Roger Biduk writes:
Deepening economic gloom pushed stock markets into the red for the fifth straight day Tuesday as investors worried further intervention in financial markets won't prevent a looming recession.
Toronto's S&P/TSX composite index fell 400.88 points to 9,829.55. The benchmark had been up more than 250 points in the morning.
That followed Monday's 573-point loss and 800-plus declines on two separate days last week. The TSX has lost about one-third of its value from its high in June.
The Canadian dollar was down 0.67 cent to 90.31 cents US. The currency has lost more than three cents against the American dollar since the start of October.
The TSX Venture Exchange lost 39.64 points Tuesday to 1,094.46.
In Toronto, the energy sector was down 6.3 per cent even as crude oil posted an increase of $2.25 to US$90.06 a barrel after plunging to an eight-month low Monday on recession fears.
EnCana (TSX:ECA) was down $4.03 to $52.17, and Suncor Energy (TSX:SU) lost $2.34 to $29.16.
The gold sector added 1.2 per cent as the December gold contract on the New York Mercantile Exchange gained $15.80 to $882 an ounce. Goldcorp (TSX:G) was up $1.85 to $28.83, while Barrick Gold (TSX:ABX) added 87 cents to $33.67.
The TSX metals sector lost 6.9 per cent on lower commodity prices. Sector heavyweight Teck Cominco (TSX:TCK.B) was down $2.42 or 11 per cent to $19.96.
The financial sector declined 4.4 per cent. Bank of Montreal (TSX:BMO) lost $1.21 to $39 and Bank of Nova Scotia (TSX:BNS) declined $1.85 to $43.15. Manulife Financial (TSX:MFC) lost $2.04 to $32.67.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Showing posts with label stock investing. Show all posts
Showing posts with label stock investing. Show all posts
Tuesday, October 7, 2008
Thursday, September 25, 2008
Roger Biduk - Bay Street Higher on Energy & Rescue Plan
Roger Biduk writes:
The Toronto stock market managed a slight gain Thursday as financial stocks improved on growing optimism a deal is close on a US$700-billion bailout of the U.S. financial industry and energy stocks benefited from a late-day jump in crude prices.
In Toronto the S&P/TSX composite index came back from a triple-digit slide to close up 33.15 points to 12,546.51, held back by falling gold and base metal stocks.
The TSX Venture Exchange slipped 9.96 points to 1,540.68 while the Canadian dollar was ahead 0.22 cent to 96.68 cents US.
Canada's top central banker waded into the debate Thursday and said the world's economies would be at serious risk without the bailout.
Bank of Canada governor Mark Carney said Thursday that other countries may need to follow the Americans' lead with similar government rescue packages to help out their domestic financial institutions. He also said Canada is in better shape than most to weather the storm, but will not be immune from the aftershocks.
The TSX energy sector was up 1.4 per cent as oil prices switched direction to move higher. The November crude contract on the New York Mercantile Exchange gained $2.29 to US$108.02. Suncor Inc. (TSX:SU) gained $1.30 to $48.83 and EnCana Corp. (TSX:ECA) moved ahead $1.82 to $74.62. Calgary-based Tanganyika Oil Co. (TSX:TYK) has struck a deal to be acquired by Sinopec International Petroleum Exploration and Production Corp. The Chinese oil major is offering $31.50 per share in cash, a total of $2 billion, for Tanganyika, which is active in Syria. Its shares jumped $3.15 or 12 per cent to $29.15.
The financial sector was up one per cent as TD Bank (TSX:TD) gained $1.60 to $64.50 and Scotiabank (TSX:BNS) advanced 57 cents to $49.42.
The TSX gold sector was down 4.3 per cent as the December gold contract in New York faded $13 to US$882. Goldcorp Inc. (TSX:G) declined $2.37 to $35.60 and Barrick Gold Corp. (TSX:ABX) fell $2.25 to $37.70.
Also, market heavyweight Potash Corp. (TSX:POT) gave back $4.66 to $163.33.
Elsewhere on the TSX, CryoCath Technologies Inc. (TSX:CYT) bumped up $4.06 or 91.44 per cent to $8.50 on news that Medtronic Inc. (NYSE:MDT) has agreed to pay $400 million to buy the Montreal developer of heart-surgery equipment.
MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) tumbled $4.43 or 16 per cent to $23 after warning of weaker third-quarter earnings due to the housing and lending woes of the United Kingdom.
