Roger Biduk writes:
North American stock markets higher Monday as commodities strengthened and investor confidence was bolstered by the U.S. government's bailout plan for Citigroup.
Toronto's S&P/TSX composite index gained 285.48 points to 8,440.87, and the Canadian dollar surged 2.70 cents to 81 cents US on a weaker greenback.
The TSX Venture Exchange rose 18.62 to 722.79.
Leading the TSX gain were energy stocks, ahead 7.6 per cent, on a boost from a higher price for oil. The January crude contract was up $4.57 to close at US$54.50 a barrel on the Nymex.
BCE Inc. shares (TSX:BCE) rose nearly 10 per cent from the Citigroup arrangement on optimism that the $52-billion purchase of Canada's largest telecom company will go ahead. The bank is a lead lender in the transaction, and BCE stock gained $3.39 to $37.94.
On the TSX, financials stocks gained 4.7 per cent after Royal Bank (TSX:RY) said it will report a profit of $1.1 billion. That's down 15 per cent from a year ago on charges related to the shakeup in financial markets but all of the Canadian bank stocks have already declined in the past week in anticipation of lowered profits. Shares in Canada's largest bank, which reports Dec. 5, slipped at the open, then shifted higher, up $2.52 at $39.
Last week, TD Bank (TSX:TD) and Scotiabank (TSX:BNS) previewed their expected losses for the fourth quarter, though both won't release their full results until next week. TD announced after the markets closed Monday that it will raise $1.2 billion in an issue of common shares. The bank said it will issue 30.4 million shares at a price of $39.50 per share, a discount to Monday's closing price of $42.90 and but above a 52-week low of $38.33 established earlier in the day.
Roger Biduk writes:
Mining stocks were up 6.8 per cent. Hudbay Minerals (TSX:HBM) moved up five per cent, rising 15 cents to $3.31.
The gold index gained 1.5 per cent as December bullion closed ahead $27.70 to US$819.50 an ounce.
The Conference Board of Canada reported that its consumer confidence index fell again this month, losing 2.9 points to 71. The think-tank notes that consumer sentiment as at "depths previously reached only in 1982 and 1990, which were both periods of recession."
Investors cheered the prospect of fiscal stimulus for the overall economy. In Canada, Prime Minister Stephen Harper and Finance Minister Jim Flaherty have indicated they plan deficit spending.
Gran Tierra Energy (TSX:GTE) shares fell eight per cent after the company suspended production in two oilfields in southern Colombia due to a general strike in the region. Gran Tierra stock crumbled throughout the day before returning to where it opened, closing even at $2.94.
NovaGold Resources Inc. (TSX:NG) shares plummeted 67 per cent after the company said it's suspending operations at Rock Creek because it has been unable to raise new money and faces being unable to meet its financial obligations next month. Stock slid $1.48 to 72 cents.
Health care company Johnson & Johnson plans to acquire Omrix Biopharmaceuticals Inc. for US$438 million - or $25 per share - in a plan to expand its surgical product unit.
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Monday, November 24, 2008
Saturday, November 22, 2008
Roger Biduk - Gold & Materials Lead as Bay Street Soars
Roger Biduk writes:
Stock markets in Canada and the United States found their way towards triple-digit gains after enduring a session that spent most of the day searching for direction.
Both sides of the border saw the major indexes jump more than five per cent.
In Toronto the rising price of gold led a heavily traded session that also included enthusiastic gains in mining and materials stocks. The S&P/TSX composite index rose 430.63 points to 8,155.39. The TSX Venture Exchange rose 12.22 points to 704.17.
The Canadian dollar closed at 78.30 cents US, up 0.99 of a cent after Statistics Canada reported the headline inflation rate eased last month to 2.6 per cent, from 3.4 per cent in September.
On the TSX, bank and insurance stocks were up 0.3 per cent as TD Bank (TSX:TD) shares continued to decline, down a further eight per cent to $40.13. The bank disclosed Thursday a $350 million in quarterly credit trading losses.
