Roger Biduk writes:
The Toronto stock market closed at its worst level in almost four years Friday thanks to big selloffs in energy and metals stocks.
The S&P/TSX composite index plunged 535.02 points to 9,065.16 for a loss of 1,738 points or 16 per cent this week.
But that was far better than the 750-point plunge registered during the afternoon as the TSX joined a series of big declines on stock markets around the world, as investors bailed out on continued fears over frozen credit and economic instability.
The TSX Venture Exchange fell 71.47 points to 975.81.
Financial stocks also moved lower even as the government announced help for Canada's big banks.
Finance Minister Jim Flaherty announced that Canada Mortgage and Housing Corp. is buying up to $25 billion in mortgage-backed securities from the country's banks in an effort to maintain the availability of credit.
Investors initially reacted positively to the news, but the sector ended up losing 3.3 per cent as Royal Bank (TSX:RY) lost 40 cents to $41 and Scotiabank (TSX:BNS) fell $1.33 to $39.98.
Canada's big banks also announced they are passing on more rate cuts to consumers and companies in the wake of the Flaherty announcement.
TD Canada Trust and CIBC (TSX:CM) said it will lower its prime lending rate by 15 basis points to 4.35 per cent, effective next Tuesday. The Bank of Nova Scotia and the Royal Bank are cutting their prime rate by a quarter-point to 4.25 per cent.
The banks had come under fire earlier this week after they passed on only half of the50-basis-point cut in the Bank of Canada's overnight rate, which was part of a co-ordinated effort by major central banks to ease credit markets.
The TSX energy sector dropped more than eight per cent as the November crude contract on the New York Mercantile Exchange pulled back $8.89 to US$77.70 a barrel as investors believe rapidly slowing economic conditions will curb demand.
EnCana Corp. (TSX:ECA) retreated $6.39 or 12.8 per cent to $43.50 and Suncor Energy (TSX:SU) fell $1.67 to $26.09.
Meanwhile, worsening economic conditions and retreating oil prices pushed the Canadian dollar down 2.59 cents to 84.69 cents US, after the loonie briefly took a five cent dive against the greenback-its biggest drop ever. The loonie lost 7.77 cents or 8.4 per cent this past week.
On the TSX, there didn't seem to be any safe haven with even the gold sector down 11 per cent as the December bullion contract on the Nymex fell $27.50 to US$859. Goldcorp Inc. (TSX:G) gave back $4.81 or 14 per cent to $29.69.
The base metals sector moved back over six per cent with Teck Cominco Ltd. (TSX:TCK.B) down $2.74 or 14.3 per cent to $16.36.
On the TSX, declines beat advances 1,411 to 317 with 167 unchanged as 712.8 million shares traded worth $9.5 billion.
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Saturday, October 11, 2008
Tuesday, October 7, 2008
Roger Biduk - Tough Day on Bay Street
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.
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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.
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Wednesday, October 1, 2008
Roger Biduk - Flat Day for Bay Street
Roger Biduk writes:
Stock markets drifted to a weak close Wednesday after another volatile day amid bleak U.S. manufacturing numbers and dismal auto sales results in the United States.
Toronto's S&P/TSX composite index was down 38.39 points to 11,714.51 as the November crude contract on the New York Mercantile Exchange declined $2.11 to US$98.53 a barrel.
The TSX Venture Exchange edged down 8.35 points to 1,406.65, while the CDN$ was up 0.19 cent to 94.16 cents U.S.
In Canada, September auto sales crept slightly higher compared with a year ago as growth in car sales offset a decline in light truck sales, according to auto sales figures compiled by analyst Dennis DesRosiers. Canadian passenger car sales for the month totalled 74,484, up 5.1 per cent from 70,855, while light truck sales dipped 2.2 per cent to 59,647 from 60,972.
In Toronto, the financial sector was up 0.7 per cent at the close of Wednesday trading.
The TSX energy sector lost 2.7 per cent on lower crude prices after the U.S. Energy Information Administration said crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. EnCana (TSX:ECA) was down $2.50 to $65.46 while Suncor Energy (TSX:SU) lost $3 to $41.
The metals sector declined 3.7 per cent. Teck Cominco (TSX:TCK.B) gave up $2.31 to $27.91.
