Roger Biduk writes:
The Toronto stock market ended the session with a solid gain thanks to a late day surge in energy and financial stocks while investors took in news that Teck Cominco Ltd. plans to cut 1,400 jobs worldwide.
Toronto's S&P/TSX composite index gained 100.26 points to 9,221.58 following a 351-point slide Wednesday that stopped a six-session winning streak in its tracks.
The TSX Venture Exchange added 11.15 points to 899.47 while the Canadian dollar moved up 1.31 cents to 84.85 cents US.
Teck Cominco shares (TSX:TCK.B) moved down 18 cents to $7.42 after it announced the job cuts to deal with the global slump in commodity prices. The company also says it will reduce coal production in 2009, due to declining global steel demand.
Canadian jobless data also come out Friday with the consensus calling for a drop of 22,000 jobs last month, although markets are braced for higher numbers.
The TSX energy sector was up 1.9 per cent as the February crude contract on the New York Mercantile Exchange declined 93 cents to US$41.70 a barrel.
PetroCanada (TSX:PCA) advanced $1.18 to $30.50 while Suncor Energy (TSX:SU) improved $1.65 to C$28.82.
Decliners included Horizons Betapro Nymex Natural Gas Bull Plus ETF (HNU) tanking by 8.32% to $4.85.
The base metals sector was mixed. Silver Wheaton (SLW) higher by 7.35% to $7.30, Timminco Ltd. (TIM) jumping 6.16% to $5.00, Agnico Eagle (AEM) up 6.11% to $59.53 and Sherritt Intl. (S) rising 5.31% to $3.97.
Decliners include Ivanhoe Mines (IVN.TO) sinking 6.67% to $3.78,
The financial sector added one per cent with Royal Bank (TSX:RY) ahead 60 cents to $37.70. Retail brokerage firm TD Ameritrade Holding Corp. said Thursday it will acquire Thinkorswim Group Inc. in a cash and stock deal worth US$606 million. TD Bank (TSX:TD) owns a 40 per cent stake in TD Ameritrade and its shares were up 79 cents to C$46.35.
Another bright spot was the gold sector, up 4.7 per cent as the February bullion contract on the Nymex rose $12.80 to US$854.50 an ounce and Barrick Gold Corp. (TSX:ABX) ran ahead 4.98% to $39.20. Shares in Goldcorp Inc. (TSX:G) were ahead 59 cents to C$33.59 after the company said fourth-quarter gold production hit a record 692,000 ounces while 2008 production came in above 2.3-million-ounce forecast. It added that its 2009 production target is unchanged at 2.3 million ounces while spending is expected at about $1.4 billion in 2009.
Other gainers included Eldorado Gold (ELD) soaring 10.04% to $8.99, Horizons BetaPro S&P TSX Global Gold Bull Plus (HGU) jumping 7.83% to $10.60, Kindross Gold (K) up 6.36% to $21.57, Yamana Gold (YRI) higher by 5.99% to $8.49. and Barrick Gold (ABX) up by 4.98% to $39.20.
Decliners included Horizons BetaPro S&P TSX Global Gold Bear Plus (HGD) dropping 8.64% TO $12.59.
Elsewhere on the TSX, drugstore chain Jean Coutu Group Inc. (TSX:PJC.A) reported a loss of $399.2 million for the third quarter of fiscal 2009, reversing year-earlier profits of $9.5 million. A change in Jean Coutu's financial year-end means the company's third-quarter results are being compared with those reported during the second quarter of 2008. It shares were down 18 cents at $7.52 Health Sciences firm MDS Inc. (TSX:MDS) says an expected fourth-quarter writedown on goodwill at its MDS Pharma Services division amounts to $320 million, within a range the company had earlier predicted. In revisions to unaudited financial results released last month, MDS says the charge would increase its fourth-quarter loss two US$575 million, revised from an unaudited $255 million loss reported in December and down sharply from year-earlier profits of $15 million or 13 cents per share. Its shares climbed 27 cents to $7.94.
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Thursday, January 8, 2009
Tuesday, January 6, 2009
Roger Biduk; Six in a Row for Bay Street
Roger Biduk writes;
The strong start to 2009 trading continued Tuesday as financials and commodity stocks led the way to a positive close for a sixth consecutive session.
Toronto's S&P/TSX composite index finished the day up 186.58 points or two per cent to 9,472.09. All sectors were higher save for the consumer and telecom groups.
The CDN$ moved up 0.52 cent to 84.55 cents US after higher oil helped boost the loonie up about one and three-quarters cents Monday.
The TSX Venture Exchange climbed 38.62 points to 913.11.
The Toronto market is up about five per cent so far this year, as investors hope that a bottom is within sight and the second half of the year will see a lessening of pressure on global economies.
The TSX energy sector has been a star performer, up more than 11 per cent since Dec. 31, including a 1.25 per cent rise Tuesday.
Crude oil has surged 25 per cent in the past week amid signs OPEC is implementing production cuts and Israel's offensive in Gaza keeps tensions high in the Middle East.
The February crude contract on the New York Mercantile Exchange backed off after rising as high as US$50.47 and closed down 23 cents at US$48.58.
TSX energy sector winners included Suncor Energy Inc. (TSX:SU) ahead $1.62 to $29.02. But sector leader EnCana Corp. (TSX:ECA) lost early momentum to move down $1.56 to $60.86. Talisman Energy (TLM.TO) up 2.89% to $13.53. Tethys Petroleum (TPL) soared 45.45% to $.80. Fairborne Energy trust (FEL.TO) jumped 6.92% to $7.11. Provident Energy Trust (PVE.TO) higher by 6.81 % to $6.43. Orleans Energy (OEX.TO) soaring 20.51% to $2.35.
