Roger Biduk; Bay Street Lower on Bad Economic News - More to come

Roger Biduk:

Stock markets closed lower Friday in the face of figures showing deepening economic contraction, the possible impact of "buy America" restrictions in the U.S. economic stimulus package and rapidly worsening conditions in Japan.

Toronto's S&P/TSX composite index closed down 67.86 points to 8,694.90 to end the week up a slight 67 points. It ended the month down 293 points or 3.25 per cent, weighed down by a 7.5 per cent slide in financials.
The TSX Venture Exchange edged up 2.09 points to 882.63.

The CDN$ moved down 0.22 cent to 81.53 cents US as Statistics Canada said gross domestic product fell 0.7 per cent in November, with declines across almost all sectors.

Roger Biduk:
Meanwhile the Statistics Canada report showed manufacturing, wholesale trade, construction and real estate led the November GDP decline.

The S&P/TSX Capped Financial index dropped .21% as National Bank (TSX:NA) gave back 98 cents to $34.22. However, the sector is up for the week on hopes that the U.S. will create a bank to buy up toxic or illiquid assets from American banks. The Wall Street Journal reported that top officials are mulling a plan that would use a two-pronged approach of buying a portion of banks' "bad" assets while also guaranteeing against future losses on some of the remainder.
Allied Properties Real Estate (AP.UN) was higher by 5.57% to $12.50. Canadian western Bank (CWB) up 5.02% to $11.93. Sentry Select Primary Metals (PME) soared 9.97% to $3.75.
Brookfield Properties Corp. (BPO) sank 6.86% to $6.52. Canadian Helicopters Income fund (CHL.UN) dropped 6.67% to $7.70. Coventree Inc. (COF) down 5.47% to $3.63. Livingston International Income Trust (LIV.UN) tanking 13.53% to $5.75. Northern Property Real Estate Income Trust (NPR.UN) dropped 6.03% to $16.35. Morguard Real Estate income Trust (MRT.UN) down 5.29% to $8.95.

The S&P/TSX Energy Index was off 1.33% as the March crude contract on the New York Mercantile Exchange added 24 cents to US$41.68 a barrel. Natural gas sank 3.47% to $4.42.
Petro-Canada (TSX:PCA) shed 97 cents to $26.59 and EnCana Corp. (TSX:ECA) declined 62 cents to $54.571. Enerplus Resources Fund (TSX:ERF.UN) said low oil prices are prompting it to reduce distributions for the second time in as many months, to 18 cents per unit from 25 cents. Its units were $1.31 lower to $25.44. Exxon Mobil reported a profit of US$45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company. But fourth-quarter profits tumbled 33 per cent as oil prices plunged 60 per cent during the period. Its shares fell 52 cents to $76.48.
Niko Resources (NKO) soared 10.86% to $50.44. Petro Andina Resources (PAR) up 10.49% to $5.69. Phoenix Technology Income fund (PHX.UN) soaring 19.07% to $8.93. Petrominerales (PMG) up 9.59% to $6.74. Pacific Rubiales Energy (PRE) up 5.10% to $2.68.

Roger Biduk:
The S&P/TSX Global Gold Index gained .20% as the February bullion contract on the Nymex moved up $22.20 to US$927.30 an ounce.
Markland AGF Precious Metals (PMP) soared 29.22% to $6.50. Guyana Goldfields (GUY) jumped 18.88% to $2.96. Centerra Gold (CG) gained 12.26% to $6.15. Queenston Mining (QMI) up 10.38% to $3.51. US Gold Corp. (UXG) higher by 8.14% to $2.39. Allied Nevada Gold Corp. (ANV) up 8.08% to $6.15. Comaplex Minerals Corp. (CMF) up 6.43% to $3.13. European Goldfields (EGU) up 5.35% to $3.15.

The S&P/TSX Capped Information Technology Index was up .24% and the S&P/TSX Capped Telecom Index was up .17%.
EXFO Electro-Optical Engineering (EXF) jumped 9.64% to $4.43. Torstar Corp. (TS.B) gained 5.63% to $8.25.

The S&P/TSX Consumer Discretionary Index was down 1.08% and the S&P/TSX Consumer Staples Index was up .95%.

The S&P/TSX Capped Health Care Index jumped 2.44%.
QLT Inc. (QLT) gained 4.15% to $2.76. BioMS Medical Corp. (MS) tanking 30.32% to $2.39.

The S&P/TSX Capped Utilities Index dropped .25%.

The S&P/TSX Capped Industrial Index was down 1.70%.
Martinrea International (MRE) jumped 10.00% to $2.75. Canfor Corp. (CFP) jumped 6.62% to $7.25.

The S&P/TSX Capped Divesified Metals & Mining Index sank 2.81% as Aluminum dropped 1.56%, Copper gained .75% and silver jumped 3.46%. CIC Energy (ELC) soared 12.55% to $2.60. First Uranium Corp. (FIU) jumped 12.50% to $4.50. Quadra Mining (QUA) higher by 9.03% to $3.38. New Gold (NGD) up 8.79% to $2.60. Osisko Mining (OSK) up 8.77% to $5.21. Comaplex Minerals (CMF) higher by 6.43% to $3.31. Teck Cominco Ltd. (TSX:TCK.B) moved down 9.37% to $4.74.

www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/