The gold sector gained 1.8 per cent as the December bullion price on the New York Mercantile Exchange increased $6.50 to US$887.30 per ounce. Goldcorp (TSX:G) was up 85 cents to $34.32 while Barrick Gold (TSX:ABX) added 80 cents to $39.77.
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Stock markets drifted to a weak close Wednesday after another volatile day amid bleak U.S. manufacturing numbers and dismal auto sales results in the United States.
Toronto's S&P/TSX composite index was down 38.39 points to 11,714.51 as the November crude contract on the New York Mercantile Exchange declined $2.11 to US$98.53 a barrel.
The TSX Venture Exchange edged down 8.35 points to 1,406.65, while the CDN$ was up 0.19 cent to 94.16 cents U.S.
In Canada, September auto sales crept slightly higher compared with a year ago as growth in car sales offset a decline in light truck sales, according to auto sales figures compiled by analyst Dennis DesRosiers. Canadian passenger car sales for the month totalled 74,484, up 5.1 per cent from 70,855, while light truck sales dipped 2.2 per cent to 59,647 from 60,972.
In Toronto, the financial sector was up 0.7 per cent at the close of Wednesday trading.
The TSX energy sector lost 2.7 per cent on lower crude prices after the U.S. Energy Information Administration said crude inventories rose by 4.3 million barrels to 294.5 million barrels for the week ending Sept. 26. EnCana (TSX:ECA) was down $2.50 to $65.46 while Suncor Energy (TSX:SU) lost $3 to $41.
The metals sector declined 3.7 per cent. Teck Cominco (TSX:TCK.B) gave up $2.31 to $27.91.
The gold sector gained 1.8 per cent as the December bullion price on the New York Mercantile Exchange increased $6.50 to US$887.30 per ounce. Goldcorp (TSX:G) was up 85 cents to $34.32 while Barrick Gold (TSX:ABX) added 80 cents to $39.77.
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Tuesday, September 30, 2008
Roger Biduk - Bay Street Fights Back
Roger Biduk writes:
The Toronto stock market rose nearly 500 points Tuesday, offsetting a good chunk of the record-setting loss that followed the failure of a US$700-billion bailout for the U.S. financial industry.
Higher oil prices contributed to Tuesday's gains, as well as cautious optimism over the possibility that a compromise financial-sector bailout can be reached in the United States.
But the Canadian dollar took a beating, falling 1.82 cents to 93.97 cents US amid concerns about economic fallout from the political and financial upheaval in the United States.
The S&P/TSX composite index added 467.83 points to close at 11,752.9, after plunging close to 850 points Monday. The TSX Venture Exchange gained 32.97 points to 1,415.
Oil gained $4.27 to US$100.64 following Monday's plunge of US$10.52 amid worries that the U.S. financial crisis will ravage the global economy and cut energy consumption.
The TSX had its steepest-ever point drop Monday, losing 840.93 points, totaling 7.5 per cent or approximately $100 billion of its market value. The previous record one-day drop on Canada's largest stock market was 840.26 points on Oct. 25, 2000.
The Bank of Canada said Tuesday it will auction $4 billion worth of 28-day purchase and resale agreements on Wednesday and is selling $4 billion of its holdings of treasury bills as it works to lubricate seized-up credit markets.
In Canada, government data showed the national economy grew 0.7 per cent in July - well ahead of the 0.2 per cent increase projected by private-sector economists.
The Toronto financial sector was up 5.4 per cent in Tuesday trading. Royal Bank (TSX: RY.TO), TD Bank (TSX: TD.TO) and Bank of Montreal (TSX: BMO.TO) have been cited as possible shoppers for assets amidst the turmoil that has engulfed U.S. banks. Royal shares were up $3 to $50.50, while BMO gained $3.95 to $45.95, a jump of more than nine per cent.
The TSX energy sector rose 5.8 per cent. Sector heavyweight EnCana (TSX: ECA.TO) was up $2.96 to $67.96 while Canadian Natural Resources (TSX: CNQ.TO) gained $7.73, or 11.5 per cent, to $73.
The metals sector jumped 7.6 per cent after declining 12.8 per cent Monday. Teck Cominco (TSX: TCK-B.TO) added $1.30 to $30.22 after losing close to 14 per cent of its value Monday.