Roger Biduk writes:
The financial sector was 3.45 per cent higher with Bank of Montreal (TSX:BMO) ahead $2.13 to $34.66. Shares in Royal Bank of Canada (TSX:RY) climbed 83 cents to $38.04 after it said it is issuing $200 million worth of preferred shares paying 6.25 per cent. Fairfax Financial Holdings Limited (TSX:FFH) shares added $20.86 to $383.89 after it raised its annual dividend to US$8 per share from $5.
Financial gainers included Manulife Financial (MFC.TO) jumping 6.02% to $24.11. CIBC (CM) up 5.09% to $55.11. Brookfield Asset Mgmt. (BAM.A.TO) soaring 8.41% to $21.01. Canadian Western Bank (CWB.TO) higher by 7.02% to $13.98. National Bank (NA.TO) up 5.75% to $34.00.
Financial losers included Horizons BetaPro S&P TSX Capped Financials Bear Plus ETF (HFD.TO) tanked 6.80% to $28.90. Sprott (SII) dropped 5.39% to $4.21.
The base-metals sector ran ahead 10 per cent as the March copper contract in New York rose 8.3 per cent to US$1.58 a pound. Sherritt International (TSX:S) was ahead 46 cents to $4.45 and FNX Mining (TSX:FNX) up 79 cents to $4.69. The sector, down 68 per cent during 2008, has surged 38 per cent in the first trading days of the year.
Sectors gainers included Platinum Group Metals (PTM.TO) soaring 26.29% to $2.69. Ivanhoe Mines (IVN.TO) jumped 18.09% to $4.70. First Quantum Minerals (FM.TO) higher by 17.74% to $24.01. Equinox Minerals (EQN.TO) up 16.06% to $2.00. Inmet Mining (INM.TO) up 16.71% to $28.99.
The telecom sector was the major decliner on the TSX as shares in Rogers Communications Inc. (TSX:RCI) were down $2.19 to $35 after the company said Apple's iPhone helped boost the number of new wireless subscribers to 199,000 in the fourth quarter of 2008.
Gainers in the tech & telecom sector include Research in Motion (RIM.TO) jumping 6.56% to $55.20. Absolute Software (ABT) soaring 14.67% to $4.69. Matrikon (MTK) higher by 22.73% to $2.70.
Decliners included Aastra (AAH) down 5.19% to $11.14.
The gold sector moved into positive territory, up two per cent as the February bullion contract on the Nymex closed up $8.20 to US$866. Goldcorp Inc. (TSX:G) added 42 cents to $35.14.
Gainers in the sector included Moto Goldmines (MGL.TO) soaring 25.45% to $2.07. Novagold jumped $13.36 to $2.46. Sherritt (S.TO) higher by 11.53% to $4.45.
Losers included Detour Gold (DGC.TO) dropping 5.55% to $8.00.
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The strong start to 2009 trading continued Tuesday as financials and commodity stocks led the way to a positive close for a sixth consecutive session.
Toronto's S&P/TSX composite index finished the day up 186.58 points or two per cent to 9,472.09. All sectors were higher save for the consumer and telecom groups.
The CDN$ moved up 0.52 cent to 84.55 cents US after higher oil helped boost the loonie up about one and three-quarters cents Monday.
The TSX Venture Exchange climbed 38.62 points to 913.11.
The Toronto market is up about five per cent so far this year, as investors hope that a bottom is within sight and the second half of the year will see a lessening of pressure on global economies.
The TSX energy sector has been a star performer, up more than 11 per cent since Dec. 31, including a 1.25 per cent rise Tuesday.
Crude oil has surged 25 per cent in the past week amid signs OPEC is implementing production cuts and Israel's offensive in Gaza keeps tensions high in the Middle East.
The February crude contract on the New York Mercantile Exchange backed off after rising as high as US$50.47 and closed down 23 cents at US$48.58.
TSX energy sector winners included Suncor Energy Inc. (TSX:SU) ahead $1.62 to $29.02. But sector leader EnCana Corp. (TSX:ECA) lost early momentum to move down $1.56 to $60.86. Talisman Energy (TLM.TO) up 2.89% to $13.53. Tethys Petroleum (TPL) soared 45.45% to $.80. Fairborne Energy trust (FEL.TO) jumped 6.92% to $7.11. Provident Energy Trust (PVE.TO) higher by 6.81 % to $6.43. Orleans Energy (OEX.TO) soaring 20.51% to $2.35.
Roger Biduk writes:
The financial sector was 3.45 per cent higher with Bank of Montreal (TSX:BMO) ahead $2.13 to $34.66. Shares in Royal Bank of Canada (TSX:RY) climbed 83 cents to $38.04 after it said it is issuing $200 million worth of preferred shares paying 6.25 per cent. Fairfax Financial Holdings Limited (TSX:FFH) shares added $20.86 to $383.89 after it raised its annual dividend to US$8 per share from $5.
Financial gainers included Manulife Financial (MFC.TO) jumping 6.02% to $24.11. CIBC (CM) up 5.09% to $55.11. Brookfield Asset Mgmt. (BAM.A.TO) soaring 8.41% to $21.01. Canadian Western Bank (CWB.TO) higher by 7.02% to $13.98. National Bank (NA.TO) up 5.75% to $34.00.