The gold index was the major gainer, up 27.2 per cent, as Barrick Gold Corp. (TSX:ABX) was ahead $8.70 to $35.50.
Roger Biduk writes:
The mining index rose 18.1 per cent. HudBay Minerals Inc. (TSX:HBM) and Lundin Mining Corp. (TSX:LUN) plan to merge in an all-stock deal worth $814 million, based on current market prices. HudBay shares were down 40 per cent to $3.16 and Lundin rose nearly four per cent to $1.05.
Energy stocks were also higher, up 10 per cent as the January crude contract rose 51 cents to US$49.93 per barrel. Oil prices were still 13 per cent lower compared to last week's closing price.
In earnings, Sears Canada Inc. (TSX:SCC) reported a third-quarter profit of $68.9 million as same-store sales increased 0.9 per cent from the comparable period a year ago despite a tough retail environment. Its shares increased 20 cents to $16.74.
Catalyst Paper Corp. (TSX:CTL) fell five cents to 25 cents after the company announced a tentative four-year contract agreement with the Communications, Energy and Paperworkers Union of Canada at its B.C. pulp and paper operations.
Research in Motion (TSX:RIM) shares were ahead $3.10 to $57.09 on the day the company debuted the BlackBerry Storm touch-screen mobile device in North America - a product intended to steal market share from Apple Inc.'s iPhone.
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Stock markets in Canada and the United States found their way towards triple-digit gains after enduring a session that spent most of the day searching for direction.
Both sides of the border saw the major indexes jump more than five per cent.
In Toronto the rising price of gold led a heavily traded session that also included enthusiastic gains in mining and materials stocks. The S&P/TSX composite index rose 430.63 points to 8,155.39. The TSX Venture Exchange rose 12.22 points to 704.17.
The Canadian dollar closed at 78.30 cents US, up 0.99 of a cent after Statistics Canada reported the headline inflation rate eased last month to 2.6 per cent, from 3.4 per cent in September.
On the TSX, bank and insurance stocks were up 0.3 per cent as TD Bank (TSX:TD) shares continued to decline, down a further eight per cent to $40.13. The bank disclosed Thursday a $350 million in quarterly credit trading losses.
The gold index was the major gainer, up 27.2 per cent, as Barrick Gold Corp. (TSX:ABX) was ahead $8.70 to $35.50.
Roger Biduk writes:
The mining index rose 18.1 per cent. HudBay Minerals Inc. (TSX:HBM) and Lundin Mining Corp. (TSX:LUN) plan to merge in an all-stock deal worth $814 million, based on current market prices. HudBay shares were down 40 per cent to $3.16 and Lundin rose nearly four per cent to $1.05.
Energy stocks were also higher, up 10 per cent as the January crude contract rose 51 cents to US$49.93 per barrel. Oil prices were still 13 per cent lower compared to last week's closing price.
In earnings, Sears Canada Inc. (TSX:SCC) reported a third-quarter profit of $68.9 million as same-store sales increased 0.9 per cent from the comparable period a year ago despite a tough retail environment. Its shares increased 20 cents to $16.74.
Catalyst Paper Corp. (TSX:CTL) fell five cents to 25 cents after the company announced a tentative four-year contract agreement with the Communications, Energy and Paperworkers Union of Canada at its B.C. pulp and paper operations.
Research in Motion (TSX:RIM) shares were ahead $3.10 to $57.09 on the day the company debuted the BlackBerry Storm touch-screen mobile device in North America - a product intended to steal market share from Apple Inc.'s iPhone.
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Friday, November 21, 2008
Roger Biduk - Brutal Day on Bay Street
Roger Biduk writes:
Stocks faced another brutal day across North America, but it was the Toronto Stock Exchange which was hardest hit - plunging more than 750 points Thursday to its lowest level in five years.
Toronto's S&P/TSX composite index was down nine per cent on bad news across key sectors like banking and energy. The main index lost 765.80 points to end the session at 7,724.76.
Canada's most-watched stock index hasn't fallen this low since late October 2003, and it's a drop of 47 per cent from the TSX peak just five months ago at 15,073.