On the TSX, declines beat advances 852 to 696 with 215 unchanged as 446.7 million shares traded worth $7.7 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
The Toronto stock market managed a slight gain Thursday as financial stocks improved on growing optimism a deal is close on a US$700-billion bailout of the U.S. financial industry and energy stocks benefited from a late-day jump in crude prices.
In Toronto the S&P/TSX composite index came back from a triple-digit slide to close up 33.15 points to 12,546.51, held back by falling gold and base metal stocks.
The TSX Venture Exchange slipped 9.96 points to 1,540.68 while the Canadian dollar was ahead 0.22 cent to 96.68 cents US.
Canada's top central banker waded into the debate Thursday and said the world's economies would be at serious risk without the bailout.
Bank of Canada governor Mark Carney said Thursday that other countries may need to follow the Americans' lead with similar government rescue packages to help out their domestic financial institutions. He also said Canada is in better shape than most to weather the storm, but will not be immune from the aftershocks.
The TSX energy sector was up 1.4 per cent as oil prices switched direction to move higher. The November crude contract on the New York Mercantile Exchange gained $2.29 to US$108.02. Suncor Inc. (TSX:SU) gained $1.30 to $48.83 and EnCana Corp. (TSX:ECA) moved ahead $1.82 to $74.62. Calgary-based Tanganyika Oil Co. (TSX:TYK) has struck a deal to be acquired by Sinopec International Petroleum Exploration and Production Corp. The Chinese oil major is offering $31.50 per share in cash, a total of $2 billion, for Tanganyika, which is active in Syria. Its shares jumped $3.15 or 12 per cent to $29.15.
The financial sector was up one per cent as TD Bank (TSX:TD) gained $1.60 to $64.50 and Scotiabank (TSX:BNS) advanced 57 cents to $49.42.
The TSX gold sector was down 4.3 per cent as the December gold contract in New York faded $13 to US$882. Goldcorp Inc. (TSX:G) declined $2.37 to $35.60 and Barrick Gold Corp. (TSX:ABX) fell $2.25 to $37.70.
Also, market heavyweight Potash Corp. (TSX:POT) gave back $4.66 to $163.33.
Elsewhere on the TSX, CryoCath Technologies Inc. (TSX:CYT) bumped up $4.06 or 91.44 per cent to $8.50 on news that Medtronic Inc. (NYSE:MDT) has agreed to pay $400 million to buy the Montreal developer of heart-surgery equipment.
MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) tumbled $4.43 or 16 per cent to $23 after warning of weaker third-quarter earnings due to the housing and lending woes of the United Kingdom.
On the TSX, declines beat advances 852 to 696 with 215 unchanged as 446.7 million shares traded worth $7.7 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Wednesday, September 24, 2008
Roger Biduk - Bay Street Lower on U.S. Rescue Plan
Roger Biduk writes:
Stock markets drifted to a weak close Wednesday with nervous investors finding little reason to buy amid roadblocks to the Bush administration's US$700-billion rescue of the financial industry and Warren Buffett's investment in Goldman Sachs Group Inc.
Toronto's S&P/TSX composite index was off 19.27 points to 12,513.36, while the Dow Jones industrial average shed 29 points to 10,825.17.
The TSX Venture Exchange was up 12.04 points to 1,550.64, while the Canadian dollar dipped 0.04 of a cent to 96.46 cents US.
The Toronto financial sector was flat. Scotiabank (TSX:BNS) declined 53 cents to $48.85, while Royal Bank (TSX:RY) was ahead 76 cents to $51.25. The Royal promoted Doug McGregor to chairman and co-CEO of RBC Capital Markets and Mark Standish to president and co-CEO of the division. They succeed Chuck Winograd, retiring at age 60 as chairman and CEO of the investment banking arm of Canada's largest bank.
AGF Management Ltd. (TSX:AGF.B) was down four cents to $19.96 after lower taxes helped boost summer-quarter profit by 4.3 per cent to $41.1 million, while stock market volatility hurt revenues.
The TSX energy sector was off 0.4 per cent as the November crude oil contract on the New York Mercantile Exchange fell 88 cents to US$105.73 a barrel after earlier rising on data that showed an increase in American crude inventories last week.
EnCana Corp. (TSX:ECA) and partner ConocoPhillips said they are starting construction on a US$3.6-billion expansion at the Wood River refinery in Roxana, Ill. EnCana shares were 56 cents lower to $72.80.
Shares in Nexen Inc. (TSX:NXY) added 19 cents to $26.69 after it said full-year production will be "slightly" below previous guidance because of hurricane damage in the Gulf of Mexico.