Financial losers included Horizons BetaPro S&P TSX Capped Financials Bear Plus ETF (HFD.TO) tanked 6.80% to $28.90. Sprott (SII) dropped 5.39% to $4.21.
The base-metals sector ran ahead 10 per cent as the March copper contract in New York rose 8.3 per cent to US$1.58 a pound. Sherritt International (TSX:S) was ahead 46 cents to $4.45 and FNX Mining (TSX:FNX) up 79 cents to $4.69. The sector, down 68 per cent during 2008, has surged 38 per cent in the first trading days of the year.
Sectors gainers included Platinum Group Metals (PTM.TO) soaring 26.29% to $2.69. Ivanhoe Mines (IVN.TO) jumped 18.09% to $4.70. First Quantum Minerals (FM.TO) higher by 17.74% to $24.01. Equinox Minerals (EQN.TO) up 16.06% to $2.00. Inmet Mining (INM.TO) up 16.71% to $28.99.
The telecom sector was the major decliner on the TSX as shares in Rogers Communications Inc. (TSX:RCI) were down $2.19 to $35 after the company said Apple's iPhone helped boost the number of new wireless subscribers to 199,000 in the fourth quarter of 2008.
Gainers in the tech & telecom sector include Research in Motion (RIM.TO) jumping 6.56% to $55.20. Absolute Software (ABT) soaring 14.67% to $4.69. Matrikon (MTK) higher by 22.73% to $2.70.
Decliners included Aastra (AAH) down 5.19% to $11.14.
The gold sector moved into positive territory, up two per cent as the February bullion contract on the Nymex closed up $8.20 to US$866. Goldcorp Inc. (TSX:G) added 42 cents to $35.14.
Gainers in the sector included Moto Goldmines (MGL.TO) soaring 25.45% to $2.07. Novagold jumped $13.36 to $2.46. Sherritt (S.TO) higher by 11.53% to $4.45.
Losers included Detour Gold (DGC.TO) dropping 5.55% to $8.00.
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Roger Biduk; Bay Street Higher at Midday
Roger Biduk writes:
Investors snapped up beaten down shares in the commodity and financial sectors late in the morning, sending the Toronto stock market higher for a sixth session.
Toronto's S&P/TSX composite index was also off early levels but was still ahead 52.36 points to 9,337.87.
The CDN$ moved up 0.77 cent to 84.8 cents US after higher oil helped boost the loonie up about one and three-quarters cents Monday.
The TSX Venture Exchange climbed 11.1 points to 885.59.
The TSX energy sector has been a star performer in early 2009, already up more than seven per cent since Dec. 31 and was up another 1.25 per cent Tuesday morning.
Crude oil has surged 25 per cent in the past week amid signs OPEC is implementing production cuts while Israel's offensive in Gaza keeps tensions high in the oil-rich Middle East.
But the February crude contract on the New York Mercantile Exchange backed off late in the morning after rising as high as US$50.47, down 77 cents to US$49.82.
TSX energy sector winners included Suncor Energy Inc. (TSX: SU.TO) ahead $1.27 to $28.67. But sector leader EnCana Corp. (TSX: ECA.TO) lost early momentum to move down 95 cents to $61.47.
In Canadian economic news, the prices of products leaving the factory gate dropped by a record amount in November, along with the cost of raw materials, as oil prices plummeted. Statistics Canada said the November industrial product price index fell 2.6 per cent and the raw materials price index dropped 13.4 per cent.
The base-metals sector ran ahead 4.5 per cent with Sherritt International (TSX: S.TO) ahead 43 cents to $4.42 and FNX Mining (TSX: FNX.TO) up 49 cents to $4.39 while Teck Cominco Ltd. (TSX: TCK-B.TO) shed 32 cents to $7.88.
The financial sector edged up 1.5 per cent with Bank of Montreal (TSX: BMO.TO) ahead 69 cents to $33.32. Shares in Royal Bank of Canada (TSX:RY, NYSE:RY) climbed 29 cents to $37.50 after it said it is issuing $200 million worth of preferred shares paying 6.25 per cent. Toronto-Dominion Bank (TSX: TD.TO) Monday announced it was issuing preferred shares to raise $225 million. Fairfax Financial Holdings Limited (TSX: FFH.TO) shares added $1.69 to $364.72 after it raised its annual dividend to US$8 per share from $5.
Roger Biduk writes:
The telecom sector was the major decliner on the TSX as shares in Rogers Communications Inc. (TSX: RCI.TO) were down $2.25 to $34.94 after the company said Apple's iPhone helped boost the number of new wireless subscribers to 199,000 in the fourth quarter of 2008.
The gold sector is also a drag, down 1.4 per cent as the February bullion contract on the Nymex gave back $11.60 to US$846.20. Barrick Gold Corp. (TSX: ABX.TO) declined $1.30 to $39.48.
Dow Chemical Co. said it will pursue legal action against a state-owned Kuwaiti company that pulled out of a joint venture last week. Dow had expected to get more than $7 billion in cash from the transaction with Petrochemical Industries Co., some of which would have helped pay off its $15.3 billion buyout of Philadelphia-based Rohm & Haas Co.
In Asian trading, Japan's Nikkei stock average rose 0.4 per cent while Hong Kong's Hang Seng index dipped 0.4 per cent. Britain's FTSE 100 and Germany's DAX index rose 0.8 per cent, and France's CAC-40 rose 0.43 per cent.
