Roger Biduk writes:
Stocks on Bay Street traded deep in the red Wednesday afternoon in a broad-based selloff as a surprisingly weak US retail sales report and news that Nortel Networks filed for bankruptcy protection weighed on sentiment.
The S&P/TSX composite index was down 258.91 points to 8,702.64. Meanwhile, the TSX Venture Exchange was 18.07 points lower at 850.83 and the NASDAQ Canada was off 10.45 points at 463.50.
The CDN$ was trading down 0.98 cent to 80.64 cents US.
In earnings news, Canwest Global Communications Corp. (CGS) reported a loss of $33 million for its fiscal first quarter on Wednesday, citing a deteriorating economy, low advertising revenue and accounting issues related to some of its specialty television channels. The loss amounts to 18 cents per share and reverses year-earlier earnings of $41 million or 23 cents per share.
Corus Entertainment Inc. (CJR.B) said Wednesday it was reducing its 2009 earnings guidance despite recording profits in its first fiscal quarter. The Toronto-based media company reported earnings of $40.6 million, or 50 cents a share, up slightly from year-earlier earnings of $39.4 million or 46 cents a share.
Cogeco Inc. (CGO) reported a profit of $11.1 million or 66 cents a share, reversing year-earlier losses of $10 million or 60 cents a share. The company says revenue rose 18.5 percent to $308.4 million from $260.3 million.
On the corporate front, Nortel Networks Corp. (NT) filed for bankruptcy protection. Toronto-based Nortel said today that the company and its various subsidiaries would seek protection from creditors with filings in Canada, the United States and Europe. The move comes in advance of an interest payment Nortel was scheduled to make this week of about US$107 million.
Roger Biduk writes:
In economic news, the Census Bureau said Wednesday that retail sales for December declined 2.7 percent, vs. an expected decline of 1.2 percent. Factoring out autos, retail sales declined 3.1 percent, vs. a 2.5 percent decline in the prior month and the expectation for a 1.4 percent decline. The Mortgage Bankers Association said early Wednesday that the market composite index, a measure of mortgage loan application volume increased 15.8 percent on a seasonally adjusted basis to 1324.8 for the week ended Jan. 9. On an unadjusted basis, the index increased 95.7 percent compared with the previous week and 52.4 percent from a month prior.
All of the TSX sub-groups traded lower this afternoon.
Mining stocks were off 8.31 percent, industrial issues were down 3.77 percent and energy stocks shed 3.54 percent.
Gold was rising $1.10 to $821.80 US an ounce.
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Wednesday, January 14, 2009
Tuesday, January 13, 2009
Roger Biduk; Commodities Sink Bay Street
Roger Biduk writes;
The Toronto stock market tumbled almost 300 points as worries about the economy sent commodity stocks tumbling.
But weak jobs data at the end of last week helped further depress bank stocks.
Toronto's S&P/TSX composite index tumbled 291.85 points or 3.2 per cent to 8,793.33, leaving the key index down 2.1 per cent for the trading year so far.
The TSX Venture Exchange was 30.55 points lower to 878.35 while a stronger American currency and sharply lower oil prices helped send the CDN$ down 1.7 cents to 82.28 cents US.
The market also lost ground as the Bank of Canada's quarterly survey of companies found that business leaders expect sales growth to slow and job cuts this year. As well, the firms reported tightening credit conditions over the past three months.
The TSX energy sector lost four per cent as the February crude contract in New York fell US$3.24 to $37.59 on the New York Mercantile Exchange. EnCana Corp. (TSX: ECA.TO) declined $1.61 to $54.86 and Suncor Inc (TSX: SU.TO) gave back $1.33 to $26.56.
Gainers were few in the sector with Horizons BetaPro Nymex Crude Oil Bear Plus ETF (HOD) gaining 15.83% to $25.32. This EFT is leveraged twice to the daily percentage decline in the price of oil and is the opposite of (HOU).