The TSX gold sector rose 1.14 per cent as the December bullion contract in New York closed up $3.80 to US$895 an ounce. Barrick Gold Corp. (TSX:ABX) ran ahead $1.15 to $39.95.
The consumer discretionary sector was also a drag with shares of auto parts giant Magna International Inc. (TSX:MG.A) down $2.39 to $59.25.
The industrials sector was down two per cent. Bombardier Inc. (TSX:BBD.B) shares were down 31 cents to $6.08 while shares of Canadian National Railways gave up $1.34 to $51.90.
On the TSX, declines beat advances 837 to 692 with 219 unchanged as 365.2 million shares traded worth $5.77 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Stock markets drifted to a weak close Wednesday with nervous investors finding little reason to buy amid roadblocks to the Bush administration's US$700-billion rescue of the financial industry and Warren Buffett's investment in Goldman Sachs Group Inc.
Toronto's S&P/TSX composite index was off 19.27 points to 12,513.36, while the Dow Jones industrial average shed 29 points to 10,825.17.
The TSX Venture Exchange was up 12.04 points to 1,550.64, while the Canadian dollar dipped 0.04 of a cent to 96.46 cents US.
The Toronto financial sector was flat. Scotiabank (TSX:BNS) declined 53 cents to $48.85, while Royal Bank (TSX:RY) was ahead 76 cents to $51.25. The Royal promoted Doug McGregor to chairman and co-CEO of RBC Capital Markets and Mark Standish to president and co-CEO of the division. They succeed Chuck Winograd, retiring at age 60 as chairman and CEO of the investment banking arm of Canada's largest bank.
AGF Management Ltd. (TSX:AGF.B) was down four cents to $19.96 after lower taxes helped boost summer-quarter profit by 4.3 per cent to $41.1 million, while stock market volatility hurt revenues.
The TSX energy sector was off 0.4 per cent as the November crude oil contract on the New York Mercantile Exchange fell 88 cents to US$105.73 a barrel after earlier rising on data that showed an increase in American crude inventories last week.
EnCana Corp. (TSX:ECA) and partner ConocoPhillips said they are starting construction on a US$3.6-billion expansion at the Wood River refinery in Roxana, Ill. EnCana shares were 56 cents lower to $72.80.
Shares in Nexen Inc. (TSX:NXY) added 19 cents to $26.69 after it said full-year production will be "slightly" below previous guidance because of hurricane damage in the Gulf of Mexico.
The TSX gold sector rose 1.14 per cent as the December bullion contract in New York closed up $3.80 to US$895 an ounce. Barrick Gold Corp. (TSX:ABX) ran ahead $1.15 to $39.95.
The consumer discretionary sector was also a drag with shares of auto parts giant Magna International Inc. (TSX:MG.A) down $2.39 to $59.25.
The industrials sector was down two per cent. Bombardier Inc. (TSX:BBD.B) shares were down 31 cents to $6.08 while shares of Canadian National Railways gave up $1.34 to $51.90.
On the TSX, declines beat advances 837 to 692 with 219 unchanged as 365.2 million shares traded worth $5.77 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk - Bay Street Lower on Commodities
Roger Biduk writes:
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Toronto's S&P/TSX composite index came closed down 105.44 points at 12,532.63, after commodity stocks deteriorated. The TSX Venture Exchange was down 37.39 points to 1,538.6.
The Canadian dollar was down 0.27 of a cent to 96.5 cents US as investors took in a higher than expected reading on inflation for August.
Statistics Canada said Tuesday the annual rate of inflation hit 3.5 per cent, primarily because of higher costs for gasoline and oil. Core inflation rose to 1.7 per cent in August, from 1.5 per cent in July.
However, the TSX financial sector were up two per cent with CIBC (TSX:CM) ahead $1.80 to $62.27 while Scotiabank (TSX:BNS) advanced $1.57 to $49.38.
Investors also closely watched oil prices after anxiety over the bailout and a short-covering rally powered crude to its biggest-ever one-day rise Monday.
The TSX energy sector was off two per cent as the November crude contract on the New York Mercantile Exchange receded $2.76 to US$106.61. Sector heavyweight EnCana (TSX:ECA) was down 84 cents to $73.36 while Suncor Energy Inc. (TSX:SWU) fell $1.35 to $48.05.