The gold sector lost 0.8 per cent as the December bullion contract on the New York Mercantile Exchange fell $13.60 to US$880.80 per ounce. Goldcorp (TSX: G.TO) lost 93 cents to $33.47 while Barrick Gold (TSX: ABX.TO) fell $1.47 to $38.97.
In other corporate news, Fording Canadian Coal Trust (TSX: FDG-UN.TO) was up $8.15, or more than 10 per cent, to $87.27 as Teck Cominco Ltd. (TSX: TCK-B.TO) received the final stamp of approval on $10 billion in financing needed for its takeover of Fording.
Canadian Pacific Railway (TSX: CP.TO) shares were up $1 to $57.07 after it received U.S. regulatory approval for its US$1.48-billion acquisition of Dakota, Minnesota & Eastern Railroad.
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The Toronto stock market rose nearly 500 points Tuesday, offsetting a good chunk of the record-setting loss that followed the failure of a US$700-billion bailout for the U.S. financial industry.
Higher oil prices contributed to Tuesday's gains, as well as cautious optimism over the possibility that a compromise financial-sector bailout can be reached in the United States.
But the Canadian dollar took a beating, falling 1.82 cents to 93.97 cents US amid concerns about economic fallout from the political and financial upheaval in the United States.
The S&P/TSX composite index added 467.83 points to close at 11,752.9, after plunging close to 850 points Monday. The TSX Venture Exchange gained 32.97 points to 1,415.
Oil gained $4.27 to US$100.64 following Monday's plunge of US$10.52 amid worries that the U.S. financial crisis will ravage the global economy and cut energy consumption.
The TSX had its steepest-ever point drop Monday, losing 840.93 points, totaling 7.5 per cent or approximately $100 billion of its market value. The previous record one-day drop on Canada's largest stock market was 840.26 points on Oct. 25, 2000.
The Bank of Canada said Tuesday it will auction $4 billion worth of 28-day purchase and resale agreements on Wednesday and is selling $4 billion of its holdings of treasury bills as it works to lubricate seized-up credit markets.
In Canada, government data showed the national economy grew 0.7 per cent in July - well ahead of the 0.2 per cent increase projected by private-sector economists.
The Toronto financial sector was up 5.4 per cent in Tuesday trading. Royal Bank (TSX: RY.TO), TD Bank (TSX: TD.TO) and Bank of Montreal (TSX: BMO.TO) have been cited as possible shoppers for assets amidst the turmoil that has engulfed U.S. banks. Royal shares were up $3 to $50.50, while BMO gained $3.95 to $45.95, a jump of more than nine per cent.
The TSX energy sector rose 5.8 per cent. Sector heavyweight EnCana (TSX: ECA.TO) was up $2.96 to $67.96 while Canadian Natural Resources (TSX: CNQ.TO) gained $7.73, or 11.5 per cent, to $73.
The metals sector jumped 7.6 per cent after declining 12.8 per cent Monday. Teck Cominco (TSX: TCK-B.TO) added $1.30 to $30.22 after losing close to 14 per cent of its value Monday.
The gold sector lost 0.8 per cent as the December bullion contract on the New York Mercantile Exchange fell $13.60 to US$880.80 per ounce. Goldcorp (TSX: G.TO) lost 93 cents to $33.47 while Barrick Gold (TSX: ABX.TO) fell $1.47 to $38.97.
In other corporate news, Fording Canadian Coal Trust (TSX: FDG-UN.TO) was up $8.15, or more than 10 per cent, to $87.27 as Teck Cominco Ltd. (TSX: TCK-B.TO) received the final stamp of approval on $10 billion in financing needed for its takeover of Fording.
Canadian Pacific Railway (TSX: CP.TO) shares were up $1 to $57.07 after it received U.S. regulatory approval for its US$1.48-billion acquisition of Dakota, Minnesota & Eastern Railroad.
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Monday, September 29, 2008
Roger Biduk - Bay Street Down on Oil & Bailout Bill
Roger Biduk writes:
The Toronto stock market had its biggest point-drop in history on Monday, as investors reacted to a major defeat for the Bush administration's US$700-billion bailout of the U.S. financial industry.
The Canadian dollar also took a hit, falling $1.03 to 95.79 cents US, amid concerns about the economic fallout that will be felt from the political and financial upheaval being felt in the United States.