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Investors snapped up beaten down shares in the commodity and financial sectors late in the morning, sending the Toronto stock market higher for a sixth session.
Toronto's S&P/TSX composite index was also off early levels but was still ahead 52.36 points to 9,337.87.
The CDN$ moved up 0.77 cent to 84.8 cents US after higher oil helped boost the loonie up about one and three-quarters cents Monday.
The TSX Venture Exchange climbed 11.1 points to 885.59.
The TSX energy sector has been a star performer in early 2009, already up more than seven per cent since Dec. 31 and was up another 1.25 per cent Tuesday morning.
Crude oil has surged 25 per cent in the past week amid signs OPEC is implementing production cuts while Israel's offensive in Gaza keeps tensions high in the oil-rich Middle East.
But the February crude contract on the New York Mercantile Exchange backed off late in the morning after rising as high as US$50.47, down 77 cents to US$49.82.
TSX energy sector winners included Suncor Energy Inc. (TSX: SU.TO) ahead $1.27 to $28.67. But sector leader EnCana Corp. (TSX: ECA.TO) lost early momentum to move down 95 cents to $61.47.
In Canadian economic news, the prices of products leaving the factory gate dropped by a record amount in November, along with the cost of raw materials, as oil prices plummeted. Statistics Canada said the November industrial product price index fell 2.6 per cent and the raw materials price index dropped 13.4 per cent.
The base-metals sector ran ahead 4.5 per cent with Sherritt International (TSX: S.TO) ahead 43 cents to $4.42 and FNX Mining (TSX: FNX.TO) up 49 cents to $4.39 while Teck Cominco Ltd. (TSX: TCK-B.TO) shed 32 cents to $7.88.
The financial sector edged up 1.5 per cent with Bank of Montreal (TSX: BMO.TO) ahead 69 cents to $33.32. Shares in Royal Bank of Canada (TSX:RY, NYSE:RY) climbed 29 cents to $37.50 after it said it is issuing $200 million worth of preferred shares paying 6.25 per cent. Toronto-Dominion Bank (TSX: TD.TO) Monday announced it was issuing preferred shares to raise $225 million. Fairfax Financial Holdings Limited (TSX: FFH.TO) shares added $1.69 to $364.72 after it raised its annual dividend to US$8 per share from $5.
Roger Biduk writes:
The telecom sector was the major decliner on the TSX as shares in Rogers Communications Inc. (TSX: RCI.TO) were down $2.25 to $34.94 after the company said Apple's iPhone helped boost the number of new wireless subscribers to 199,000 in the fourth quarter of 2008.
The gold sector is also a drag, down 1.4 per cent as the February bullion contract on the Nymex gave back $11.60 to US$846.20. Barrick Gold Corp. (TSX: ABX.TO) declined $1.30 to $39.48.
Dow Chemical Co. said it will pursue legal action against a state-owned Kuwaiti company that pulled out of a joint venture last week. Dow had expected to get more than $7 billion in cash from the transaction with Petrochemical Industries Co., some of which would have helped pay off its $15.3 billion buyout of Philadelphia-based Rohm & Haas Co.
In Asian trading, Japan's Nikkei stock average rose 0.4 per cent while Hong Kong's Hang Seng index dipped 0.4 per cent. Britain's FTSE 100 and Germany's DAX index rose 0.8 per cent, and France's CAC-40 rose 0.43 per cent.
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Saturday, January 3, 2009
Roger Biduk ; Soaring Base-Metal Sector Sends Bay Street Higher
Roger Biduk writes:
Investors feeling more optimistic about 2009 snapped up stocks in some of the worst performing sectors and sent the Toronto stock market sharply higher on the first day of trading in the new year.
Toronto's S&P/TSX composite index was up 246.41 points to 9,234.11 with all sectors positive save gold and consumer staples stocks, gaining 923.56 points or 11 per cent this week.
The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931.
The TSX Venture Exchange added 49.67 points to 846.69.
The CDN$ edged up 0.16 of a cent to 82.26 cents US.
The battered TSX base-metals sector, down 68 per cent last year, was up almost 16 per cent as the March copper contract ran up 4.7 per cent to US$1.461 a pound after the metal plunged 54 per cent last year. Teck Cominco Ltd. (TSX:TCK.B) rose $1 to $7.02 and FNX Mining (TSX:FNX) surged 91 cents or 30 per cent to $3.95.
The energy sector was up 6.25 cent as the February crude contract in New York gained $1.74 to US$46.34 a barrel. Petro-Canada (TSX:PCA) rose $2.38 to $29.10 and EnCana Corp. (TSX:ECA) gained $2.79 to $59.75.
Oil surged more than $5 a barrel Wednesday after Russia threatened to cut off natural gas supplies to Ukraine. Russia followed through with that threat Thursday, though both countries pledged to keep supplies flowing to the rest of Europe.
The Toronto financial sector, down 38.5 per cent in 2008, was ahead 1.4 per cent with Royal Bank (TSX:RY) up 85 cents to $36.95 while Bank of Montreal (TSX:BMO) headed 90 cents higher to $32.15.
The consumer staples sector was down 0.7 per cent as Shoppers Drug Mart (TSX:SC) gave back $1.55 to $46.50.
The gold sector was weak, down two per cent as the February bullion contract in New York faded $4.80 to US$879.50 an ounce.