The TSX Venture Exchange tumbled 38.14 points to 691.95.
The Canadian dollar was down 2.52 cents to 77.31 cents US, after dropping to an intraday low of 77.22.
The TSX was hit especially hard on troubling news from many of its major sectors.
Toronto energy stocks fell 14.5 per cent as crude oil dipped under the US$50-a-barrel mark for the first time since January 2007. The price was down 7.5 per cent, or $4, to close at US$49.62 a barrel on the New York Mercantile Exchange.
Financial stocks were down 12.2 per cent after TD Bank (TSX:TD) disclosed $350 million in quarterly credit trading losses. Its shares lost $6.36 to $43.57, and all the other big Canadian banks were also sharply lower.
Royal Bank (TSX:RY) lost 13 per cent of its value to $35.65 and CIBC (TSX:CM) fell 12 per cent to $42.28.
Metal stocks slid 12.1 per cent as Teck Cominco Ltd. (TSX:TCK.B) was down 21 per cent to $4.10 after it suspended dividends on its common shares to help cut debt taken on for the US$14-billion takeover of the Fording Canadian Coal Trust.
The gold sector was the lone gainer, up 2.6 per cent, as the December bullion contract rose $12.70 to close at $748.70 an ounce.
Kinross Gold Corp. (TSX:K) rose three cents to $13.97 on word it is paying US$250 million to buy the Lobo-Marte gold site in Chile from Teck Cominco and Anglo American PLC.
Statistics Canada says wholesale sales increased 1.5 per cent to $46.3 billion in September, boosted largely by a partial recovery in the automotive sector.
Other big movers included Nortel Networks (TSX:NT), down 16 per cent to hit a new low of 52 cents.
March Networks (TSX:MN) says a bank in Latin America signed a $6 million deal to provide networked video recording systems and investigation software for use at more than 1,900 bank branches and automated teller machines. Shares were down three cents to $1.84.
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Stocks faced another brutal day across North America, but it was the Toronto Stock Exchange which was hardest hit - plunging more than 750 points Thursday to its lowest level in five years.
Toronto's S&P/TSX composite index was down nine per cent on bad news across key sectors like banking and energy. The main index lost 765.80 points to end the session at 7,724.76.
Canada's most-watched stock index hasn't fallen this low since late October 2003, and it's a drop of 47 per cent from the TSX peak just five months ago at 15,073.
The TSX Venture Exchange tumbled 38.14 points to 691.95.
The Canadian dollar was down 2.52 cents to 77.31 cents US, after dropping to an intraday low of 77.22.
The TSX was hit especially hard on troubling news from many of its major sectors.
Toronto energy stocks fell 14.5 per cent as crude oil dipped under the US$50-a-barrel mark for the first time since January 2007. The price was down 7.5 per cent, or $4, to close at US$49.62 a barrel on the New York Mercantile Exchange.
Financial stocks were down 12.2 per cent after TD Bank (TSX:TD) disclosed $350 million in quarterly credit trading losses. Its shares lost $6.36 to $43.57, and all the other big Canadian banks were also sharply lower.
Royal Bank (TSX:RY) lost 13 per cent of its value to $35.65 and CIBC (TSX:CM) fell 12 per cent to $42.28.
Metal stocks slid 12.1 per cent as Teck Cominco Ltd. (TSX:TCK.B) was down 21 per cent to $4.10 after it suspended dividends on its common shares to help cut debt taken on for the US$14-billion takeover of the Fording Canadian Coal Trust.
The gold sector was the lone gainer, up 2.6 per cent, as the December bullion contract rose $12.70 to close at $748.70 an ounce.
Kinross Gold Corp. (TSX:K) rose three cents to $13.97 on word it is paying US$250 million to buy the Lobo-Marte gold site in Chile from Teck Cominco and Anglo American PLC.
Statistics Canada says wholesale sales increased 1.5 per cent to $46.3 billion in September, boosted largely by a partial recovery in the automotive sector.
Other big movers included Nortel Networks (TSX:NT), down 16 per cent to hit a new low of 52 cents.