The TSX gold sector moved down 3.5 per cent as the December bullion contract in New York backed off $17.80 to US$891.20 an ounce. Goldcorp Inc. (TSX:G) gave back 78 cents to $37.11 while Barrick Gold Corp. (TSX:ABX) declined 81 cents to $38.80.
The base metals sector, which along with the energy sector has enjoyed some sharp recent gains on U.S. dollar weakness and a move into so-called hard assets, was also down 3.5 per cent with Teck Cominco Ltd. (TSX:TCK.B) losing $1.23 to $35.52 and HudBay Minerals (TSX:HBM) off 12 cents to $6.69.
Also dragging the TSX lower was Potash Corp. (TSX:POT), down $18.03 or 9.7 per cent to $167.80.
The Brookfield Residential Property Services division of Brookfield Asset Management Inc. (TSX:BAM.A) has agreed to buy GMAC Home Services, a U.S. provider of home financing, real estate brokerage and relocation services. The price was not disclosed and Brookfield Asset shares were off eight cents to $27.84.
On the TSX, declines beat advances 973 to 561 with 219 unchanged as 404.4 million shares traded worth $7.05 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Monday, September 22, 2008
Roger Biduk - Bay Street Lower on Financials
Roger Biduk writes:
A selloff in bank and insurance stocks helped push the Toronto stock market down sharply Monday while energy stocks failed to respond to a huge jump in crude prices.
The Toronto market was also buffeted by declines in industrial, tech and telecom stocks.
Toronto's S&P/TSX composite index fell 274.92 points to 12,638.07 keeping most of a 848-point surge on Friday. New York's Dow Jones industrial average lost 372.75 points to 11,015.69 after charging ahead 369 points Friday.
The energy sector lost 1.75 per cent even as the October crude contract on the New York Mercantile Exchange surged $16.37 to US$120.92 a barrel, after going as high as US$130 on its final day of trading. The November crude oil contract was up only $6.62to US$109.37.
The jump in oil came amid a weakening U.S. dollar as investors mulled over the final cost of the plan announced Friday by Treasury Secretary Henry Paulson to buy US$700 billion of toxic mortgage debt.
The TSX Venture Exchange moved up 26.77 points to 1,575.99 and the Canadian dollar was up 1.53 cent at 96.77 cents US as the American dollar moved lower against most major currencies amid worries about the inflationary impact of the financial-sector rescue.
In Toronto, the financial sector fell three per cent after big gains Friday. Royal Bank (TSX:RY) gave back $1.43 to $50 and Scotiabank (TSX:BNS) declined $2.19 to $47.81. Manulife Financial (TSX:MFC) moved down 87 cents to $36 following a report it is set to bid for parts of AIG. Fairfax Financial Holdings Ltd. (TSX:FFH) jumped $25 to $320 after it disclosed Monday that it has US$2.1 billion in realized and unrealized gains on credit default swaps.
The gold sector ran ahead 6.7 per cent as the December bullion contract in New York gained $44.30 to US$909 an ounce. Barrick Gold jumped $3.11 to $39.61 and Goldcorp Inc. (TSX:G) advanced $3.39 to $37.89.
Energy sector losers included Canadian Natural Resources (TSX:CNQ), down $2.84 to US$84.47 while EnCana Corp. (TSX:ECA) gave back $1.55 to $74.20. Tanganyika Oil (TSX:TYK) surged $6.30 or 36 per cent to $23.80 after it said it has entered into talks to sell the company.
Research In Motion Ltd. (TSX:RIM) was a drag on the TSX, losing $8.11 to $101.39.
The telecom sector was also down as Telus Corp. (TSX:T) shed $1.58 to $38.47.
The Toronto income trust sector closed lower, down 1.1 per cent, after the Liberals said they would roll back a looming tax on such trusts introduced by the Tories nearly two years ago.
Elsewhere, Angiotech Pharmaceuticals Inc. (TSX:ANP) shares were down 38 cents or 28per cent to 98 cents after it announced it is moving to cut costs and "further focus its business efforts," while disclosing that a previously announced capital injection of up to $300 million is in doubt.
On the TSX, declines beat advances 879 to 742 with 166 unchanged as 457 million shares traded worth $8.02 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
A selloff in bank and insurance stocks helped push the Toronto stock market down sharply Monday while energy stocks failed to respond to a huge jump in crude prices.
The Toronto market was also buffeted by declines in industrial, tech and telecom stocks.