NovaGold Resources Inc. (TSX:NG) shares ran up 13 cents to $1.90 after Electrum Strategic Resources LLC of New York bought a 30 per cent stake in the Vancouver-based company for US$60 million. High River Gold Mines Ltd. (TSX:HRG) shares retreated three cents or 19.7 per cent to 34.5 cents is looking to float more equity or debt while reporting a cash shortfall amid ongoing production troubles in Africa and Russia.
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Investors feeling more optimistic about 2009 snapped up stocks in some of the worst performing sectors and sent the Toronto stock market sharply higher on the first day of trading in the new year.
Toronto's S&P/TSX composite index was up 246.41 points to 9,234.11 with all sectors positive save gold and consumer staples stocks, gaining 923.56 points or 11 per cent this week.
The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931.
The TSX Venture Exchange added 49.67 points to 846.69.
The CDN$ edged up 0.16 of a cent to 82.26 cents US.
The battered TSX base-metals sector, down 68 per cent last year, was up almost 16 per cent as the March copper contract ran up 4.7 per cent to US$1.461 a pound after the metal plunged 54 per cent last year. Teck Cominco Ltd. (TSX:TCK.B) rose $1 to $7.02 and FNX Mining (TSX:FNX) surged 91 cents or 30 per cent to $3.95.
The energy sector was up 6.25 cent as the February crude contract in New York gained $1.74 to US$46.34 a barrel. Petro-Canada (TSX:PCA) rose $2.38 to $29.10 and EnCana Corp. (TSX:ECA) gained $2.79 to $59.75.
Oil surged more than $5 a barrel Wednesday after Russia threatened to cut off natural gas supplies to Ukraine. Russia followed through with that threat Thursday, though both countries pledged to keep supplies flowing to the rest of Europe.
The Toronto financial sector, down 38.5 per cent in 2008, was ahead 1.4 per cent with Royal Bank (TSX:RY) up 85 cents to $36.95 while Bank of Montreal (TSX:BMO) headed 90 cents higher to $32.15.
The consumer staples sector was down 0.7 per cent as Shoppers Drug Mart (TSX:SC) gave back $1.55 to $46.50.
The gold sector was weak, down two per cent as the February bullion contract in New York faded $4.80 to US$879.50 an ounce.
NovaGold Resources Inc. (TSX:NG) shares ran up 13 cents to $1.90 after Electrum Strategic Resources LLC of New York bought a 30 per cent stake in the Vancouver-based company for US$60 million. High River Gold Mines Ltd. (TSX:HRG) shares retreated three cents or 19.7 per cent to 34.5 cents is looking to float more equity or debt while reporting a cash shortfall amid ongoing production troubles in Africa and Russia.
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Friday, January 2, 2009
Roger Biduk; TSX Higher at Midday Led by Base-Metals
Roger Biduk writes:
Bullish traders are kicking off 2009 trading by pushing the Toronto stock market sharply higher.
Toronto's S&P/TSX composite index was held aloft by a strong triple-digit gain for a fourth session, up 134.04 points to 9,121.74, and held back by declines in financial and consumer staples stocks.
The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931.
The TSX Venture Exchange added 18.02 points to 815.04. The CDN$ edged up a tenth of a cent to 82.2 cents US.
The battered TSX base-metals sector, down 68 per cent last year, was up more than 11 per cent in late morning trading. Teck Cominco Ltd. (TSX: TCK.B.TO) rose 81 cents to $6.83 and FNX Mining (TSX: FNX.TO) surged 81 cents or 27 per cent to $3.85.
The Toronto financial sector, down 38.5 per cent in '08, was down a slight 0.35 per cent with Scotiabank (TSX: BNS.TO) down 35 cents to $32.96 and Manulife Financial (TSX: MFC.TO) down 39 cents to $20.41.
The energy sector was up almost four cent as the February crude contract in New York gained 36 cents to US$44.96 a barrel. Petro-Canada (TSX: PCA.TO) rose $1.80 to $28.52 and EnCana Corp. (TSX: ECA.TO) gained $1.97 to $58.93.
Oil surged more than $5 a barrel Wednesday after Russia threatened to cut off natural gas supplies to Ukraine. Russia followed through with that threat Thursday, though both countries pledged to keep supplies flowing to the rest of Europe.
The consumer staples sector was down almost one per cent as Shoppers Drug Mart (TSX: SC.TO) gave back $1.25 to $46.80.
NovaGold Resources Inc. (TSX: NG.TO) shares ran up 20 cents to $1.97 after Electrum Strategic Resources LLC of New York bought a 30 per cent stake in the Vancouver-based company for US$60 million.
High River Gold Mines Ltd. (TSX: HRG.TO) shares retreated 3.5 cents or 24 per cent to 11 cents is looking to float more equity or debt while reporting a cash shortfall amid ongoing production troubles in Africa and Russia.
In Asia, Hong Kong's Hang Seng index vaulted 4.6 per cent. Markets in Japan, mainland China, Taiwan, Indonesia, the Philippines and New Zealand were closed.
Britain's FTSE 100 was up 2.23 per cent, Germany's DAX index was up 3.1 per cent, and France's CAC-40 rose 3.35 per cent.
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Bullish traders are kicking off 2009 trading by pushing the Toronto stock market sharply higher.
Toronto's S&P/TSX composite index was held aloft by a strong triple-digit gain for a fourth session, up 134.04 points to 9,121.74, and held back by declines in financial and consumer staples stocks.
The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931.
The TSX Venture Exchange added 18.02 points to 815.04. The CDN$ edged up a tenth of a cent to 82.2 cents US.
