Roger Biduk writes:
The Toronto stock market closed lower Tuesday as rising energy and gold stocks failed to compensate for a slide in bank stocks a day after one of the worst declines on record.
The S&P/TSX composite index closed down 78.4 points to 8,327.81 - after plunging 9.3 per cent Monday.
The TSX Venture Exchange headed down 8.02 points to 731.1.
The Canadian dollar was off 0.37 cent to 79.84 cents U.S., as the Liberals and NDP say they're ready to govern in a coalition with Bloc Quebecois support and the minority Conservatives look for a way to retain power.
However, analysts note that the political uncertainty is likely not to blame for the weak performance on the TSX.
TSX financials fell four per cent with Bank of Nova Scotia (TSX:BNS) down $2.47 or seven per cent to $32.38 after the bank said its fourth-quarter profits fell 67 per cent to $315 million.
Manulife Financial Corp. (TSX:MFC) also announced it is issuing $2.125 billion in new common shares, and expects to report a $1.5-billion fourth-quarter loss because of annuity provisions. Its shares traded down 57 cents to $19.89
The TSX energy sector, pounded by a 13 per cent slide Monday, was 1.65 per cent higher. The January crude contract moved $2.32 lower to US$46.96, added to a slide of over US$5 Monday after OPEC failed to agree on a production cut last weekend.
EnCana Corp. (TSX:ECA) rose $1.62 to $53.94 while Suncor Energy Corp. (TSX:SU) was down 77 cents to $23.13 on the TSX.
However, Nexen Inc. (TSX:NXY) soared $2.03 or 9.3 per cent to $23.88 after going as high as $29.10 - its biggest one day jump in 21 years - after The Financial Times Alphaville website, citing unnamed sources, said French energy major Total SA is poised to make a bid for the Calgary-based international oil and gas firm. The report, largely paralleling previous speculation, said Total's board is meeting to discuss an offer worth up to $19.7 billion, or $38 per share.
Shares in Opti Canada (TSX:OPC), Nexen's partner in the Long Lake steam-assisted gravity drainage project in the Athabasca oilsands, were up 54 cents or 27 per cent at $2.54.
The gold sector was the biggest percentage advancer, up 7.4 per cent as bullion in New York gained $6.50 to US$788.30 an ounce. Barrick Gold Corp. (TSX:ABX) moved ahead $1.99 to $34.64.
Shares of BlackBerry maker Research In Motion (TSX:RIM) slid below their lowest level in more than a year on Tuesday, down $3.75 to $46.46, going as low as $44.60 - after J.P. Morgan analyst Paul Coster warned that sales of the smartphone with businesses and consumers will be slower due to the economic downturn.
Sierra Wireless Inc. (TSX:SW) is bidding 218 million euros - C$345 million - for Wavecom S.A., a French provider of machine-to-machine wireless technology. Sierra shares fell $2.64 or 27.27 per cent to $7.04.
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Tuesday, December 2, 2008
Roger Biduk - Bay Street flat at Midday
Roger Biduk writes:
The Toronto stock market struggled to find traction a day after one of its worst declines on record.
Toronto's S&P/TSX composite index lost tentative early gains and was down 11 points to 8,395.2 - after plunging 864 points or 9.3 per cent Monday. That was the Toronto market's worst one-day drop since the October 1987 crash, erasing more than half of last week's 14 per cent gain.
The Canadian dollar was ahead 0.04 cent to 80.35 cents US, against a background of political tumult in Ottawa, where the Liberals and NDP say they're ready to govern in a coalition with Bloc Quebecois support, while the minority Conservatives look for a way to retain power.
The TSX Venture Exchange headed up 1.59 points to 740.71.
Canadian investors are marking the passing of Ted Rogers, creator of the country's largest cable-TV and cellphone operator with other interests ranging from Citytv to Maclean's magazine to the Toronto Blue Jays. The founder of Rogers Communications Inc. (TSX: RCI-B.TO) died at home at age 75, leaving open the question of succession, though his family controls the company through multiple-voting shares. Rogers shares were off 31 cents to $34.21.
Investors are looking to Washington where top executives of the Detroit Three automakers are set to submit to Congress their plans for revving the companies up with government money. General Motors, Ford and are hoping for a US$25-billion taxpayer top-up, while they report November sales figures that are expected to be grim.