Toronto's S&P/TSX composite index fell 274.92 points to 12,638.07 keeping most of a 848-point surge on Friday. New York's Dow Jones industrial average lost 372.75 points to 11,015.69 after charging ahead 369 points Friday.
The energy sector lost 1.75 per cent even as the October crude contract on the New York Mercantile Exchange surged $16.37 to US$120.92 a barrel, after going as high as US$130 on its final day of trading. The November crude oil contract was up only $6.62to US$109.37.
The jump in oil came amid a weakening U.S. dollar as investors mulled over the final cost of the plan announced Friday by Treasury Secretary Henry Paulson to buy US$700 billion of toxic mortgage debt.
The TSX Venture Exchange moved up 26.77 points to 1,575.99 and the Canadian dollar was up 1.53 cent at 96.77 cents US as the American dollar moved lower against most major currencies amid worries about the inflationary impact of the financial-sector rescue.
In Toronto, the financial sector fell three per cent after big gains Friday. Royal Bank (TSX:RY) gave back $1.43 to $50 and Scotiabank (TSX:BNS) declined $2.19 to $47.81. Manulife Financial (TSX:MFC) moved down 87 cents to $36 following a report it is set to bid for parts of AIG. Fairfax Financial Holdings Ltd. (TSX:FFH) jumped $25 to $320 after it disclosed Monday that it has US$2.1 billion in realized and unrealized gains on credit default swaps.
The gold sector ran ahead 6.7 per cent as the December bullion contract in New York gained $44.30 to US$909 an ounce. Barrick Gold jumped $3.11 to $39.61 and Goldcorp Inc. (TSX:G) advanced $3.39 to $37.89.
Energy sector losers included Canadian Natural Resources (TSX:CNQ), down $2.84 to US$84.47 while EnCana Corp. (TSX:ECA) gave back $1.55 to $74.20. Tanganyika Oil (TSX:TYK) surged $6.30 or 36 per cent to $23.80 after it said it has entered into talks to sell the company.
Research In Motion Ltd. (TSX:RIM) was a drag on the TSX, losing $8.11 to $101.39.
The telecom sector was also down as Telus Corp. (TSX:T) shed $1.58 to $38.47.
The Toronto income trust sector closed lower, down 1.1 per cent, after the Liberals said they would roll back a looming tax on such trusts introduced by the Tories nearly two years ago.
Elsewhere, Angiotech Pharmaceuticals Inc. (TSX:ANP) shares were down 38 cents or 28per cent to 98 cents after it announced it is moving to cut costs and "further focus its business efforts," while disclosing that a previously announced capital injection of up to $300 million is in doubt.
On the TSX, declines beat advances 879 to 742 with 166 unchanged as 457 million shares traded worth $8.02 billion.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Saturday, September 20, 2008
Roger Biduk writes:
Dramatic moves to rescue the U.S. financial sector sent the Toronto stock market soaring more than 800 points Friday in one of the biggest one-day advances in its history.
The S&P/TSX composite index charged ahead 848.42 points or seven per cent to 12,912.99, the largest one-day percentage gain since Oct. 21, 1987, when the markets gained nine per cent two days after an 11 per cent plunge.
The market was helped along by solid advances in bank and insurance stocks as investor confidence in the financial system returned following a plan to rescue U.S. financial companies from billions of dollars in bad debt.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
It was a huge turnaround from just two days ago when pessimism drove the TSX to its lowest level in two years, following the weekend bankruptcy of investment bank Lehman Brothers and the subsequent government rescue of insurance giant AIG.
The TSX actually ended the week with a gain of 142 points or one per cent from the close on Sept. 12 but the Toronto market is still down almost 15 per cent from its most recent high in mid-June.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
The TSX Venture Exchange improved by 71.34 points to 1,549.22 while the Canadian dollar was up 1.06 cents to 95.24 cents US.
In Toronto, the financial sector was up 5.14 per cent with TD Bank (TSX:TD) ahead $5.69 to $64.94 and Royal Bank(TSX:RY) jumping $3.44 to $51.43.
The TSX energy sector improved 8.14 per cent as the October crude contract on the New York Mercantile Exchange rose $6.67 to US$104.55 a barrel, after closing at barely US$91 on Tuesday,despite recent data showing demand for energy will likely remain weak as global economies slow down.
EnCana Corp. (TSX:ECA) gained $4.03 to $75.75 and Canadian Natural Resources advanced $9.31 to $87.31.
The base metals sector ran ahead 10.4 per cent with Teck Cominco Ltd. (TSX:TCK.B) gaining $2.62 to $38 and Inmet Mining Corp. (TSX:IMN) up $5.56 to $59.56.