Losers in the sector include Horizons BetaPro Nymex Crude Oil Bull Plus ETF (HOU) tanking 15.49% to $9.00. This EFT is leveraged twice to the daily percentage gain in the price of oil and is the opposite of (HOD). Highpine Oil & Gas (HPX) dropping 9.90% to $4.73. Petrobank Energy & Res. (PBG) down 8.86% to $21.60. Tristar Oil & Gas (TOG) lost 8.00% to $11.15. Fairborne Energy Trust (FEL) dropped 7.50% to $5.80. Pacific Rubialis Energy (PRE) down 7.02% to $2.78. Paladin Energy (PDN) slumped 6.50% to $2.30. Crescent Point Energy Trust (CPG.UN) declined 5.93% to $22.21. Birchcliff Energy (BIR) down 5.58% to $5.25. Canadian natural resources (CNQ) fell 5.26% to $48.07. Ensign Energy (ESI) lost 5.14% to $12.00.
The base metals sector fell eight per cent while copper dropped 4.6 per cent to $1.4885 a pound after posting double digit increases last week. Teck Cominco Ltd. (TSX: TCK-B.TO) dropped 45 cents to $6.60 and HudBay Minerals (TSX: HBM.TO) retreated 11.14% to $3.43.
Decliners include Timminco (TIM) tanking 14.65% to $4.31. Quadra Mining (QUA) dropping 12.79% to $3.07. First Majestic Silver (FR) losing 12.02% to $2.05. FNX Mining (FNX) down 10.45% to $3.60. Silver Wheaton (SLW) declining $8.89% to $6.76. Sherritt Intl. (S) slumping 8.74% to $3.55. Inmet Mining (IMN) down 8.61% to $23.26. Red Back Mining losing 8.16% to $6.87. First Quantum Minerals (FM) sank 6.78% to $22.00. Teck Cominco (TCK.B) dropped 6.38% to $6.60. Thomas Creek Metals (TCM) slumped 5.79% to $5.70. Ivanhoe Mines fell 5.21% to $3.64.
Roger Biduk writes:
The gold sector gave back 4.35 per cent as the February bullion contract moved down $34 to US$821 an ounce in New York. Goldcorp Inc. (TSX: G.TO) faded $1.98 to $30.40 and Barrick Gold Corp. (TSX: ABX.TO) surrendered $1.21 to $37.99.
Gainers were few in the sector with Horizons BetaPro S&P TSX Global Gold Bear Plus ETF (HGD) soared 7.57% to $13.93. This EFT is leveraged twice to the daily percentage decline of the price of gold and is the opposite of (HGU). Alamos Gold (AGI) rose 2.79% to $7.73.
Decliners include European Goldfields (EGU) tanking 10.65% to $2.60. Horizons BetaPro S&P TSX Global Gold Bull Plus ETF (HGU) dropped 8.06% to $9.47. This EFT is leveraged twice to the daily percentage gain of the price of gold and is the opposite of (HGD). Eldorado Gold (ELD) lost 7.14% to $8.59. Yamana Gold (YRI) losing 6.84% to $7.76. Iamgold (IMG) fell 5.47% to $6.57.
The financials sector was down three per cent as Royal Bank (TSX: RY.TO) fell $1.07 to $35.74 and CIBC (TSX: CM.TO) dropped $1.95 to $50.71. Bank of Nova Scotia (BNS) slumped 5.24% to $31.27.
All sectors were weak except for slight rises in the tech sector, thanks to Nortel Networks (TSX: NT.TO) rising 4.5 cents or 9.7 per cent to 51 cents on top of a 39 per cent surge on Friday.
Units in Bell Aliant (TSX: BA-UN.TO) rose 17 cents to $24 after it said it is cutting 500 management jobs in a move to streamline operations and improve its bottom line. Enghouse Systems (ESL) up 2.67% to $5.00.
Magna International (TSX: MG-A.TO) shares were 44 cents lower to $38.70 after the auto parts maker said it is teaming up with Ford Motor Co. to produce a fully electric car that will get up to 160 kilometres on a single charge. Magna said the car, based on the Ford Focus platform, will be on the market in 2011.