GM shares rose 33 cents to US$4.92 while Ford added 30 cents to US$2.85.
The TSX energy sector, pounded by a 13 per cent slide Monday as crude oil tumbled US$5.15 a barrel, was up 1.6 per cent Tuesday morning. The January crude contract edged up 30 cents to US$49.58 a barrel after going as low as $47.36 overnight. EnCana Corp. (TSX: ECA.TO) was up $1.76 to C$54.08 on the TSX.
The gold sector was up by more than five per cent as bullion in New York gained $5.06to US$781.86 an ounce. Barrick Gold Corp. (TSX: ABX.TO) moved ahead $1.47 to $34.12.
Financials were down 1.8 per cent as Manulife Financial Corp. (TSX: MFC.TO) announced it is issuing $2.125 billion in new common shares, and expects to report a $1.5-billion fourth-quarter loss because of annuity provisions. The new stock is priced at $19.40 per share, and Manulife traded down $1.05 to $19.41with a 52-week range between $42.14 and $16.28.
Bank of Nova Scotia (TSX: BNS.TO) was down 58 cents to $34.27 ahead of its quarterly earnings report later in the session.
Techs were also a major drag with Research In Motion Ltd. (TSX: RIM.TO) down $4.14 to $46.07.
Sierra Wireless Inc. (TSX: SW.TO) is bidding 218 million euros - C$345 million - for Wavecom S.A., a French provider of machine-to-machine wireless technology. Sierra shares fell 87 cents to $8.81.
Asian markets carried through on Wall Street's slide, with Tokyo's Nikkei index closing down 6.4 per cent and the Hong Kong Hang Seng losing five per cent.
London's FTSE 100 index inched 0.36 per cent lower, while the German DAX is up 0.8 per cent and the French CAC-40 advanced 1.3 per cent.
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The Toronto stock market struggled to find traction a day after one of its worst declines on record.
Toronto's S&P/TSX composite index lost tentative early gains and was down 11 points to 8,395.2 - after plunging 864 points or 9.3 per cent Monday. That was the Toronto market's worst one-day drop since the October 1987 crash, erasing more than half of last week's 14 per cent gain.
The Canadian dollar was ahead 0.04 cent to 80.35 cents US, against a background of political tumult in Ottawa, where the Liberals and NDP say they're ready to govern in a coalition with Bloc Quebecois support, while the minority Conservatives look for a way to retain power.
The TSX Venture Exchange headed up 1.59 points to 740.71.
Canadian investors are marking the passing of Ted Rogers, creator of the country's largest cable-TV and cellphone operator with other interests ranging from Citytv to Maclean's magazine to the Toronto Blue Jays. The founder of Rogers Communications Inc. (TSX: RCI-B.TO) died at home at age 75, leaving open the question of succession, though his family controls the company through multiple-voting shares. Rogers shares were off 31 cents to $34.21.
Investors are looking to Washington where top executives of the Detroit Three automakers are set to submit to Congress their plans for revving the companies up with government money. General Motors, Ford and are hoping for a US$25-billion taxpayer top-up, while they report November sales figures that are expected to be grim.
GM shares rose 33 cents to US$4.92 while Ford added 30 cents to US$2.85.
The TSX energy sector, pounded by a 13 per cent slide Monday as crude oil tumbled US$5.15 a barrel, was up 1.6 per cent Tuesday morning. The January crude contract edged up 30 cents to US$49.58 a barrel after going as low as $47.36 overnight. EnCana Corp. (TSX: ECA.TO) was up $1.76 to C$54.08 on the TSX.
The gold sector was up by more than five per cent as bullion in New York gained $5.06to US$781.86 an ounce. Barrick Gold Corp. (TSX: ABX.TO) moved ahead $1.47 to $34.12.
Financials were down 1.8 per cent as Manulife Financial Corp. (TSX: MFC.TO) announced it is issuing $2.125 billion in new common shares, and expects to report a $1.5-billion fourth-quarter loss because of annuity provisions. The new stock is priced at $19.40 per share, and Manulife traded down $1.05 to $19.41with a 52-week range between $42.14 and $16.28.
Bank of Nova Scotia (TSX: BNS.TO) was down 58 cents to $34.27 ahead of its quarterly earnings report later in the session.