March Networks (TSX:MN) says a bank in Latin America signed a $6 million deal to provide networked video recording systems and investigation software for use at more than 1,900 bank branches and automated teller machines. Shares were down three cents to $1.84.
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Wednesday, November 19, 2008
Roger Biduk - Financials & Metals Tank Bay Street
Roger Biduk:
North American stock markets fell sharply again Wednesday as investor confidence was eroded by bad economic data and pessimism over the prospects of a U.S. bailout for the Big Three automakers.
Wall Street stocks were slammed the hardest, hitting levels not seen since 2003.
In Toronto, all of the sectors were lower, led by diversified metals and financials stocks.
The main S&P/TSX composite index fell by 345.17 points to 8,490.56, a drop of nearly four per cent.
The Canadian dollar was at 79.83 cents US, down 1.48 cents, and the TSX Venture Exchange lost 20.16 points to 730.09.
TSX financials stocks took a beating, down 4.9 per cent, after the Bank of Nova Scotia (TSX:BNS) warned Tuesday of a bigger-than-expected $595-million hit to its quarterly earnings caused by financial-market upheaval.
The other banks are expected to suffer similarly to Scotiabank when they issue their fourth-quarter results, starting next week. Scotia's shares were down $1.93 to $35.24.
Bank of Canada governor Mark Carney strongly indicated Wednesday that the central bank will cut interest rates further next month in an effort to stimulate the economy. Carney told a luncheon in London that the economy is slowing more than previously thought, and inflation is less of a concern.
The TSX diversified metals sector slid 11.5 per cent, and Teck Cominco Ltd. (TSX:TCK.B) slid 15 per cent to $5.22.
Energy stocks were down 3.8 per cent as crude oil lost 77 cents to close at US$53.62 a barrel on the New York Mercantile Exchange.
The gold sector trekked 2.8 per cent lower as gold futures ended ahead for the first session this week on U.S. dollar weakness.
The December bullion contract closed up $3.30 to US$736 an ounce.
In economic news, Statistics Canada's composite leading index - an indicator of future activity - fell 0.4 per cent in October. It was the biggest decline since the early-1990s recession, after a 0.3 per cent drop in September.
In earnings news, supermarket operator Metro Inc. (TSX:MRU.A) rang up $72.3 million in summer-quarter profit, up 25.5 per cent from year-ago earnings that were reduced by the integration of A&P stores. Sales were up 1.8 per cent from a year ago. Metro shares were at $33.
The Resolve Business Outsourcing Income Fund (TSX:RBO.UN) is suspending distributions to investors. The trusts units plunged 55 per cent, or $1.94, to $1.56.
Norsemont Mining Inc. (TSX:NOM) says its board has set up a special committee to deal with "recent unsolicited expressions of interest to acquire the company" and shares were ahead 15 per cent, or 25 cents, to $1.95.
Forestry company Tembec Inc. (TSX:TMB) fell to a quarterly loss of $4 million from year-earlier profit of $22 million, as sales declined to $629 million from $675 million. Shares dropped a penny to $1.56.
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North American stock markets fell sharply again Wednesday as investor confidence was eroded by bad economic data and pessimism over the prospects of a U.S. bailout for the Big Three automakers.
Wall Street stocks were slammed the hardest, hitting levels not seen since 2003.
In Toronto, all of the sectors were lower, led by diversified metals and financials stocks.
The main S&P/TSX composite index fell by 345.17 points to 8,490.56, a drop of nearly four per cent.
The Canadian dollar was at 79.83 cents US, down 1.48 cents, and the TSX Venture Exchange lost 20.16 points to 730.09.
TSX financials stocks took a beating, down 4.9 per cent, after the Bank of Nova Scotia (TSX:BNS) warned Tuesday of a bigger-than-expected $595-million hit to its quarterly earnings caused by financial-market upheaval.
The other banks are expected to suffer similarly to Scotiabank when they issue their fourth-quarter results, starting next week. Scotia's shares were down $1.93 to $35.24.