Other industrials like CAE (CAE) dropped 5.81% to $7.62. Bombardier (BBD.B) fell 5.51% to $4.46.
Other movers include Horizons Betapro S&P TSX 60 Bear Plus ETF (HXD) up 6.46% to $28.33. This ETF is leveraged twice the daily percentage downside of the index and is the opposite of (HXU). Brookfield Properties (BPO) lost 7.83% to $8.47. Finning Intl. down 6.69% to $13.94. Horizons Betapro S&P TSX 60 Bull Plus ETF (HXU) losing 6.52% to $10.75. This ETF is leveraged twice the daily percentage gain of the index and is the opposite of (HXD). Thompson Reuters (TRI) fell 5.04% to $29.20.
Fertilizer stocks tanked with the rest of the commodity market. Potash Corp., (TSX: POT.TO) tanked $11.20 or 11.1 per cent to $89.50. Agrium (AGU) slumped 8.07% to $38.84.
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The Toronto stock market tumbled almost 300 points as worries about the economy sent commodity stocks tumbling.
But weak jobs data at the end of last week helped further depress bank stocks.
Toronto's S&P/TSX composite index tumbled 291.85 points or 3.2 per cent to 8,793.33, leaving the key index down 2.1 per cent for the trading year so far.
The TSX Venture Exchange was 30.55 points lower to 878.35 while a stronger American currency and sharply lower oil prices helped send the CDN$ down 1.7 cents to 82.28 cents US.
The market also lost ground as the Bank of Canada's quarterly survey of companies found that business leaders expect sales growth to slow and job cuts this year. As well, the firms reported tightening credit conditions over the past three months.
The TSX energy sector lost four per cent as the February crude contract in New York fell US$3.24 to $37.59 on the New York Mercantile Exchange. EnCana Corp. (TSX: ECA.TO) declined $1.61 to $54.86 and Suncor Inc (TSX: SU.TO) gave back $1.33 to $26.56.
Gainers were few in the sector with Horizons BetaPro Nymex Crude Oil Bear Plus ETF (HOD) gaining 15.83% to $25.32. This EFT is leveraged twice to the daily percentage decline in the price of oil and is the opposite of (HOU).
Losers in the sector include Horizons BetaPro Nymex Crude Oil Bull Plus ETF (HOU) tanking 15.49% to $9.00. This EFT is leveraged twice to the daily percentage gain in the price of oil and is the opposite of (HOD). Highpine Oil & Gas (HPX) dropping 9.90% to $4.73. Petrobank Energy & Res. (PBG) down 8.86% to $21.60. Tristar Oil & Gas (TOG) lost 8.00% to $11.15. Fairborne Energy Trust (FEL) dropped 7.50% to $5.80. Pacific Rubialis Energy (PRE) down 7.02% to $2.78. Paladin Energy (PDN) slumped 6.50% to $2.30. Crescent Point Energy Trust (CPG.UN) declined 5.93% to $22.21. Birchcliff Energy (BIR) down 5.58% to $5.25. Canadian natural resources (CNQ) fell 5.26% to $48.07. Ensign Energy (ESI) lost 5.14% to $12.00.
The base metals sector fell eight per cent while copper dropped 4.6 per cent to $1.4885 a pound after posting double digit increases last week. Teck Cominco Ltd. (TSX: TCK-B.TO) dropped 45 cents to $6.60 and HudBay Minerals (TSX: HBM.TO) retreated 11.14% to $3.43.
Decliners include Timminco (TIM) tanking 14.65% to $4.31. Quadra Mining (QUA) dropping 12.79% to $3.07. First Majestic Silver (FR) losing 12.02% to $2.05. FNX Mining (FNX) down 10.45% to $3.60. Silver Wheaton (SLW) declining $8.89% to $6.76. Sherritt Intl. (S) slumping 8.74% to $3.55. Inmet Mining (IMN) down 8.61% to $23.26. Red Back Mining losing 8.16% to $6.87. First Quantum Minerals (FM) sank 6.78% to $22.00. Teck Cominco (TCK.B) dropped 6.38% to $6.60. Thomas Creek Metals (TCM) slumped 5.79% to $5.70. Ivanhoe Mines fell 5.21% to $3.64.