Techs were also a major drag with Research In Motion Ltd. (TSX: RIM.TO) down $4.14 to $46.07.
Sierra Wireless Inc. (TSX: SW.TO) is bidding 218 million euros - C$345 million - for Wavecom S.A., a French provider of machine-to-machine wireless technology. Sierra shares fell 87 cents to $8.81.
Asian markets carried through on Wall Street's slide, with Tokyo's Nikkei index closing down 6.4 per cent and the Hong Kong Hang Seng losing five per cent.
London's FTSE 100 index inched 0.36 per cent lower, while the German DAX is up 0.8 per cent and the French CAC-40 advanced 1.3 per cent.
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Roger Biduk - Energy & Financials Sink Bay Street
Roger Biduk writes:
A broad selloff on the Toronto stock market led by the energy and financial sectors on Monday sent the index to its worst one-day percentage loss since the crash of October 1987.
The S&P/TSX composite index plunged 864.41 points or 9.3 per cent to 8,406.21 after gaining just over 1,100 points last week. The 1987 fall erased 11.3 per cent from the Toronto market.
The TSX Venture Exchange declined 27.23 points to 739.12.
The prospect that the Conservative minority government could be ousted likely had some impact on the selloff.
But analysts noted investors have plenty of other worries, including definitive word the U.S. economy is contracting and a shaky start to the holiday shopping season.
The CDN$ closed down 0.53 cent to 80.31 cents U.S. as oil prices also retreated.
Statistics Canada, meanwhile, said the Canadian economy expanded 0.1 per cent in September, which most economists believe was Canada's last month of growth before what could be a prolonged decline. The third quarter of the year showed 0.3 per cent growth in gross domestic product.
The energy sector was a major TSX loser, down 13 per cent as the January crude oil contract fell $5.15 to US$49.28 a barrel on the New York Mercantile Exchange after OPEC did not cut production at a weekend meeting in Cairo. OPEC meets again Dec. 17.
EnCana Corp. (TSX:ECA) fell $7.68 or 12.8 per cent to $52.32 while Petro-Canada (TSX:PCA) surrendered $5.58 or 16.5 per cent to $28.15.
Financial stocks were down 8.75 per cent ahead of earnings reports from four of the six big banks later this week. Royal Bank fell $3.74 to $39.44 while TD lost $3.75 to $42.25.
The gold index pulled back 13.9 per cent as bullion fell $42.20 to US$776.80 an ounce on the Nymex. Barrick Gold Corp. (TSX:ABX) was down $5.07 to $32.65 while Goldcorp (TSX:G) faded $5.85 to $29.15.
Base metals sagged 12 per cent with Teck Cominco (TSX:TCK.B) off $1.04 to $4.96 while HudBay Minerals (TSX:HBM) declined 51 cents to $3.42.
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A broad selloff on the Toronto stock market led by the energy and financial sectors on Monday sent the index to its worst one-day percentage loss since the crash of October 1987.
The S&P/TSX composite index plunged 864.41 points or 9.3 per cent to 8,406.21 after gaining just over 1,100 points last week. The 1987 fall erased 11.3 per cent from the Toronto market.
The TSX Venture Exchange declined 27.23 points to 739.12.
The prospect that the Conservative minority government could be ousted likely had some impact on the selloff.
But analysts noted investors have plenty of other worries, including definitive word the U.S. economy is contracting and a shaky start to the holiday shopping season.
The CDN$ closed down 0.53 cent to 80.31 cents U.S. as oil prices also retreated.
Statistics Canada, meanwhile, said the Canadian economy expanded 0.1 per cent in September, which most economists believe was Canada's last month of growth before what could be a prolonged decline. The third quarter of the year showed 0.3 per cent growth in gross domestic product.
The energy sector was a major TSX loser, down 13 per cent as the January crude oil contract fell $5.15 to US$49.28 a barrel on the New York Mercantile Exchange after OPEC did not cut production at a weekend meeting in Cairo. OPEC meets again Dec. 17.
EnCana Corp. (TSX:ECA) fell $7.68 or 12.8 per cent to $52.32 while Petro-Canada (TSX:PCA) surrendered $5.58 or 16.5 per cent to $28.15.
Financial stocks were down 8.75 per cent ahead of earnings reports from four of the six big banks later this week. Royal Bank fell $3.74 to $39.44 while TD lost $3.75 to $42.25.