Bank of Canada governor Mark Carney strongly indicated Wednesday that the central bank will cut interest rates further next month in an effort to stimulate the economy. Carney told a luncheon in London that the economy is slowing more than previously thought, and inflation is less of a concern.
The TSX diversified metals sector slid 11.5 per cent, and Teck Cominco Ltd. (TSX:TCK.B) slid 15 per cent to $5.22.
Energy stocks were down 3.8 per cent as crude oil lost 77 cents to close at US$53.62 a barrel on the New York Mercantile Exchange.
The gold sector trekked 2.8 per cent lower as gold futures ended ahead for the first session this week on U.S. dollar weakness.
The December bullion contract closed up $3.30 to US$736 an ounce.
In economic news, Statistics Canada's composite leading index - an indicator of future activity - fell 0.4 per cent in October. It was the biggest decline since the early-1990s recession, after a 0.3 per cent drop in September.
In earnings news, supermarket operator Metro Inc. (TSX:MRU.A) rang up $72.3 million in summer-quarter profit, up 25.5 per cent from year-ago earnings that were reduced by the integration of A&P stores. Sales were up 1.8 per cent from a year ago. Metro shares were at $33.
The Resolve Business Outsourcing Income Fund (TSX:RBO.UN) is suspending distributions to investors. The trusts units plunged 55 per cent, or $1.94, to $1.56.
Norsemont Mining Inc. (TSX:NOM) says its board has set up a special committee to deal with "recent unsolicited expressions of interest to acquire the company" and shares were ahead 15 per cent, or 25 cents, to $1.95.
Forestry company Tembec Inc. (TSX:TMB) fell to a quarterly loss of $4 million from year-earlier profit of $22 million, as sales declined to $629 million from $675 million. Shares dropped a penny to $1.56.
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Roger Biduk - Small Gains for Bay Street
Roger Biduk writes:
A session of see-saw trading ended in positive territory for North American stock markets as investors conjured up enough optimism to drive overall sentiment higher.
But the gains weren't without a struggle - one that lasted late into the afternoon - as traders weighed dismal home building numbers, and positive outlooks from Home Depot and Hewlett-Packard.
Toronto's S&P/TSX composite index closed ahead 40.28 points at 8,835.73.
The Canadian dollar was at 81.31 cents US, down 0.44 of a cent, and the TSX Venture Exchange dropped 35.54 to 750.25.
The TSX energy sector rose 0.5 per cent as light sweet crude closed below $55 a barrel after hitting a new 22-month low earlier in the day.
Crude was down 56 cents to $54.39 a barrel on the New York Mercantile Exchange.
Information technology stocks moved up four per cent.
Enbridge Inc. (TSX: ENB.TO) said it will invest US$500 million in Enbridge Energy Partners LP, raising its stake in the U.S. pipeline business to 27 per cent. Its shares were down $1.65 cents to $37.50.
Research In Motion (TSX: RIM.TO) was ahead 12 per cent, or $6.40, to $58. An analyst at National Bank suggested that the stock is "not one to give up on" despite lagging consumer spending.
Financials were up one per cent as Royal Bank (TSX: RY.TO) jumped 18 cents to $43.54.
Roger Biduk writes:
On the downside, gold stocks fell 0.7 per cent as the December bullion delivery declined $9.30 to US$732.70.
George Weston Ltd. (TSX: WN.TO) - majority owner of Loblaw Cos. (TSX: L.TO) - reported flat third-quarter profits of $179 million, as sales increased 4.4 per cent from a year earlier to $10.61 billion. Shares in George Weston were down 48 cents to $62.40.
Shares in TransCanada Corp. (TSX: TRP.TO) dropped nearly five per cent after Monday's announcement of bought-deal issue of $1 billion in new shares to pay debt and fund capital projects including its Keystone Pipeline. Shares were down $1.68 to $32.85.
In other corporate news, Telus Corp. (TSX: T.TO), Canada's second-largest telecom operator, says it will invest $100 million over three years on a health technology division. Telus shares gained 54 cents to $38.52.