Toronto's S&P/TSX index fell 840.93 points Monday to close at 11,285.07, a loss of approximately $100 billion. The previous biggest one-day point drop on Canada's largest stock market was 840.26-points, on Oct. 25, 2000. At one point, the Toronto market's main index was down as much as 955 points. The TSX Venture Exchange fell 133.61 points to 1,382.03.
Crude prices also fell, sending the TSX lower as the November crude contract in New York declined $10.52 to US$96.37 a barrel. Crude has now fallen 34 per cent since surging to an all-time record of $147.27 on July 11.
Investors appeared to find little reassurance in a move by the U.S. Federal Reserve, the Bank of Canada and other central banks to pump money into the world's credit markets. The Bank of Canada said Monday that it and the Federal Reserve have agreed to expand their reciprocal currency arrangement to US$30 billion, up from the US$10 billion announced Sept. 18.
Also, the Canadian government announced Monday it had a slightly smaller budgetary surplus in the 2007-08 than originally estimated. It was $9.6 billion, down from the previous estimate of $10.2 billion. And Scotiabank economists said Monday the prices of Canada's commodity exports tumbled 8.9 per cent last month after seven consecutive record highs, and are continuing to slide.
The news from the U.S. sent the Toronto financial sector down 5.8 per cent. Royal Bank (TSX:RY), TD Bank (TSX:TD) and Bank of Montreal (TSX:BMO) have been cited as possible shoppers for assets amidst the turmoil that has engulfed U.S. banks. Royal shares were down $3.42 to $47.50, while BMO lost $4.30 to $42.
The TSX energy sector fell 10.6 per cent as energy heavyweight EnCana (TSX:ECA) was down $6.22 to $65 while Suncor (TSX:SU) lost $5.43 to $41.12.
The metals sector plunged 12.8 per cent as Teck Cominco (TSX:TCK.B) gave up $4.65, or close to 14 per cent of its value, to $28.92 even as it announced it has secured financing for its $14-billion takeover of Fording Canadian Coal Trust (TSX:FDG.UN).
The gold sector gave up 0.4 per cent even as the December bullion contract on the New York Mercantile Exchange rose $5.90 to US$894.40 per ounce.
European stock markets tumbled as Dutch-Belgian banking and insurance operator Fortis NV got an 11.2-billion-euro bailout from the governments of Belgium, the Netherlands and Luxembourg. Meanwhile, the British government announced it's nationalizing troubled mortgage lender Bradford & Bingley.
The FTSE 100 index closed down per 5.3 per cent in London, while the German DAX fell 4.2 per cent and the French CAC 40 surrendered five per cent.
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The Toronto stock market had its biggest point-drop in history on Monday, as investors reacted to a major defeat for the Bush administration's US$700-billion bailout of the U.S. financial industry.
The Canadian dollar also took a hit, falling $1.03 to 95.79 cents US, amid concerns about the economic fallout that will be felt from the political and financial upheaval being felt in the United States.
Toronto's S&P/TSX index fell 840.93 points Monday to close at 11,285.07, a loss of approximately $100 billion. The previous biggest one-day point drop on Canada's largest stock market was 840.26-points, on Oct. 25, 2000. At one point, the Toronto market's main index was down as much as 955 points. The TSX Venture Exchange fell 133.61 points to 1,382.03.
Crude prices also fell, sending the TSX lower as the November crude contract in New York declined $10.52 to US$96.37 a barrel. Crude has now fallen 34 per cent since surging to an all-time record of $147.27 on July 11.
Investors appeared to find little reassurance in a move by the U.S. Federal Reserve, the Bank of Canada and other central banks to pump money into the world's credit markets. The Bank of Canada said Monday that it and the Federal Reserve have agreed to expand their reciprocal currency arrangement to US$30 billion, up from the US$10 billion announced Sept. 18.
Also, the Canadian government announced Monday it had a slightly smaller budgetary surplus in the 2007-08 than originally estimated. It was $9.6 billion, down from the previous estimate of $10.2 billion. And Scotiabank economists said Monday the prices of Canada's commodity exports tumbled 8.9 per cent last month after seven consecutive record highs, and are continuing to slide.
The news from the U.S. sent the Toronto financial sector down 5.8 per cent. Royal Bank (TSX:RY), TD Bank (TSX:TD) and Bank of Montreal (TSX:BMO) have been cited as possible shoppers for assets amidst the turmoil that has engulfed U.S. banks. Royal shares were down $3.42 to $47.50, while BMO lost $4.30 to $42.