The gold index pulled back 13.9 per cent as bullion fell $42.20 to US$776.80 an ounce on the Nymex. Barrick Gold Corp. (TSX:ABX) was down $5.07 to $32.65 while Goldcorp (TSX:G) faded $5.85 to $29.15.
Base metals sagged 12 per cent with Teck Cominco (TSX:TCK.B) off $1.04 to $4.96 while HudBay Minerals (TSX:HBM) declined 51 cents to $3.42.
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Monday, December 1, 2008
Roger Biduk - Bay Street Lower at Midday
The Toronto stock market was down more than 600 points late in the morning, its slide led by big losses in energy and financial stocks - the two most powerful sectors - erasing almost half of its 14 per cent gain last week.
The S&P/TSX composite index fell 640.7 points to 8,629.9.
The TSX Venture Exchange declined 19.46 points to 746.89.
Political turmoil in Ottawa and the prospects that the federal Conservative minority government could be ousted likely had some impact on the selloff, but analysts noted investors have plenty of other worries right now - including a disappointing start to the U.S. holiday season that has deepened worries about the American economy.
In Ottawa, sources said the Liberals and NDP have drafted a plan for Canada's first coalition federal government since the First World War, aiming to govern jointly until the middle of 2011. But they would need support from the Bloc Quebecois. Meanwhile, the Conservative minority government on Sunday moved the budget date ahead to Jan. 27.
The political uncertainty and another tumble in oil prices sent the Canadian dollar down 0.12 cent to 80.72 cents US.
Canadian economic data painted a bright picture of stronger economic growth.
Statistics Canada said the economy expanded 0.1 per cent in September, which most economists believe was the last month of growth before what could be a prolonged decline. The third quarter of the year showed 0.3 per cent growth in gross domestic product.
The energy sector was a major loser in early TSX action, down more than 10 per cent as the January crude oil contract fell $3.87 to US$50.56 a barrel on the New York Mercantile Exchange after OPEC did not cut production at a weekend meeting in Cairo. OPEC meets again Dec. 17.
EnCana Corp. (TSX: ECA.TO) fell $6.37 to $53.63 while Petro-Canada (TSX: PCA.TO) surrendered $4.42 to $29.32.
Roger Biduk writes;
Financial stocks were down seven per cent ahead of earnings reports from four of the six big banks later this week. Royal Bank fell $3.30 to $39.91 while TD lost $2.71 to $43.29
The gold index pulled back 10 per cent as bullion fell $44.20 to US$772 an ounce on the Nymex. Barrick Gold Corp. (TSX: ABX.TO) was down $3.55 to $34.17.
Base metals gave back almost 11 per cent with Teck Cominco Corp. (TSX: TCK-B.TO) off 78 cents to $5.22.
Overseas markets were also down sharply on deepening worries about economic conditions.
London's FTSE 100 index fell five per cent, while Frankfurt's DAX retreated 6.1 per cent and the Paris CAC 40 slid 5.1 per cent as specialist financial services company London Scottish Bank announced that it has gone into administration.
Asian markets closed lower with the Nikkei 225 stock average in Tokyo down 115.05 points, or 1.4 per cent, at 8,397.22 after advancing 7.6 per cent last week.
Markets in South Korea, Australia and Singapore also fell, while India's benchmark Sensex index reversed early gains and closed with a loss of 2.8 per cent at 8,839.87 in the wake of the Mumbai terrorist attacks.
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The S&P/TSX composite index fell 640.7 points to 8,629.9.
The TSX Venture Exchange declined 19.46 points to 746.89.
Political turmoil in Ottawa and the prospects that the federal Conservative minority government could be ousted likely had some impact on the selloff, but analysts noted investors have plenty of other worries right now - including a disappointing start to the U.S. holiday season that has deepened worries about the American economy.
In Ottawa, sources said the Liberals and NDP have drafted a plan for Canada's first coalition federal government since the First World War, aiming to govern jointly until the middle of 2011. But they would need support from the Bloc Quebecois. Meanwhile, the Conservative minority government on Sunday moved the budget date ahead to Jan. 27.
The political uncertainty and another tumble in oil prices sent the Canadian dollar down 0.12 cent to 80.72 cents US.