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A session of see-saw trading ended in positive territory for North American stock markets as investors conjured up enough optimism to drive overall sentiment higher.
But the gains weren't without a struggle - one that lasted late into the afternoon - as traders weighed dismal home building numbers, and positive outlooks from Home Depot and Hewlett-Packard.
Toronto's S&P/TSX composite index closed ahead 40.28 points at 8,835.73.
The Canadian dollar was at 81.31 cents US, down 0.44 of a cent, and the TSX Venture Exchange dropped 35.54 to 750.25.
The TSX energy sector rose 0.5 per cent as light sweet crude closed below $55 a barrel after hitting a new 22-month low earlier in the day.
Crude was down 56 cents to $54.39 a barrel on the New York Mercantile Exchange.
Information technology stocks moved up four per cent.
Enbridge Inc. (TSX: ENB.TO) said it will invest US$500 million in Enbridge Energy Partners LP, raising its stake in the U.S. pipeline business to 27 per cent. Its shares were down $1.65 cents to $37.50.
Research In Motion (TSX: RIM.TO) was ahead 12 per cent, or $6.40, to $58. An analyst at National Bank suggested that the stock is "not one to give up on" despite lagging consumer spending.
Financials were up one per cent as Royal Bank (TSX: RY.TO) jumped 18 cents to $43.54.
Roger Biduk writes:
On the downside, gold stocks fell 0.7 per cent as the December bullion delivery declined $9.30 to US$732.70.
George Weston Ltd. (TSX: WN.TO) - majority owner of Loblaw Cos. (TSX: L.TO) - reported flat third-quarter profits of $179 million, as sales increased 4.4 per cent from a year earlier to $10.61 billion. Shares in George Weston were down 48 cents to $62.40.
Shares in TransCanada Corp. (TSX: TRP.TO) dropped nearly five per cent after Monday's announcement of bought-deal issue of $1 billion in new shares to pay debt and fund capital projects including its Keystone Pipeline. Shares were down $1.68 to $32.85.
In other corporate news, Telus Corp. (TSX: T.TO), Canada's second-largest telecom operator, says it will invest $100 million over three years on a health technology division. Telus shares gained 54 cents to $38.52.
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Tuesday, November 18, 2008
Roger Biduk - Oil Sinks Bay Street
Roger Biduk writes;
The Toronto stock market ended Monday at its lowest level in three weeks after oil prices tumbled and banking giant Citigroup announced another round of devastating job cuts.
Toronto's S&P/TSX composite index fell 260.51 points to 8,795.45 - its lowest close since Oct. 27.
The TSX Venture Exchange closed down 15.82 to 785.79.
The Canadian dollar was at 81.75 cents US, up 0.15 of a cent.
The TSX financial group led losses down 3.8 per cent. Bank of Montreal (TSX: BMO.TO) fell 3.7 per cent, or $1.55, to $39.90.
The Toronto energy sector was down three per cent after the December crude contract ended the session at a 22-month low on circulating questions about energy demand.
Light sweet crude slid $2.11 to settle at US$55.49 a barrel on the New York Mercantile Exchange.
In downbeat Canadian financial and oilpatch news, the Fort Hills oilsands partners have put off an investment decision on the mine near Fort McMurray, Alta., likely until next year.
The partners - Petro-Canada (TSX: PCA.TO), Teck Cominco Ltd. (TSX: TCK-B.TO) and UTS Energy Corp. (TSX: UTS.TO) - indefinitely shelved a decision on the project's proposed upgrader near Edmonton. Teck Cominco stock was ahead 4.6 per cent, or 29 cents, to $6.64.
Roger Biduk writes:
The gold sector lost 3.6 per cent as the December bullion contract ended the day 50 cents lower to US$742 an ounce. Earlier in the session it had fallen as much as $12.90.
Stocks in Forsys Metals Corp. (TSX: FSY.TO) rose 29 per cent after the company said it has reached a takeover agreement worth nearly $600 million that will put it in the hands of a unit of privately held Africa-based Forrest Group.