The battered TSX base-metals sector, down 68 per cent last year, was up more than 11 per cent in late morning trading. Teck Cominco Ltd. (TSX: TCK.B.TO) rose 81 cents to $6.83 and FNX Mining (TSX: FNX.TO) surged 81 cents or 27 per cent to $3.85.
The Toronto financial sector, down 38.5 per cent in '08, was down a slight 0.35 per cent with Scotiabank (TSX: BNS.TO) down 35 cents to $32.96 and Manulife Financial (TSX: MFC.TO) down 39 cents to $20.41.
The energy sector was up almost four cent as the February crude contract in New York gained 36 cents to US$44.96 a barrel. Petro-Canada (TSX: PCA.TO) rose $1.80 to $28.52 and EnCana Corp. (TSX: ECA.TO) gained $1.97 to $58.93.
Oil surged more than $5 a barrel Wednesday after Russia threatened to cut off natural gas supplies to Ukraine. Russia followed through with that threat Thursday, though both countries pledged to keep supplies flowing to the rest of Europe.
The consumer staples sector was down almost one per cent as Shoppers Drug Mart (TSX: SC.TO) gave back $1.25 to $46.80.
NovaGold Resources Inc. (TSX: NG.TO) shares ran up 20 cents to $1.97 after Electrum Strategic Resources LLC of New York bought a 30 per cent stake in the Vancouver-based company for US$60 million.
High River Gold Mines Ltd. (TSX: HRG.TO) shares retreated 3.5 cents or 24 per cent to 11 cents is looking to float more equity or debt while reporting a cash shortfall amid ongoing production troubles in Africa and Russia.
In Asia, Hong Kong's Hang Seng index vaulted 4.6 per cent. Markets in Japan, mainland China, Taiwan, Indonesia, the Philippines and New Zealand were closed.
Britain's FTSE 100 was up 2.23 per cent, Germany's DAX index was up 3.1 per cent, and France's CAC-40 rose 3.35 per cent.
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rbiduk@union-securities.com
Thursday, January 1, 2009
Roger Biduk; Bay Street Higher on Financials & Energy to Finish Brutal Year
Roger Biduk writes:
The Toronto stock market ended a horrible 2008 trading year down a stunning 35 per cent - but ended the last session of the year with a strong, triple-digit advance led across all sectors, led by gains in financials and energy, the two biggest sectoral decliners of the year.
Toronto's S&P/TSX composite index closed up 156.98 points in thin volume to 8,987.7, its third consecutive triple-digit drive that added to a gain of points or per cent.
Those broad advances helped reduce losses from a miserable year that saw the TSX above 15,000 at midyear before the financial crisis sent the main index down as low as 7,724 near the end of last month. It comes close to the worst calendar year on the Toronto market in records dating to 1920 - vying with 1931 when the market plunged 37.15 per cent.
The TSX Venture Exchange was ahead 23.96 points to 797.02 after starting the year at 2,839.66.
The CDN$ closed up a fifth of a US cent to 82.1 cents, capping a year when the loonie retreated 18.7 per cent for the year as the slowing economy and collapsing commodity prices dragged it down from just above parity with the U.S. dollar at the start of 2008.
The TSX financial sector, down about 38 per cent as banks wrote off billions of dollars related to the U.S. housing sector, was ahead two per cent on the year's final day. TD Bank (TSX:TD), down 40 per cent this year, rose 95 cents to $43.45 as the bank dealt with a computer glitch that caused outages of its customer banking and investor services across the country. The problem was fixed by later afternoon.
CIBC (TSX:CM), which had the dubious distinction of racking up the greatest amount of writedowns during 2008, climbed $1.34 to $51.09. The stock is down 35 per cent from where it started the year - but the stock hit a low of $39.52 Nov. 21.
The Toronto energy sector was up 1.7 per cent.
The February crude contract in New York surged $5.57 or 14 per cent to US$44.60 a barrel, a far cry from July's record high of US$147 a barrel, taking the TSX energy sector down 38 per cent for the year. Prices had earlier slipped as worries about global demand trumped rising tensions in the Middle East resulting from continuing Israeli air strikes in Gaza.
Prices rose in thin trading after the government reported that U.S. refineries ran at 82.5 per cent of total capacity on average for the week ended Friday, a drop of 2.2 per cent from the prior week and below analysts' expectations that it would remain flat.
Shares in sector heavyweight EnCana Corp. were up 55 cents to $56.96, down from a 52-week high of $97.81. Oilexco Inc. (TSX:OIL) plunged 68 per cent to 28.5 cents after it said its British North Sea subsidiary is insolvent.
Roger biduk writes:
The other major loser is the base metals sector, down a staggering 68 per cent. Sector leader Teck Cominco Ltd. (TSX:TCK.B) closed up two cents to $6.02 after starting the year at $52.90.
The February bullion contract moved up $14.30 to US$884.30, about US$46 higher than where bullion started the year. The gold sector itself is flat for the year. It was up per cent Wednesday with Goldcorp Inc. (TSX:G) ahead $1.10 to $38.39.
The telecom sector was ahead 1.75 per cent Wednesday with BCE Inc. (TSX:BCE) up 99 cents to $25.13, down 38 per cent from its 52-week high attained when it looked like the $52 billion purchase of the telecom by a group led by the Ontario Teachers Pension Plan was still a go.