Canadian economic data painted a bright picture of stronger economic growth.
Statistics Canada said the economy expanded 0.1 per cent in September, which most economists believe was the last month of growth before what could be a prolonged decline. The third quarter of the year showed 0.3 per cent growth in gross domestic product.
The energy sector was a major loser in early TSX action, down more than 10 per cent as the January crude oil contract fell $3.87 to US$50.56 a barrel on the New York Mercantile Exchange after OPEC did not cut production at a weekend meeting in Cairo. OPEC meets again Dec. 17.
EnCana Corp. (TSX: ECA.TO) fell $6.37 to $53.63 while Petro-Canada (TSX: PCA.TO) surrendered $4.42 to $29.32.
Roger Biduk writes;
Financial stocks were down seven per cent ahead of earnings reports from four of the six big banks later this week. Royal Bank fell $3.30 to $39.91 while TD lost $2.71 to $43.29
The gold index pulled back 10 per cent as bullion fell $44.20 to US$772 an ounce on the Nymex. Barrick Gold Corp. (TSX: ABX.TO) was down $3.55 to $34.17.
Base metals gave back almost 11 per cent with Teck Cominco Corp. (TSX: TCK-B.TO) off 78 cents to $5.22.
Overseas markets were also down sharply on deepening worries about economic conditions.
London's FTSE 100 index fell five per cent, while Frankfurt's DAX retreated 6.1 per cent and the Paris CAC 40 slid 5.1 per cent as specialist financial services company London Scottish Bank announced that it has gone into administration.
Asian markets closed lower with the Nikkei 225 stock average in Tokyo down 115.05 points, or 1.4 per cent, at 8,397.22 after advancing 7.6 per cent last week.
Markets in South Korea, Australia and Singapore also fell, while India's benchmark Sensex index reversed early gains and closed with a loss of 2.8 per cent at 8,839.87 in the wake of the Mumbai terrorist attacks.
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Saturday, November 29, 2008
Six in a Row for Bay Street led by Financials
Roger Biduk writes:
The Toronto stock market soared more than 500 points Friday, led by a big jump in bank stocks ahead of a wave of earnings reports next week.
The S&P/TSX composite index ran ahead for a sixth straight session, up 516.85 points or 5.9 per cent to 9,270.62.
The main index rose 1,116 points or almost 14 per cent this week as investors also snapped up beaten-down commodity stocks.
The TSX Venture Exchange rose 18.39 points to 766.62.
The CDN$ was down 0.39 cent to 80.84 cents U.S. as Prime Minister Stephen Harper has guaranteed the survival of his minority Conservative government for at least another week by pushing back a confidence vote.
Opposition leaders were expected to spend the weekend negotiating the details of a parallel government that could wrest power from the Tories less than two months after the Oct. 14 general election.
The TSX financial sector rose 12 per cent as investors feel better about earnings coming out next week from most of the big banks. Four of the big six prepared investors with pre-earnings writedown warnings.
Royal Bank (TSX:RY), which reports Thursday, gained $4.30 or 11 per cent to $43.18 while Scotiabank (TSX:BNS), releasing results Tuesday, advanced $4.25 or 13 per cent to $37.
Roger Biduk writes:
The TSX energy sector was up 2.55 per cent as the front-month crude oil price slipped a penny to US$54.43 on the New York Mercantile Exchange with OPEC officials sending mixed messages about a production cut before a regularly scheduled meeting in December.
Investors will be watching whether the Organization of Petroleum Exporting Countries reduces output quotas at an informal meeting Saturday in Cairo, Egypt.
EnCana Corp. (TSX:ECA) improved $3.50 to $60 while Petro-Canada (TSX:PCA) ran ahead $3.73 or 12.4 per cent to $33.73.
The telecom sector was up 4.35 per cent after two days of declines in the wake of the announcement by BCE Inc. that the takeover of the telecom giant by a group led by the Ontario Teachers' Pension Plan is in serious jeopardy. BCE declined 28 cents to $24.95 - down sharply from Tuesday's close of $38.35 - while Telus Corp. (TSX:T) gained $2.53 to $39.22.
The base metals sector rose 0.8 per cent, capping a week of strong gains. Sherritt International bounded 57 cents or 20 per cent to $3.44.