Forsys is active in uranium development in Namibia, and the deal is worth $7 per share. Company shares climbed $1.36 to $6.
More Canadians backed out of their mutual fund investments last month than any other time on record, said the Investment Funds Institute of Canada.
In October there were $8.4 billion in net redemptions, and total industry assets ended the month 19.5 per cent below their year-ago level.
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The Toronto stock market ended Monday at its lowest level in three weeks after oil prices tumbled and banking giant Citigroup announced another round of devastating job cuts.
Toronto's S&P/TSX composite index fell 260.51 points to 8,795.45 - its lowest close since Oct. 27.
The TSX Venture Exchange closed down 15.82 to 785.79.
The Canadian dollar was at 81.75 cents US, up 0.15 of a cent.
The TSX financial group led losses down 3.8 per cent. Bank of Montreal (TSX: BMO.TO) fell 3.7 per cent, or $1.55, to $39.90.
The Toronto energy sector was down three per cent after the December crude contract ended the session at a 22-month low on circulating questions about energy demand.
Light sweet crude slid $2.11 to settle at US$55.49 a barrel on the New York Mercantile Exchange.
In downbeat Canadian financial and oilpatch news, the Fort Hills oilsands partners have put off an investment decision on the mine near Fort McMurray, Alta., likely until next year.
The partners - Petro-Canada (TSX: PCA.TO), Teck Cominco Ltd. (TSX: TCK-B.TO) and UTS Energy Corp. (TSX: UTS.TO) - indefinitely shelved a decision on the project's proposed upgrader near Edmonton. Teck Cominco stock was ahead 4.6 per cent, or 29 cents, to $6.64.
Roger Biduk writes:
The gold sector lost 3.6 per cent as the December bullion contract ended the day 50 cents lower to US$742 an ounce. Earlier in the session it had fallen as much as $12.90.
Stocks in Forsys Metals Corp. (TSX: FSY.TO) rose 29 per cent after the company said it has reached a takeover agreement worth nearly $600 million that will put it in the hands of a unit of privately held Africa-based Forrest Group.
Forsys is active in uranium development in Namibia, and the deal is worth $7 per share. Company shares climbed $1.36 to $6.
More Canadians backed out of their mutual fund investments last month than any other time on record, said the Investment Funds Institute of Canada.
In October there were $8.4 billion in net redemptions, and total industry assets ended the month 19.5 per cent below their year-ago level.
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Thursday, November 13, 2008
Roger Biduk - Big Gains in Final Hours on Bay Street
Roger Biduk writes:
North American markets ended Thursday with an enthusiastic surge in the final hours of trading as investors snapped up deals and tested whether the market has priced in its share of bad economic news.
Toronto's S&P/TSX composite index moved up nearly five per cent, or 430.21 points, to 9,352.78, nearly making up for its 500-point loss on Wednesday.
The TSX Venture Exchange slipped 8.91 to 813.59.
The Canadian dollar was at 82.54 cents US, up 1.73 cents. That only partly made up for a 2.77-cent drop on Wednesday.
Statistics Canada said that Canada's trade surplus declined to $4.5 billion in September from $5.6 billion in August, as exports declined and imports rose.
On the TSX, the gold sector led gains, ahead 12.4 per cent, as the December bullion contract closed down $13.30 to US$705 an ounce.
The energy sector increased seven per cent as the price of crude oil for December delivery rose $2.08 to end at $58.24 a barrel.
Harvest Energy Trust (TSX:HTE.UN) got a 15 per cent boost in its units - rising $1.70 to $12.70 - after reporting earnings of $295.8 million from $11.8 million a year ago. The company also said it's delaying a $2 billion expansion of its Newfoundland refinery until credit markets improve.
Loblaw Cos. Ltd. (TSX:L) reported a 32.5 per cent rise in third-quarter net income to $155 million, as sales grew 3.9 per cent. Its shares were up six per cent, or $1.66, to $28.60.