The TSX energy sector fell 10.6 per cent as energy heavyweight EnCana (TSX:ECA) was down $6.22 to $65 while Suncor (TSX:SU) lost $5.43 to $41.12.
The metals sector plunged 12.8 per cent as Teck Cominco (TSX:TCK.B) gave up $4.65, or close to 14 per cent of its value, to $28.92 even as it announced it has secured financing for its $14-billion takeover of Fording Canadian Coal Trust (TSX:FDG.UN).
The gold sector gave up 0.4 per cent even as the December bullion contract on the New York Mercantile Exchange rose $5.90 to US$894.40 per ounce.
European stock markets tumbled as Dutch-Belgian banking and insurance operator Fortis NV got an 11.2-billion-euro bailout from the governments of Belgium, the Netherlands and Luxembourg. Meanwhile, the British government announced it's nationalizing troubled mortgage lender Bradford & Bingley.
The FTSE 100 index closed down per 5.3 per cent in London, while the German DAX fell 4.2 per cent and the French CAC 40 surrendered five per cent.
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Saturday, September 27, 2008
Roger Biduk - TSX Drops almost 800 points for the Week
Roger Biduk writes:
The Toronto stock market has tumbled more than 400 points or about three per cent at the end of a punishing week.
The TSX was hit with a triple whammy - uncertainty over an American financial system rescue plan punished bank stocks, BlackBerry maker Research In Motion (TSX:RIM) shares took a huge drop and lower oil prices sent energy stocks down.
The S&P/TSX composite index finished the day well off its 518-point low of the day, down 420.51 points to 12,126 for a loss of 787 points or 6.1 per cent this week.
Normally, a 400-plus point drop is big news, but this is only the fourth-largest drop in the month so far. The index also soared almost 850 points in one day a week ago.
Research in Motion's disappointing quarterly earnings torpedoed its stock, dropping more than 25% to $75.45 in the opening minutes, a $24.49 change. RIM showed no signs of recovery at the close, finishing the day at $72.57, a $28.43-per-share drop, or 28.15%, to lead a widespread fall-off across all the major sectors on the exchange.
Meanwhile EnCana Corp. and Suncor Energy stocks were both hit hard. EnCana closed at $71.22, down $3.40 or 4.56% while Suncor settled at $46.55 a 4.67% drop for $2.28 per share.
The two largest energy companies on the exchange contributed to a 28.34% slump in the sector as world markets worried disappearing U.S. credit would strangle global growth and lessen demand in crude oil and other resources.
The Canadian dollar closed up 0.14 cent at 96.82 cents US.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
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The Toronto stock market has tumbled more than 400 points or about three per cent at the end of a punishing week.
The TSX was hit with a triple whammy - uncertainty over an American financial system rescue plan punished bank stocks, BlackBerry maker Research In Motion (TSX:RIM) shares took a huge drop and lower oil prices sent energy stocks down.
The S&P/TSX composite index finished the day well off its 518-point low of the day, down 420.51 points to 12,126 for a loss of 787 points or 6.1 per cent this week.
Normally, a 400-plus point drop is big news, but this is only the fourth-largest drop in the month so far. The index also soared almost 850 points in one day a week ago.
Research in Motion's disappointing quarterly earnings torpedoed its stock, dropping more than 25% to $75.45 in the opening minutes, a $24.49 change. RIM showed no signs of recovery at the close, finishing the day at $72.57, a $28.43-per-share drop, or 28.15%, to lead a widespread fall-off across all the major sectors on the exchange.
Meanwhile EnCana Corp. and Suncor Energy stocks were both hit hard. EnCana closed at $71.22, down $3.40 or 4.56% while Suncor settled at $46.55 a 4.67% drop for $2.28 per share.
The two largest energy companies on the exchange contributed to a 28.34% slump in the sector as world markets worried disappearing U.S. credit would strangle global growth and lessen demand in crude oil and other resources.
The Canadian dollar closed up 0.14 cent at 96.82 cents US.
Roger Biduk is an investment advisor and services clients in Montreal, Hudson, West Island and throughout the provinces of Quebec & Ontario.
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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.
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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.
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