Cameco Corp. (TSX:CCO) gained 50 cents to $22.15 after it said it is suspending production of uranium hexafluoride at its complex in Port Hope, Ont., as a result of "unreliable and expensive" deliveries of hydrofluoric acid.
On the TSX, advances beat declines 857 to 417 with 181 unchanged.
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The Toronto stock market soared more than 500 points Friday, led by a big jump in bank stocks ahead of a wave of earnings reports next week.
The S&P/TSX composite index ran ahead for a sixth straight session, up 516.85 points or 5.9 per cent to 9,270.62.
The main index rose 1,116 points or almost 14 per cent this week as investors also snapped up beaten-down commodity stocks.
The TSX Venture Exchange rose 18.39 points to 766.62.
The CDN$ was down 0.39 cent to 80.84 cents U.S. as Prime Minister Stephen Harper has guaranteed the survival of his minority Conservative government for at least another week by pushing back a confidence vote.
Opposition leaders were expected to spend the weekend negotiating the details of a parallel government that could wrest power from the Tories less than two months after the Oct. 14 general election.
The TSX financial sector rose 12 per cent as investors feel better about earnings coming out next week from most of the big banks. Four of the big six prepared investors with pre-earnings writedown warnings.
Royal Bank (TSX:RY), which reports Thursday, gained $4.30 or 11 per cent to $43.18 while Scotiabank (TSX:BNS), releasing results Tuesday, advanced $4.25 or 13 per cent to $37.
Roger Biduk writes:
The TSX energy sector was up 2.55 per cent as the front-month crude oil price slipped a penny to US$54.43 on the New York Mercantile Exchange with OPEC officials sending mixed messages about a production cut before a regularly scheduled meeting in December.
Investors will be watching whether the Organization of Petroleum Exporting Countries reduces output quotas at an informal meeting Saturday in Cairo, Egypt.
EnCana Corp. (TSX:ECA) improved $3.50 to $60 while Petro-Canada (TSX:PCA) ran ahead $3.73 or 12.4 per cent to $33.73.
The telecom sector was up 4.35 per cent after two days of declines in the wake of the announcement by BCE Inc. that the takeover of the telecom giant by a group led by the Ontario Teachers' Pension Plan is in serious jeopardy. BCE declined 28 cents to $24.95 - down sharply from Tuesday's close of $38.35 - while Telus Corp. (TSX:T) gained $2.53 to $39.22.
The base metals sector rose 0.8 per cent, capping a week of strong gains. Sherritt International bounded 57 cents or 20 per cent to $3.44.
Cameco Corp. (TSX:CCO) gained 50 cents to $22.15 after it said it is suspending production of uranium hexafluoride at its complex in Port Hope, Ont., as a result of "unreliable and expensive" deliveries of hydrofluoric acid.
On the TSX, advances beat declines 857 to 417 with 181 unchanged.
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Wednesday, November 26, 2008
Roger Biduk - Metals & Energy Bolster Bay Street
Roger Biduk writes:
The Toronto stock market surged 200 points Wednesday thanks to substantial runups in energy and base metals stocks, but gains would have been much higher if not for a big drop in BCE Inc. (TSX:BCE) shares on word its buyout is in serious trouble.
Toronto's S&P/TSX composite index gained 200.66 points to 8,643.52.
The TSX Venture Exchange moved up 11.43 points to 731.39. The Canadian dollar declined 0.34 cent at 81.29 cents US.
BCE shares plunged $13.10 or 34 per cent to $25.25 on news that the Montreal-based company couldn't meet certain solvency tests in its agreement to be bought by an investor group led by the Ontario Teachers' Pension Plan.
The telecom sector gave back more than 10 per cent with Telus Corp. (TSX:T) down 76 cents to $38.09 and Rogers Communications (TSX:RCI.B) fell 86 cents to $34.34.
On the TSX, the energy sector was ahead 7.66 per cent as the January crude oil contract gained $3.67 to US$54.44 per barrel on the New York Mercantile Exchange. A large interest rate cut in China and news of a possible Russian output cut countered a new government inventory report showing far more crude and gasoline in storage in the U.S. than was expected.
EnCana Corp. (TSX:ECA) improved $4.35 to $56.33 while Canadian Natural Resources (TSX:CNQ) ran ahead $5.25 to $49.