Nortel Networks Corp. (TSX:NT) stocks moved up 30 per cent, or 21 cents, to 30 cents after an RBC Capital markets analyst said bankruptcy "is a distinct possibility down the road," as he released a report that marked down the company's share-price target to zero.
Sino-Forest Corp. (TSX:TRE), one of China's largest lumber suppliers, posted an 18.6 per cent rise in net income to US$75.2 million from US$63.4 million. Shares in the company moved down 14 per cent, or $1.06, to $6.62.
And Lundin Mining Corp. (TSX:LUN) is suspending zinc production at two Portuguese mines, sending its stock up 14 per cent, or 22 cents, to $1.72.
Pan American Silver Corp. (TSX:PAA) shares were up $1.50 to $13.74 after the company said it's cutting 500 jobs, rolling back executive salaries by 10 per cent and reducing exploration and capital spending because of lower silver and zinc prices.
Uranium miner Denison Mines Corp. (TSX:DML) shares were up 25 per cent, or 33 cents, to $1.65, after reporting a small profit in the third quarter of US$332,000 over a net loss of $11.7 million last year.
Internet gambling software provider CryptoLogic Ltd. (TSX:CRY) says it lost US$5.9 million in the July-September period, down from a year-ago profit of $2.4 million. Shares dropped 30 per cent, or $1.74, to $4.
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North American markets ended Thursday with an enthusiastic surge in the final hours of trading as investors snapped up deals and tested whether the market has priced in its share of bad economic news.
Toronto's S&P/TSX composite index moved up nearly five per cent, or 430.21 points, to 9,352.78, nearly making up for its 500-point loss on Wednesday.
The TSX Venture Exchange slipped 8.91 to 813.59.
The Canadian dollar was at 82.54 cents US, up 1.73 cents. That only partly made up for a 2.77-cent drop on Wednesday.
Statistics Canada said that Canada's trade surplus declined to $4.5 billion in September from $5.6 billion in August, as exports declined and imports rose.
On the TSX, the gold sector led gains, ahead 12.4 per cent, as the December bullion contract closed down $13.30 to US$705 an ounce.
The energy sector increased seven per cent as the price of crude oil for December delivery rose $2.08 to end at $58.24 a barrel.
Harvest Energy Trust (TSX:HTE.UN) got a 15 per cent boost in its units - rising $1.70 to $12.70 - after reporting earnings of $295.8 million from $11.8 million a year ago. The company also said it's delaying a $2 billion expansion of its Newfoundland refinery until credit markets improve.
Loblaw Cos. Ltd. (TSX:L) reported a 32.5 per cent rise in third-quarter net income to $155 million, as sales grew 3.9 per cent. Its shares were up six per cent, or $1.66, to $28.60.
Nortel Networks Corp. (TSX:NT) stocks moved up 30 per cent, or 21 cents, to 30 cents after an RBC Capital markets analyst said bankruptcy "is a distinct possibility down the road," as he released a report that marked down the company's share-price target to zero.
Sino-Forest Corp. (TSX:TRE), one of China's largest lumber suppliers, posted an 18.6 per cent rise in net income to US$75.2 million from US$63.4 million. Shares in the company moved down 14 per cent, or $1.06, to $6.62.
And Lundin Mining Corp. (TSX:LUN) is suspending zinc production at two Portuguese mines, sending its stock up 14 per cent, or 22 cents, to $1.72.
Pan American Silver Corp. (TSX:PAA) shares were up $1.50 to $13.74 after the company said it's cutting 500 jobs, rolling back executive salaries by 10 per cent and reducing exploration and capital spending because of lower silver and zinc prices.
Uranium miner Denison Mines Corp. (TSX:DML) shares were up 25 per cent, or 33 cents, to $1.65, after reporting a small profit in the third quarter of US$332,000 over a net loss of $11.7 million last year.
Internet gambling software provider CryptoLogic Ltd. (TSX:CRY) says it lost US$5.9 million in the July-September period, down from a year-ago profit of $2.4 million. Shares dropped 30 per cent, or $1.74, to $4.
www.rogerbiduk.ca
www.rogerbiduk.blogspot.com
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