Roger Biduk writes:
The gold sector gave back 4.35 per cent as the February bullion contract moved down $34 to US$821 an ounce in New York. Goldcorp Inc. (TSX: G.TO) faded $1.98 to $30.40 and Barrick Gold Corp. (TSX: ABX.TO) surrendered $1.21 to $37.99.
Gainers were few in the sector with Horizons BetaPro S&P TSX Global Gold Bear Plus ETF (HGD) soared 7.57% to $13.93. This EFT is leveraged twice to the daily percentage decline of the price of gold and is the opposite of (HGU). Alamos Gold (AGI) rose 2.79% to $7.73.
Decliners include European Goldfields (EGU) tanking 10.65% to $2.60. Horizons BetaPro S&P TSX Global Gold Bull Plus ETF (HGU) dropped 8.06% to $9.47. This EFT is leveraged twice to the daily percentage gain of the price of gold and is the opposite of (HGD). Eldorado Gold (ELD) lost 7.14% to $8.59. Yamana Gold (YRI) losing 6.84% to $7.76. Iamgold (IMG) fell 5.47% to $6.57.
The financials sector was down three per cent as Royal Bank (TSX: RY.TO) fell $1.07 to $35.74 and CIBC (TSX: CM.TO) dropped $1.95 to $50.71. Bank of Nova Scotia (BNS) slumped 5.24% to $31.27.
All sectors were weak except for slight rises in the tech sector, thanks to Nortel Networks (TSX: NT.TO) rising 4.5 cents or 9.7 per cent to 51 cents on top of a 39 per cent surge on Friday.
Units in Bell Aliant (TSX: BA-UN.TO) rose 17 cents to $24 after it said it is cutting 500 management jobs in a move to streamline operations and improve its bottom line. Enghouse Systems (ESL) up 2.67% to $5.00.
Magna International (TSX: MG-A.TO) shares were 44 cents lower to $38.70 after the auto parts maker said it is teaming up with Ford Motor Co. to produce a fully electric car that will get up to 160 kilometres on a single charge. Magna said the car, based on the Ford Focus platform, will be on the market in 2011.
Other industrials like CAE (CAE) dropped 5.81% to $7.62. Bombardier (BBD.B) fell 5.51% to $4.46.
Other movers include Horizons Betapro S&P TSX 60 Bear Plus ETF (HXD) up 6.46% to $28.33. This ETF is leveraged twice the daily percentage downside of the index and is the opposite of (HXU). Brookfield Properties (BPO) lost 7.83% to $8.47. Finning Intl. down 6.69% to $13.94. Horizons Betapro S&P TSX 60 Bull Plus ETF (HXU) losing 6.52% to $10.75. This ETF is leveraged twice the daily percentage gain of the index and is the opposite of (HXD). Thompson Reuters (TRI) fell 5.04% to $29.20.
Fertilizer stocks tanked with the rest of the commodity market. Potash Corp., (TSX: POT.TO) tanked $11.20 or 11.1 per cent to $89.50. Agrium (AGU) slumped 8.07% to $38.84.
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Monday, January 12, 2009
Roger Biduk; Commodities Hurting Bay Street at Midday
Roger Biduk writes:
Toronto's main stock index was down more than 200 points, hitting its lowest level since Dec 31, on Monday as lower prices for key Canadian commodities such as oil and gold pulled the resource-heavy index down.
The Toronto Stock Exchange's S&P/TSX composite index was recently down 202.45 points, or 2.23 percent, at 8,882.73. Earlier, it had fallen as low as 8,824.25.
The TSX Venture Composite Index (^SPCDNX) was down 28.77 or 3.17% to 880.13.
The slide extends last week's selloff, which saw the market finish the week 1.6 percent lower, a drop that was attributed largely to falling oil prices.