The base metals sector surged 16 per cent as Teck Cominco (TSX:TCK.B) advanced $1.08 or 25.7 per cent to $5.27 and HudBay Minerals (TSX:HBM) ran ahead 45 cents or 13.8 per cent to $3.70.
Strong gains in the tech sector also boosted the TSX as Research In Motion Ltd. (TSX:RIM) moved up $4.23 to $55.
Financials gained one per cent after National Bank of Canada (TSX:NA) said it expects to take fourth-quarter charges of $237 million. Shares in the country's sixth-largest bank declined $1.40 to $39.04
Bank of Montreal (TSX:BMO) deteriorated 66 cents to $34.29, giving up most of Tuesday's modest rise in the wake of fourth-quarter results showing net income up 24 per cent from a year ago but TD Bank (TSX:TD) rose 84 cents to $41.73.
Manulife Financial Corp. (TSX:MFC) shares gained $1.18 to $20.84 after it announced it has settled a lawsuit against French bank Societe Generale over losses from Portus Alternative Asset Management Inc., a failed Canadian hedge fund company.
Garda World Security Corp. (TSX:GW) gained 50 cents or 66.67 per cent to $1.25 on the TSX - down from $19 last spring - after it said its armoured-car and security-guard services are "experiencing sustained performance despite the economic slowdown."
On the TSX, advances led declines 712 to 544 with 208 unchanged.
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The Toronto stock market surged 200 points Wednesday thanks to substantial runups in energy and base metals stocks, but gains would have been much higher if not for a big drop in BCE Inc. (TSX:BCE) shares on word its buyout is in serious trouble.
Toronto's S&P/TSX composite index gained 200.66 points to 8,643.52.
The TSX Venture Exchange moved up 11.43 points to 731.39. The Canadian dollar declined 0.34 cent at 81.29 cents US.
BCE shares plunged $13.10 or 34 per cent to $25.25 on news that the Montreal-based company couldn't meet certain solvency tests in its agreement to be bought by an investor group led by the Ontario Teachers' Pension Plan.
The telecom sector gave back more than 10 per cent with Telus Corp. (TSX:T) down 76 cents to $38.09 and Rogers Communications (TSX:RCI.B) fell 86 cents to $34.34.
On the TSX, the energy sector was ahead 7.66 per cent as the January crude oil contract gained $3.67 to US$54.44 per barrel on the New York Mercantile Exchange. A large interest rate cut in China and news of a possible Russian output cut countered a new government inventory report showing far more crude and gasoline in storage in the U.S. than was expected.
EnCana Corp. (TSX:ECA) improved $4.35 to $56.33 while Canadian Natural Resources (TSX:CNQ) ran ahead $5.25 to $49.
The base metals sector surged 16 per cent as Teck Cominco (TSX:TCK.B) advanced $1.08 or 25.7 per cent to $5.27 and HudBay Minerals (TSX:HBM) ran ahead 45 cents or 13.8 per cent to $3.70.
Strong gains in the tech sector also boosted the TSX as Research In Motion Ltd. (TSX:RIM) moved up $4.23 to $55.
Financials gained one per cent after National Bank of Canada (TSX:NA) said it expects to take fourth-quarter charges of $237 million. Shares in the country's sixth-largest bank declined $1.40 to $39.04
Bank of Montreal (TSX:BMO) deteriorated 66 cents to $34.29, giving up most of Tuesday's modest rise in the wake of fourth-quarter results showing net income up 24 per cent from a year ago but TD Bank (TSX:TD) rose 84 cents to $41.73.
Manulife Financial Corp. (TSX:MFC) shares gained $1.18 to $20.84 after it announced it has settled a lawsuit against French bank Societe Generale over losses from Portus Alternative Asset Management Inc., a failed Canadian hedge fund company.
Garda World Security Corp. (TSX:GW) gained 50 cents or 66.67 per cent to $1.25 on the TSX - down from $19 last spring - after it said its armoured-car and security-guard services are "experiencing sustained performance despite the economic slowdown."
On the TSX, advances led declines 712 to 544 with 208 unchanged.
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Tuesday, November 25, 2008
Roger Biduk - Flat Day on Bay Street
Roger Biduk writes:
A mixture of both positive and negative economic news left investors cautious on Tuesday as they weighed the latest U.S. government plan to aid consumer lending companies.