Shares in Research in Motion Ltd. (TSX:RIM) were up $2.10 to $49.50 after it extended its offer to buy Toronto-based Certicom Corp. (TSX:CIC) by 12 days. The BlackBerry maker's stock has plunged 67 per cent since its most recent 52-week high, which in turn helped take the information technology sector down about 50 per cent for the year.
Damage on the TSX was widespread covering all sectors except gold. There was surprise that victims included sectors that are normally considered good defensive plays.
But the consumer staples sector fell 8.3 per cent while the utilities sector gave back 24 per cent.
In other corporate news, shares in Labopharm Inc. (TSX:DDS) soared 63 cents or 38.65 per cent to $2.26 after the U.S. Food and Drug Administration approved Ryzolt, the Montreal-area company's once-daily formulation of painkiller Tramadol.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
The Toronto stock market ended a horrible 2008 trading year down a stunning 35 per cent - but ended the last session of the year with a strong, triple-digit advance led across all sectors, led by gains in financials and energy, the two biggest sectoral decliners of the year.
Toronto's S&P/TSX composite index closed up 156.98 points in thin volume to 8,987.7, its third consecutive triple-digit drive that added to a gain of points or per cent.
Those broad advances helped reduce losses from a miserable year that saw the TSX above 15,000 at midyear before the financial crisis sent the main index down as low as 7,724 near the end of last month. It comes close to the worst calendar year on the Toronto market in records dating to 1920 - vying with 1931 when the market plunged 37.15 per cent.
The TSX Venture Exchange was ahead 23.96 points to 797.02 after starting the year at 2,839.66.
The CDN$ closed up a fifth of a US cent to 82.1 cents, capping a year when the loonie retreated 18.7 per cent for the year as the slowing economy and collapsing commodity prices dragged it down from just above parity with the U.S. dollar at the start of 2008.
The TSX financial sector, down about 38 per cent as banks wrote off billions of dollars related to the U.S. housing sector, was ahead two per cent on the year's final day. TD Bank (TSX:TD), down 40 per cent this year, rose 95 cents to $43.45 as the bank dealt with a computer glitch that caused outages of its customer banking and investor services across the country. The problem was fixed by later afternoon.
CIBC (TSX:CM), which had the dubious distinction of racking up the greatest amount of writedowns during 2008, climbed $1.34 to $51.09. The stock is down 35 per cent from where it started the year - but the stock hit a low of $39.52 Nov. 21.
The Toronto energy sector was up 1.7 per cent.
The February crude contract in New York surged $5.57 or 14 per cent to US$44.60 a barrel, a far cry from July's record high of US$147 a barrel, taking the TSX energy sector down 38 per cent for the year. Prices had earlier slipped as worries about global demand trumped rising tensions in the Middle East resulting from continuing Israeli air strikes in Gaza.
Prices rose in thin trading after the government reported that U.S. refineries ran at 82.5 per cent of total capacity on average for the week ended Friday, a drop of 2.2 per cent from the prior week and below analysts' expectations that it would remain flat.
Shares in sector heavyweight EnCana Corp. were up 55 cents to $56.96, down from a 52-week high of $97.81. Oilexco Inc. (TSX:OIL) plunged 68 per cent to 28.5 cents after it said its British North Sea subsidiary is insolvent.
Roger biduk writes:
The other major loser is the base metals sector, down a staggering 68 per cent. Sector leader Teck Cominco Ltd. (TSX:TCK.B) closed up two cents to $6.02 after starting the year at $52.90.
The February bullion contract moved up $14.30 to US$884.30, about US$46 higher than where bullion started the year. The gold sector itself is flat for the year. It was up per cent Wednesday with Goldcorp Inc. (TSX:G) ahead $1.10 to $38.39.
The telecom sector was ahead 1.75 per cent Wednesday with BCE Inc. (TSX:BCE) up 99 cents to $25.13, down 38 per cent from its 52-week high attained when it looked like the $52 billion purchase of the telecom by a group led by the Ontario Teachers Pension Plan was still a go.
Shares in Research in Motion Ltd. (TSX:RIM) were up $2.10 to $49.50 after it extended its offer to buy Toronto-based Certicom Corp. (TSX:CIC) by 12 days. The BlackBerry maker's stock has plunged 67 per cent since its most recent 52-week high, which in turn helped take the information technology sector down about 50 per cent for the year.
Damage on the TSX was widespread covering all sectors except gold. There was surprise that victims included sectors that are normally considered good defensive plays.
But the consumer staples sector fell 8.3 per cent while the utilities sector gave back 24 per cent.
In other corporate news, shares in Labopharm Inc. (TSX:DDS) soared 63 cents or 38.65 per cent to $2.26 after the U.S. Food and Drug Administration approved Ryzolt, the Montreal-area company's once-daily formulation of painkiller Tramadol.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Monday, December 22, 2008
Bay Street Lower on Oil & Metals
Roger Biduk writes:
Another wave of bad economic sentiment wore through the Toronto stock market Monday as oil prices fell and Japanese auto giant Toyota Motor Corp. projected its first-ever full-year operating loss.
Toronto's S&P/TSX composite index fell 302.47 points to 8,249.53, and the Canadian dollar moved higher at 82.03 cents US, up 0.26 of a cent.
The TSX Venture Exchange was down 7.02 points to 692.02.
The energy sector lost six per cent as the light, sweet crude contract fell $2.45 to US$39.91 a barrel on the New York Mercantile Exchange.
Observers suggest slowing oil demand in China and Japan will cause the Organization of Petroleum Exporting Countries to further cut production. Last week, OPEC cut production to 2.2 million barrels a day.