The materials group buckled as prices for gold and other precious metals slid.
Eight of the TSX's 10 sectors were down.
Nagging concerns that a global slowdown will crimp prices for oil shook the energy sector with a 3 percent skid. Oil prices were down more than $2 to below $39 a barrel due to growing evidence that recession is reducing global energy consumption. The price of oil has shed more than $100 from a record peak of above $147 a barrel last July.
Shares of Canadian Natural Resources (CNQ) were down 3.7 percent at C$48.84, while Suncor Energy (SU) shares fell 4 percent to C$26.74.
Toronto's energy sector accounts for about 22 percent of the overall index, so any significant moves in oil prices can often dictate the direction of the market.
The materials group, home to gold mining shares, suffered the biggest drop, down 5.6 percent,
Gold prices were 3.5 percent lower as the U.S. dollar rallied against the euro on expectations for an interest rate cut in the euro zone later this week.
That was enough to convince jittery investors to unload shares of gold miners and most other stocks as they had less of an appetite for riskier assets ahead of fourth-quarter earnings reports that could spotlight further deterioration in the economy.
Barrick Gold (ABX) shares were 4 percent lower at C$37.63, while Goldcorp (G) sank 5 percent to C$30.70.
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Toronto's main stock index was down more than 200 points, hitting its lowest level since Dec 31, on Monday as lower prices for key Canadian commodities such as oil and gold pulled the resource-heavy index down.
The Toronto Stock Exchange's S&P/TSX composite index was recently down 202.45 points, or 2.23 percent, at 8,882.73. Earlier, it had fallen as low as 8,824.25.
The TSX Venture Composite Index (^SPCDNX) was down 28.77 or 3.17% to 880.13.
The slide extends last week's selloff, which saw the market finish the week 1.6 percent lower, a drop that was attributed largely to falling oil prices.
The materials group buckled as prices for gold and other precious metals slid.
Eight of the TSX's 10 sectors were down.
Nagging concerns that a global slowdown will crimp prices for oil shook the energy sector with a 3 percent skid. Oil prices were down more than $2 to below $39 a barrel due to growing evidence that recession is reducing global energy consumption. The price of oil has shed more than $100 from a record peak of above $147 a barrel last July.
Shares of Canadian Natural Resources (CNQ) were down 3.7 percent at C$48.84, while Suncor Energy (SU) shares fell 4 percent to C$26.74.
Toronto's energy sector accounts for about 22 percent of the overall index, so any significant moves in oil prices can often dictate the direction of the market.
The materials group, home to gold mining shares, suffered the biggest drop, down 5.6 percent,
Gold prices were 3.5 percent lower as the U.S. dollar rallied against the euro on expectations for an interest rate cut in the euro zone later this week.
That was enough to convince jittery investors to unload shares of gold miners and most other stocks as they had less of an appetite for riskier assets ahead of fourth-quarter earnings reports that could spotlight further deterioration in the economy.
Barrick Gold (ABX) shares were 4 percent lower at C$37.63, while Goldcorp (G) sank 5 percent to C$30.70.
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Friday, January 9, 2009
Roger Biduk - TSX Down as Unemployment Hits 6.6%
Roger Biduk writes:
North American stock markets closed sharply negative as job losses piled up in December with half a million jobs lost in the United States and about 35,000 in Canada.
Financials and energy stocks led the way to the Toronto S&P/TSX composite index declining 136.4 points to 9,085.18 for a loss of 1.6 per cent this week.
The TSX Venture Exchange was up 9.43 points to 908.9.
Statistics Canada reported the job losses last month pushed the unemployment rate to 6.6 per cent from 6.3 per cent in November.
The CDN$ moved down 0.87 cent to 83.98 cents US as Statistics Canada reported that the value of building permits dropped 11.8 per cent in November to $4.8 billion. It was the third double-digit decrease for building permits in four months.
Canada Mortgage and Housing Corp. reported that housing starts during December were little changed from the previous month. CMHC said that the seasonally adjusted annual rate of starts came in at just over 177,000, down from 178,000 units in November.
