponed. Natural gas was flat at $4.81.
EnCana Corp. (TSX:ECA) rose $1.55 to $57.86 and Suncor Inc. (TSX:SU) advanced 56 cents to $26.05.
Precision Drilling Trust (TSX:PD.UN) units fell 30 cents to $4.65 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.
Elsewhere in the oilpatch, the board of UTS Energy Corp. (TSX:UTS) urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 10 cents to $1.80.
Crew Energy (CR) soared 13.24% to $4.02. Highpine Oil & Gas Ltd. (HPS) jumped 11.06% to $5.02. Pacific Rubiales Energy Corp. (PRE) rose 10.36% to $3.09. NuVista Energy Ltd. (NVA) gained 9.90% to $7.66. Petrobank Energy And Res. (PBG) up by 7.88% to $21.90.
The S&P/TSX Capped Divesified Metals & Mining Index as aluminum dropped 2.21%, copper dipped .95% and silver sank 2.51%
Teck Cominco Ltd. (TCK.B) was up 21 cents to $5.50 even as Moody's Investors Service on Friday lowered the miner's debt ratings.
Athabasca Potash (API) soared 22.56% to $2.39. Agnico-Eagle Mines (AEM) sank 5.29% to $3.60.
The S&P/TSX Global Gold Index sank 4.28% as the April bullion contract on the Nymex tanked $21.50 to US$892.80 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $2.18 to $45.82 and Goldcorp Inc. (TSX:G) dropped $1.29 to $36.09. Centerra Gold (CG) tanked 11.58% to $5.04. Gabriel Res. (GBU) sank 8.93% to $2.55. Alamos Gold (AGI) lower by 6.07% to $7.35.
The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was up .42%.
The S&P/TSX Capped Health Care Index was higher by 1.06%.
The S&P/TSX Capped Utilities Index rose .74%.
The S&P/TSX Capped Industrial Index was up .49%.
The S&P/TSX Capped Information Technology Index was down .13% and the S&P/TSX Capped Telecom Services Index was up .12%.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
The Toronto stock market closed higher Monday, supported by financials a day before U.S. Treasury Secretary Timothy Geithner is to unveil an overhaul of the US$700-billion aid plan for the financial sector and by energy stocks even as oil prices slipped.
Toronto's S&P/TSX composite index was positive for a fifth session, adding 39.26 points to 9,047.28. The Dow Jones industrial eased 9.72 points to 8,270.87.
The TSX Venture Exchange inched 8.24 points lower to 901.1.
The Toronto market's advance followed a gain last week that saw the main index above 9,000 for the first time since early January, but analysts cautioned against exuberance.
The Canadian dollar was ahead 0.61 of a cent to 82.21 cents U.S. as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined 10.9 per cent in January to 153,500 units. It was the fifth straight monthly decline and left home construction at its slowest rate since 2001.
The S&P/TSX Capped Financial Index was up 1.15 per cent with Scotiabank (TSX:BNS) higher by 59 cents to $31.17 while TD Bank (TSX:TD) climbed 89 cents to $40.69.
Kingsway Financial Services Inc. (TSX:KFS) crumpled $1.36 or 21.75 per cent to $4.89 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.
Allied Properties Real Estate (AP.UN) jumped 10.34%. H&R Real Estate Inv. (HR.UN) higher by 6.62% to $8.54. Birchcliff Energy Ltd. (BIR) rose 6.49% to $5.09. MI Developments Inc. (MIM.A) up by 5.60% to $9.05.
Roger Biduk:
The S&P/TSX Energy Index was ahead 2.49% as the March crude contract on the New York Mercantile Exchange fell 61 cents to US$39.56 a barrel despite an announcement from OPEC that dozens of production projects were being postponed. Natural gas was flat at $4.81.
EnCana Corp. (TSX:ECA) rose $1.55 to $57.86 and Suncor Inc. (TSX:SU) advanced 56 cents to $26.05.
Precision Drilling Trust (TSX:PD.UN) units fell 30 cents to $4.65 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.
Elsewhere in the oilpatch, the board of UTS Energy Corp. (TSX:UTS) urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 10 cents to $1.80.
Crew Energy (CR) soared 13.24% to $4.02. Highpine Oil & Gas Ltd. (HPS) jumped 11.06% to $5.02. Pacific Rubiales Energy Corp. (PRE) rose 10.36% to $3.09. NuVista Energy Ltd. (NVA) gained 9.90% to $7.66. Petrobank Energy And Res. (PBG) up by 7.88% to $21.90.
The S&P/TSX Capped Divesified Metals & Mining Index as aluminum dropped 2.21%, copper dipped .95% and silver sank 2.51%
Teck Cominco Ltd. (TCK.B) was up 21 cents to $5.50 even as Moody's Investors Service on Friday lowered the miner's debt ratings.
Athabasca Potash (API) soared 22.56% to $2.39. Agnico-Eagle Mines (AEM) sank 5.29% to $3.60.
The S&P/TSX Global Gold Index sank 4.28% as the April bullion contract on the Nymex tanked $21.50 to US$892.80 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $2.18 to $45.82 and Goldcorp Inc. (TSX:G) dropped $1.29 to $36.09. Centerra Gold (CG) tanked 11.58% to $5.04. Gabriel Res. (GBU) sank 8.93% to $2.55. Alamos Gold (AGI) lower by 6.07% to $7.35.
The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was up .42%.
The S&P/TSX Capped Health Care Index was higher by 1.06%.
The S&P/TSX Capped Utilities Index rose .74%.
The S&P/TSX Capped Industrial Index was up .49%.
The S&P/TSX Capped Information Technology Index was down .13% and the S&P/TSX Capped Telecom Services Index was up .12%.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
Subscribe to:
Posts (Atom)