Gold slumped Friday after big gains earlier in the week as investors sought a safe-haven from the turmoil on stock and bond markets. The near-month bullion contract was down $32.30 to US$864.70. But the TSX gold sector rose five per cent and Goldcorp Inc. (TSX:G) moved ahead $3.89 to $34.50.
Other big Toronto stocks contributing to the Friday rally included Research In Motion (TSX:RIM), ahead $13 or 13.47 per cent to $109.50, Bombardier Inc. (TSX:BBD.B) 52 cents to $6.62 and Potash Corp. (TSX:POT) up $15.98 or 9.5 per cent to $182.98.
On the TSX, advances beat declines 1,214 to 409 with 175 unchanged as 814.1 million shares traded worth $17.7 billion.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Dramatic moves to rescue the U.S. financial sector sent the Toronto stock market soaring more than 800 points Friday in one of the biggest one-day advances in its history.
The S&P/TSX composite index charged ahead 848.42 points or seven per cent to 12,912.99, the largest one-day percentage gain since Oct. 21, 1987, when the markets gained nine per cent two days after an 11 per cent plunge.
The market was helped along by solid advances in bank and insurance stocks as investor confidence in the financial system returned following a plan to rescue U.S. financial companies from billions of dollars in bad debt.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
It was a huge turnaround from just two days ago when pessimism drove the TSX to its lowest level in two years, following the weekend bankruptcy of investment bank Lehman Brothers and the subsequent government rescue of insurance giant AIG.
The TSX actually ended the week with a gain of 142 points or one per cent from the close on Sept. 12 but the Toronto market is still down almost 15 per cent from its most recent high in mid-June.
The TSX also benefited from advancing oil prices, which sent energy shares higher.
The TSX Venture Exchange improved by 71.34 points to 1,549.22 while the Canadian dollar was up 1.06 cents to 95.24 cents US.
In Toronto, the financial sector was up 5.14 per cent with TD Bank (TSX:TD) ahead $5.69 to $64.94 and Royal Bank(TSX:RY) jumping $3.44 to $51.43.
The TSX energy sector improved 8.14 per cent as the October crude contract on the New York Mercantile Exchange rose $6.67 to US$104.55 a barrel, after closing at barely US$91 on Tuesday,despite recent data showing demand for energy will likely remain weak as global economies slow down.
EnCana Corp. (TSX:ECA) gained $4.03 to $75.75 and Canadian Natural Resources advanced $9.31 to $87.31.
The base metals sector ran ahead 10.4 per cent with Teck Cominco Ltd. (TSX:TCK.B) gaining $2.62 to $38 and Inmet Mining Corp. (TSX:IMN) up $5.56 to $59.56.
Gold slumped Friday after big gains earlier in the week as investors sought a safe-haven from the turmoil on stock and bond markets. The near-month bullion contract was down $32.30 to US$864.70. But the TSX gold sector rose five per cent and Goldcorp Inc. (TSX:G) moved ahead $3.89 to $34.50.
Other big Toronto stocks contributing to the Friday rally included Research In Motion (TSX:RIM), ahead $13 or 13.47 per cent to $109.50, Bombardier Inc. (TSX:BBD.B) 52 cents to $6.62 and Potash Corp. (TSX:POT) up $15.98 or 9.5 per cent to $182.98.
On the TSX, advances beat declines 1,214 to 409 with 175 unchanged as 814.1 million shares traded worth $17.7 billion.
Roger Biduk's website
Roger Biduk's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Friday, September 19, 2008
Roger Biduk - Bay Street Soars Over 600 Points
Roger Biduk writes:
The Toronto Stock Exchange's main index was up more than 5 percent at midday Friday, as investors cheered a series of moves by central banks and governments to restore confidence in the global financial system.
The big bounce came on news the U.S. government was crafting a sweeping multibillion-dollar plan to rescue the country's battered financial sector and placing a temporary halt on short-selling.
By around noon, the S&P/TSX composite index was up 675.02 points, or 5.5 percent, at 12,739.59, with all of its 10 main groups higher.
The jump at the open - echoing surges on New York and other global markets -- also reflects the "great unwinding" in the United States, said Bill Harris, portfolio manager at Avenue Investment Management.
Prime Minister Stephen Harper said the Canadian government is not considering a bailout plan for the country's banks, which are in good shape despite the financial crisis in the United States.