The TSX energy sector was down 2.5 per cent as the February crude contract on the New York Mercantile Exchange dropped 87 cents to US$40.83 a barrel. EnCana Corp. (TSX:ECA) fell $1.63 to $56.47 and Suncor Inc. (TSX:SU) gave back 93 cents to $27.89.
Movers in the sector included Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) soaring 7.63% to $21.86, Highpine Oil & Gas (HPX) rising 5.00% to $5.25, Crew Energy (CR) dropping 8.41% to $4.90, Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU) sinking 7.31% to $10.65, Trican Well Service (TCW) 6.73% lower to $7.90, Cdn. Oil Sands Tr. (COS.UN) down by 6.15% to $21.50 and Celtic Exploration (CLT) giving up 5.74% to $11.65.
Roger Biduk writes:
The financial sector eased 1.55 per cent as Royal Bank (TSX:RY) fell back 89 cents to $36.81 and CIBC (TSX:CM) declined $1.60 to $52.66.
The base metals sector declined 2.9 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 37 cents to $7.05. Shares in HudBay Minerals Inc. (TSX:HBM) were 22 cents higher to $3.86 after it said Friday it will shut down its Chisel North zinc mine and concentrator in Snow Lake, Man. due to low metals prices and the slumping global economy.
Movers in the sector included Laramide Resources (LAM) soaring 16.02% to $2.10, First Uraniun (FIU) jumping 6.43% to $2.98, Mag Silver (MAG) rising 6.12% to $6.42, FNX Mining (FNX) tanking 10.27%, First Majestic Silver (FR) dropping 6.05% to $2.33, Inmet Mining (IMN) lower by 5.21% to $25.45.
Gold gained $.55 to $855. Movers in the sector included Novsgold Res. (NG) tanking 9.75% to $2.13,
Industrial stocks were also a weight as economic pessimism pressured railway stocks. Canadian National Railways (TSX:CNR) fell $1.09 to $46.07 and Canadian Pacific (TSX:CP) declined $1.40 to $42.04.
Movers in the sector included Air Canada (AC.B) soaring 12.90% to $2.45,
The information technology sector was positive, up 1.5 per cent with Research In Motion Ltd. (TSX:RIM) ahead $1.99 to $56.84 while Nortel Networks Corp. (TSX:NT) surged 13 cents or 39 per cent to 46.5 cents.
Movers in the sector included 5N Plus ( VNP) rising 6.76% to $5.84,
Other movers in on the TSX included Great Cdn. Gaming (GC) rising 6.60% to $4.04, Viterra (VT) jumping 6.03% to $9.15, Maple Leaf Foods (MFI) tanking 7.84% to $9.88, Galleon Energy (GO) dropping 7.74% to $4.77, Yellow Pages Income Fund (YLO.UN) sinking 7.54% to $6.13, Corus Ent. (CJR.B) lower by 6.27% to $13.00,
Shares in Biovail Corp. (TSX:BVF) gained 23 cents to $13.22 after it said it will pay $6.5 million to settle with the Ontario Securities Commission, which had accused the pharmaceutical company of various accounting infractions in recent years.
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North American stock markets closed sharply negative as job losses piled up in December with half a million jobs lost in the United States and about 35,000 in Canada.
Financials and energy stocks led the way to the Toronto S&P/TSX composite index declining 136.4 points to 9,085.18 for a loss of 1.6 per cent this week.
The TSX Venture Exchange was up 9.43 points to 908.9.
Statistics Canada reported the job losses last month pushed the unemployment rate to 6.6 per cent from 6.3 per cent in November.
The CDN$ moved down 0.87 cent to 83.98 cents US as Statistics Canada reported that the value of building permits dropped 11.8 per cent in November to $4.8 billion. It was the third double-digit decrease for building permits in four months.
Canada Mortgage and Housing Corp. reported that housing starts during December were little changed from the previous month. CMHC said that the seasonally adjusted annual rate of starts came in at just over 177,000, down from 178,000 units in November.