Toyota provided more evidence of companies' struggles amid a sharp drop around the world in demand for products of all kinds.
The Japanese automaker slashed its earnings forecast for a second time, warning that it now expects to report its first-ever operating loss for the fiscal year through March. While Toyota doesn't directly trade on the Canadian stock market, the company's weakness is worrying Canadian investors already concerned about the fate of the so-called Detroit Three carmakers - GM, Ford and Chrysler - and the long-term health of the global auto sector.
Auto jobs are key to the success of Canada's manufacturing economy centred in Ontario and Quebec.
Toyota's latest comment also adds further pressure to Canadian companies like autoparts maker Magna International (TSX:MG.A) which supplies manufacturers around the globe. Magna stock was nearly four per cent lower, down $2.73 to $33.51.
Roger Biduk writes:
On the TSX, diversified metals stocks were the main decliner, dropping 7.7 per cent, as Teck Cominco Ltd. (TSX:TCK.B) fell 66 cents to $5.15.
The gold sector was down 4.4 per cent as the February bullion contract rose $9.80 to $847.20.
Also facing Canadian investors were the lowest consumer confidence levels in more than a quarter century. The Conference Board of Canada says confidence fell for its third consecutive month and dropped the index 3.3 points to 67.7, lower than during the 1991 recession and the lowest since 1982.
Information technology stocks were 2.8 per cent lower as Research in Motion (TSX:RIM) dukes it out with Certicom Corp. (TSX:CIC) over a takeover bid which Certicom is trying to block. RIM shares lost $3.29 to C$50.03, while Certicom rose eight cents to $1.80 - well above RIM's offer price of $1.50 per share.
AbitibiBowater Inc. (TSX:ABH) shares gained 13 cents, or 24.5 per cent, to 66 cents after the company said it would receive $197.5 million, less expenses, for sale of its interest in hydro-electric generating assets in Ontario. The unidentified buyer would assume $250 million in term debt held by ACH Limited Partnership, which is owned 75 per cent by AbitibiBowater.
Fronteer Development Group (TSX:FRG) says it intends to buy the common shares of Aurora Energy Resources Inc. (TSX:AXU) that it doesn't already own, giving Aurora shareholders 0.83 of a Fronteer share for each Aurora common share they own. Fronteer shares dropped 94 cents to $2.19 while Aurora shares gained 59 cents to $1.56.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
Another wave of bad economic sentiment wore through the Toronto stock market Monday as oil prices fell and Japanese auto giant Toyota Motor Corp. projected its first-ever full-year operating loss.
Toronto's S&P/TSX composite index fell 302.47 points to 8,249.53, and the Canadian dollar moved higher at 82.03 cents US, up 0.26 of a cent.
The TSX Venture Exchange was down 7.02 points to 692.02.
The energy sector lost six per cent as the light, sweet crude contract fell $2.45 to US$39.91 a barrel on the New York Mercantile Exchange.
Observers suggest slowing oil demand in China and Japan will cause the Organization of Petroleum Exporting Countries to further cut production. Last week, OPEC cut production to 2.2 million barrels a day.
Toyota provided more evidence of companies' struggles amid a sharp drop around the world in demand for products of all kinds.
The Japanese automaker slashed its earnings forecast for a second time, warning that it now expects to report its first-ever operating loss for the fiscal year through March. While Toyota doesn't directly trade on the Canadian stock market, the company's weakness is worrying Canadian investors already concerned about the fate of the so-called Detroit Three carmakers - GM, Ford and Chrysler - and the long-term health of the global auto sector.
Auto jobs are key to the success of Canada's manufacturing economy centred in Ontario and Quebec.
Toyota's latest comment also adds further pressure to Canadian companies like autoparts maker Magna International (TSX:MG.A) which supplies manufacturers around the globe. Magna stock was nearly four per cent lower, down $2.73 to $33.51.
Roger Biduk writes:
On the TSX, diversified metals stocks were the main decliner, dropping 7.7 per cent, as Teck Cominco Ltd. (TSX:TCK.B) fell 66 cents to $5.15.
The gold sector was down 4.4 per cent as the February bullion contract rose $9.80 to $847.20.
Also facing Canadian investors were the lowest consumer confidence levels in more than a quarter century. The Conference Board of Canada says confidence fell for its third consecutive month and dropped the index 3.3 points to 67.7, lower than during the 1991 recession and the lowest since 1982.
Information technology stocks were 2.8 per cent lower as Research in Motion (TSX:RIM) dukes it out with Certicom Corp. (TSX:CIC) over a takeover bid which Certicom is trying to block. RIM shares lost $3.29 to C$50.03, while Certicom rose eight cents to $1.80 - well above RIM's offer price of $1.50 per share.
AbitibiBowater Inc. (TSX:ABH) shares gained 13 cents, or 24.5 per cent, to 66 cents after the company said it would receive $197.5 million, less expenses, for sale of its interest in hydro-electric generating assets in Ontario. The unidentified buyer would assume $250 million in term debt held by ACH Limited Partnership, which is owned 75 per cent by AbitibiBowater.
Fronteer Development Group (TSX:FRG) says it intends to buy the common shares of Aurora Energy Resources Inc. (TSX:AXU) that it doesn't already own, giving Aurora shareholders 0.83 of a Fronteer share for each Aurora common share they own. Fronteer shares dropped 94 cents to $2.19 while Aurora shares gained 59 cents to $1.56.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
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