Nor was there an announcement by Canadian regulators to curb short-selling. The practice of borrowing a stock on a bet that its price will fall, is seen as contributing to sharp declines in equity markets since the credit crunch began in the U.S. mortgage market last year.
The rise on Friday came after a 1.6 percent rally the previous session after the world's top central banks injected billions of dollars into the financial system to ease seized-up money markets.
The heavily weighted financial services sector rose 5.2 percent with Royal Bank of Canada up 4 percent to C$49.90, while Canadian Imperial Bank of Commerce climbed 4.7 percent to C$62.46.
The heavyweight energy sector jumped 5.9 percent as oil rose to around $100 a barrel on expectations the U.S. government rescue plan would help shore up confidence in battered financial markets.
In the oil patch, Canadian Natural Resources soared 8.9 percent to C$84.84.
The materials group added 7.7 percent. Among the gainers in the sector, First Quantum Mineral surged 13.9 percent percent to C$49.87 and Potash Corp of Saskatchewan Inc climbed 11.4 percent to C$186.03.
Roger’s website
Roger’s Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
The Toronto Stock Exchange's main index was up more than 5 percent at midday Friday, as investors cheered a series of moves by central banks and governments to restore confidence in the global financial system.
The big bounce came on news the U.S. government was crafting a sweeping multibillion-dollar plan to rescue the country's battered financial sector and placing a temporary halt on short-selling.
By around noon, the S&P/TSX composite index was up 675.02 points, or 5.5 percent, at 12,739.59, with all of its 10 main groups higher.
The jump at the open - echoing surges on New York and other global markets -- also reflects the "great unwinding" in the United States, said Bill Harris, portfolio manager at Avenue Investment Management.
Prime Minister Stephen Harper said the Canadian government is not considering a bailout plan for the country's banks, which are in good shape despite the financial crisis in the United States.
Nor was there an announcement by Canadian regulators to curb short-selling. The practice of borrowing a stock on a bet that its price will fall, is seen as contributing to sharp declines in equity markets since the credit crunch began in the U.S. mortgage market last year.
The rise on Friday came after a 1.6 percent rally the previous session after the world's top central banks injected billions of dollars into the financial system to ease seized-up money markets.
The heavily weighted financial services sector rose 5.2 percent with Royal Bank of Canada up 4 percent to C$49.90, while Canadian Imperial Bank of Commerce climbed 4.7 percent to C$62.46.
The heavyweight energy sector jumped 5.9 percent as oil rose to around $100 a barrel on expectations the U.S. government rescue plan would help shore up confidence in battered financial markets.
In the oil patch, Canadian Natural Resources soared 8.9 percent to C$84.84.
The materials group added 7.7 percent. Among the gainers in the sector, First Quantum Mineral surged 13.9 percent percent to C$49.87 and Potash Corp of Saskatchewan Inc climbed 11.4 percent to C$186.03.
Roger’s website
Roger’s Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Roger Biduk - Bay Street higher on Financials & Metals
Roger Biduk writes:
North American stock markets chalked up solid advances Thursday as investors reacted enthusiastically to moves by regulators in the United States and Britain to shore up the crisis ridden financial system.
Toronto's S&P/TSX composite index closed up 186.88 points to 12,064.57 at the end of a volatile session that saw the key index soar by as much as 503 points.
The move Thursday followed a 349-point tumble on Wednesday that took the main Canadian index to its lowest level in two years.
The TSX Venture Exchange moved 8.29 points higher to 1,477.88 while the Canadian dollar was up 0.62 cent to 94.18 cents US.
On the TSX, the financial sector rose 5.7 per cent and winners included Scotiabank (TSX:BNS), up $3.59 to $47.37, and Royal Bank (TSX:RY), ahead $3.24 to $47.99.
Great-West Lifeco Inc. (TSX:GWO) was up $1.58 to $32.02 after it said it holds C$448 million in investments related to Lehman Brothers and AIG.
The Toronto energy sector gained 1.2 per cent as the October crude contract on the New York Mercantile Exchange added 72 cents to US$97.88 a barrel, after going as high as US$102.24 earlier in the session.
EnCana Corp. (TSX:ECA) advanced $2.82 to $71.72 but Petro-Canada (TSX:PCA) fell $1.21 to $35.78.
The base metals sector advanced 3.6 per cent with Teck Cominco Ltd. (TSX:TCK.B) ahead $1.37 to $35.38.