Toronto's S&P/TSX composite index rose 1.99 points to 8,442.86 as oil prices declined. The TSX Venture Exchange fell 2.83 to 719.96.
The energy sector was behind 1.2 per cent as the near-month crude oil contract slipped $3.73 to close at US$50.77 per barrel on the New York Mercantile Exchange.
The Canadian dollar rose 0.63 cents to 81.63 cents US after surging 2.7 cents Monday.
TSX financial stocks rose 0.48 per cent after Bank of Montreal (TSX:BMO) reported fourth-quarter results with no credit-market booby-traps and net income of $560 million, up 24 per cent from a year ago. BMO shares gained 83 cents to $34.95.
The gold sector was down 0.7 per cent, as the bullion contract fell $1 to US$818.50 an ounce, a decline that was eased somewhat by the sliding value of the greenback.
The information technology sector was the greatest decliner, falling 2.9 per cent, as Research In Motion (TSX:RIM) lost $4.50 to $50.77.
Shares in Denison Mines Corp. (TSX:DML), a mid-sized uranium producer and explorer, fell 24 per cent to $1.02 after the company and its partners said they are postponing development of a uranium project in Saskatchewan because of weak economic conditions.
In Canadian corporate news, the children of Canwest Global Communications Corp. founder Izzy Asper have expanded their holdings of the media company's subordinate voting shares (TSX:CGS). Leonard and David Asper said recent purchases of 4.5 million of the beaten-down subordinated shares were "for investment purposes." Canwest shares were down eight cents to 61 cents.
Shares of Protox Therapeutics Inc. (TSX:PRX), a Vancouver-based drug developer, rose more than 33 per cent after the company said it has received positive data from its Phase 2 study of a key drug for benign prostatic hyperplasia, a painful urological ailment. The company was up 11 cents to 44 cents.
BHP Billiton Ltd. abandoned its hostile takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices. Rio's holdings include the former Alcan, which is now a wholly owned subsidiary of the Anglo-Australian mining company.
www.rogerbiduk.ca
www.rogerbiduk.blogspot.com
A mixture of both positive and negative economic news left investors cautious on Tuesday as they weighed the latest U.S. government plan to aid consumer lending companies.
Toronto's S&P/TSX composite index rose 1.99 points to 8,442.86 as oil prices declined. The TSX Venture Exchange fell 2.83 to 719.96.
The energy sector was behind 1.2 per cent as the near-month crude oil contract slipped $3.73 to close at US$50.77 per barrel on the New York Mercantile Exchange.
The Canadian dollar rose 0.63 cents to 81.63 cents US after surging 2.7 cents Monday.
TSX financial stocks rose 0.48 per cent after Bank of Montreal (TSX:BMO) reported fourth-quarter results with no credit-market booby-traps and net income of $560 million, up 24 per cent from a year ago. BMO shares gained 83 cents to $34.95.
The gold sector was down 0.7 per cent, as the bullion contract fell $1 to US$818.50 an ounce, a decline that was eased somewhat by the sliding value of the greenback.
The information technology sector was the greatest decliner, falling 2.9 per cent, as Research In Motion (TSX:RIM) lost $4.50 to $50.77.
Shares in Denison Mines Corp. (TSX:DML), a mid-sized uranium producer and explorer, fell 24 per cent to $1.02 after the company and its partners said they are postponing development of a uranium project in Saskatchewan because of weak economic conditions.
In Canadian corporate news, the children of Canwest Global Communications Corp. founder Izzy Asper have expanded their holdings of the media company's subordinate voting shares (TSX:CGS). Leonard and David Asper said recent purchases of 4.5 million of the beaten-down subordinated shares were "for investment purposes." Canwest shares were down eight cents to 61 cents.
Shares of Protox Therapeutics Inc. (TSX:PRX), a Vancouver-based drug developer, rose more than 33 per cent after the company said it has received positive data from its Phase 2 study of a key drug for benign prostatic hyperplasia, a painful urological ailment. The company was up 11 cents to 44 cents.
BHP Billiton Ltd. abandoned its hostile takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices. Rio's holdings include the former Alcan, which is now a wholly owned subsidiary of the Anglo-Australian mining company.
www.rogerbiduk.ca
www.rogerbiduk.blogspot.com
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