Roger Biduk; Bay Street Higher on Lousy News

Roger Biduk

How does this work? The news gets worse and worse but the markets go up. I’m expecting a nice downturn coming up very soon.
North American markets all finished near their highs of the day on Thursday as investors fended off another wave of bleak economic data on U.S. home sales and employment.

The S&P/TSX Capped Financial Index rose 1.63%.
Canexus Income Fund (CUS.UN) +21.21% to $4.00. Algonquin Power Income Fund (APF.UN) +13.60% to $2.84. Crown Hill Fund (MYT.UN) +10.31% to $4.28. Franco-Nevada Corporation (FNV.WT) +10.87% to $5.10. Fiera High Income Trust (HIT.UN) +8.31% to $10.04.
SL Split Corp. (SLS) -14.55% to $2.82. Oil Sands Split Trust (OST.UN) -9.87% to $109.99. Whiterock Real Estate Investme (WRK.UN) -9.09% to $15.000. NB Split Corp. (NBF) -7.46% to $6.20. Allbanc Split Corp. (ABK.A) -7.36% to $17.13.

Toronto's S&P/TSX composite index rode out a relatively turbulent trading session and closed up 130.35 points to 9409.50.
The TSX Venture Exchange gained 8.82 points to 987.94.
The Canadian dollar gained 1.06 to 81.71 cents US.

Roger Biduk
S&P/TSX Capped Diversified Metals & Mining Index gained 0.46% as aluminum lost 1.13%, copper was 3.37% lower at $1.99 and silver rose 3.66% to $12.66.
Quadra Mining Ltd. (QUA) +9.08% to $6.25. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.62% to $7.20. Richmont Mines Inc. (RIC) +7.48% to $4.31. Osisko Mining Corporation (OSK) +6.52% to $5.72. Silvercorp Metals Inc. (SVM) +5.86% to $2.89.
Gerdau AmeriSteel Corporation (GNA) -8.94% to $5.50.

Statistics Canada said retail sales edged up 0.2 per cent in February to $33.7 billion, driven by higher prices rather than sales volumes.

The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was down 3.70% to $3.51 as the S&P/TSX Energy Index rose 2.08%.
West Energy Ltd. (WTL) +6.09% to $2.44. ShawCor Ltd. (SCL.A) +5.68% to $21.60. Peyto Energy Trust (PEY.UN) +5.21% to $9.89.
Eveready Inc. (EIS) -15.95% to $3.320.

Investors were also focused on comments from the Bank of Canada which said in its April monetary report that the recession is much more severe and will last longer than it previously thought.

Roger Biduk
The S&P/TSX Consumer Discretionary Index was 0.18% lower and the S&P/TSX Consumer Staples Index rose 0.62%.
Gildan Activewear Inc. (GIL) -5.96% to $15.00.
Fortress Paper Ltd. (FTP) +15.51% to $7.00. Cascades Inc. (CAS) +7.69% to $3.50. Arctic Glacier Income Fund (AG.UN) +6.09% to $2.09. Linamar Corporation (LNR) +6.06% to $4.55.

In earnings, Suncor Energy Inc. (TSX:SU) reported a first quarter loss of $189 million on comparatively low oil prices and various accounting and foreign exchange impacts. Shares in the company rose 86 cents to $30.33.

The S&P/TSX Capped Telecom Services Index was 0.95% higher and the S&P/TSX Capped Information Technology Index rose 0.82%.
Celestica Inc. (CLS) +13.03% to $6.42. March Networks Corporation (MN) +12.15% to $3.60.

Celestica Inc. (TSX:CLS) shares rose 13% to $6.42 after the contract manufacturer reported first-quarter earnings of US$19.2 million, down 36 per cent from a year earlier, as revenue fell 20 per cent.

Roger Biduk
The S&P/TSX Global Gold Index rose 2.52% as the April bullion contract in New York rose $14.10 to US$906.60 an ounce.
Banro Corporation (BAA) +8.56% to $2.03. Queenston Mining Inc. (QMI) +7.65% to $3.66. Jaguar Mining Inc. (JAG) +7.60% to $7.220. Richmont Mines Inc. (RIC) +7.48% to $4.31. Kirkland Lake Gold Inc. (KGI) +6.16% to $7.75.

Weaker demand for fertilizer and lower prices pushed Potash Corp. (TSX:POT) profits to US$308.3 million, down from a year-earlier profit of $566 million, while shares dropped $2.91 to $97.49.

In the Service sector:
Vitran Corporation Inc. (VTN) +12.00% to $8.40. Great Canadian Gaming Corp. (GC) +6.32% to $3.70. Garda World Security Corporati (GW) +5.72% to $3.14.

Roger Biduk
Grocery store operator Metro Inc. (TSX:MRU.A) said it is raising its dividend by 10 per cent as it posted net earnings of $76.3 million, an increase of 41 per cent over the same time last year. Company shares were down $.10 to $37.55.

The S&P/TSX Capped Health Care Index was lower by 0.97%.
Oncolytics Biotech Inc. (ONC) +8.87% to $2.21. Transition Therapeutics Inc. (TTH) +5.22% to $4.84.

The S&P/TSX Capped Industrials Index was up 1.86%.
Newalta Inc. (NAL) +8.86% to $4.30.
The S&P/TSX Capped Utilities Index rose 0.72%.

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