Cameco Corp. (TSX:CCO) slipped $1.03 to $23.04 after it disclosed that its share of this year's uranium output from the McArthur River mine and Key Lake mill will be about six per cent lower than the previously expected 13.1 million pounds. Next year's production outlook is unchanged.
Gold continued a safe-haven surge which took bullion up by $70 an ounce Wednesday in its biggest-ever one-day gain in dollar terms. The near-month contract was up another $46.50 at US$897 an ounce on the New York Mercantile Exchange.
But the gold sector on the Toronto market lost four per cent. Shares in Goldcorp (TSX:G) fell $2.19 to $30.61.
On the TSX, declines beat advances 829 to 765 with 230 unchanged as 782 million shares traded worth $16.5 billion.
Roger's website
Roger's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
North American stock markets chalked up solid advances Thursday as investors reacted enthusiastically to moves by regulators in the United States and Britain to shore up the crisis ridden financial system.
Toronto's S&P/TSX composite index closed up 186.88 points to 12,064.57 at the end of a volatile session that saw the key index soar by as much as 503 points.
The move Thursday followed a 349-point tumble on Wednesday that took the main Canadian index to its lowest level in two years.
The TSX Venture Exchange moved 8.29 points higher to 1,477.88 while the Canadian dollar was up 0.62 cent to 94.18 cents US.
On the TSX, the financial sector rose 5.7 per cent and winners included Scotiabank (TSX:BNS), up $3.59 to $47.37, and Royal Bank (TSX:RY), ahead $3.24 to $47.99.
Great-West Lifeco Inc. (TSX:GWO) was up $1.58 to $32.02 after it said it holds C$448 million in investments related to Lehman Brothers and AIG.
The Toronto energy sector gained 1.2 per cent as the October crude contract on the New York Mercantile Exchange added 72 cents to US$97.88 a barrel, after going as high as US$102.24 earlier in the session.
EnCana Corp. (TSX:ECA) advanced $2.82 to $71.72 but Petro-Canada (TSX:PCA) fell $1.21 to $35.78.
The base metals sector advanced 3.6 per cent with Teck Cominco Ltd. (TSX:TCK.B) ahead $1.37 to $35.38.
Cameco Corp. (TSX:CCO) slipped $1.03 to $23.04 after it disclosed that its share of this year's uranium output from the McArthur River mine and Key Lake mill will be about six per cent lower than the previously expected 13.1 million pounds. Next year's production outlook is unchanged.
Gold continued a safe-haven surge which took bullion up by $70 an ounce Wednesday in its biggest-ever one-day gain in dollar terms. The near-month contract was up another $46.50 at US$897 an ounce on the New York Mercantile Exchange.
But the gold sector on the Toronto market lost four per cent. Shares in Goldcorp (TSX:G) fell $2.19 to $30.61.
On the TSX, declines beat advances 829 to 765 with 230 unchanged as 782 million shares traded worth $16.5 billion.
Roger's website
Roger's Investment Blog on the U.S. Market
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
Sunday, September 14, 2008
Roger Biduk - Gold Stocks Mentioned in Thursday's Blog Soaring
Roger Biduk writes:
As I wrote in Thursday's blog (see below), gold stocks were due for a rally as the price of gold had a huge drop after nine days in a row of declines.
Well, the gold stocks I mentioned had huge one-day gains on Friday: G +14.49%, YRI + 10.97%, K +10.88%, ABX +9.73%, ELD +6.31%, HBU +6.06% and HMB +3.75.
You'll get this type of action (especially in the commodity markets) after there's been huge losses or gains over a sustained period of time.
The risk reward on the trades above were definitely favorable, even though there are people out there talking about $500 gold coming up.
Only several months ago, I heard $2000 being thrown about....where are these people now?
Roger's Website
Roger's Investing Blog on the American Markets
As I wrote in Thursday's blog (see below), gold stocks were due for a rally as the price of gold had a huge drop after nine days in a row of declines.
Well, the gold stocks I mentioned had huge one-day gains on Friday: G +14.49%, YRI + 10.97%, K +10.88%, ABX +9.73%, ELD +6.31%, HBU +6.06% and HMB +3.75.
You'll get this type of action (especially in the commodity markets) after there's been huge losses or gains over a sustained period of time.
The risk reward on the trades above were definitely favorable, even though there are people out there talking about $500 gold coming up.
Only several months ago, I heard $2000 being thrown about....where are these people now?
Roger's Website
Roger's Investing Blog on the American Markets
Subscribe to:
Posts (Atom)