The TSX energy sector was down 2.5 per cent as the February crude contract on the New York Mercantile Exchange dropped 87 cents to US$40.83 a barrel. EnCana Corp. (TSX:ECA) fell $1.63 to $56.47 and Suncor Inc. (TSX:SU) gave back 93 cents to $27.89.
Movers in the sector included Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) soaring 7.63% to $21.86, Highpine Oil & Gas (HPX) rising 5.00% to $5.25, Crew Energy (CR) dropping 8.41% to $4.90, Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU) sinking 7.31% to $10.65, Trican Well Service (TCW) 6.73% lower to $7.90, Cdn. Oil Sands Tr. (COS.UN) down by 6.15% to $21.50 and Celtic Exploration (CLT) giving up 5.74% to $11.65.
Roger Biduk writes:
The financial sector eased 1.55 per cent as Royal Bank (TSX:RY) fell back 89 cents to $36.81 and CIBC (TSX:CM) declined $1.60 to $52.66.
The base metals sector declined 2.9 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 37 cents to $7.05. Shares in HudBay Minerals Inc. (TSX:HBM) were 22 cents higher to $3.86 after it said Friday it will shut down its Chisel North zinc mine and concentrator in Snow Lake, Man. due to low metals prices and the slumping global economy.
Movers in the sector included Laramide Resources (LAM) soaring 16.02% to $2.10, First Uraniun (FIU) jumping 6.43% to $2.98, Mag Silver (MAG) rising 6.12% to $6.42, FNX Mining (FNX) tanking 10.27%, First Majestic Silver (FR) dropping 6.05% to $2.33, Inmet Mining (IMN) lower by 5.21% to $25.45.
Gold gained $.55 to $855. Movers in the sector included Novsgold Res. (NG) tanking 9.75% to $2.13,
Industrial stocks were also a weight as economic pessimism pressured railway stocks. Canadian National Railways (TSX:CNR) fell $1.09 to $46.07 and Canadian Pacific (TSX:CP) declined $1.40 to $42.04.
Movers in the sector included Air Canada (AC.B) soaring 12.90% to $2.45,
The information technology sector was positive, up 1.5 per cent with Research In Motion Ltd. (TSX:RIM) ahead $1.99 to $56.84 while Nortel Networks Corp. (TSX:NT) surged 13 cents or 39 per cent to 46.5 cents.
Movers in the sector included 5N Plus ( VNP) rising 6.76% to $5.84,
Other movers in on the TSX included Great Cdn. Gaming (GC) rising 6.60% to $4.04, Viterra (VT) jumping 6.03% to $9.15, Maple Leaf Foods (MFI) tanking 7.84% to $9.88, Galleon Energy (GO) dropping 7.74% to $4.77, Yellow Pages Income Fund (YLO.UN) sinking 7.54% to $6.13, Corus Ent. (CJR.B) lower by 6.27% to $13.00,
Shares in Biovail Corp. (TSX:BVF) gained 23 cents to $13.22 after it said it will pay $6.5 million to settle with the Ontario Securities Commission, which had accused the pharmaceutical company of various accounting infractions in recent years.
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Roger Biduk - U.S. Job Losses Sink Bay Street
Roger Biduk writes:
The Toronto stock market sustained a triple-digit slide late in the morning in the wake of data showing the U.S. economy shed slightly more than half a million jobs during December.
Toronto's S&P/TSX composite index slid 131.2 points to 9,090.4, led lower by downturns in energy and financial stocks.
The TSX Venture Exchange was off 4.19 points to 895.28.
Statistics Canada reported the economy lost 34,400 jobs last month pushing the unemployment rate to 6.6 per cent from 6.3 per cent in November.
The CDN$ moved down 0.96 cent to 83.89 cents US as Statistics Canada reported that the value of building permits dropped 11.8 per cent in November to $4.8 billion. It was the third double-digit decrease for building permits in four months.
Canada Mortgage and Housing Corp. reported that housing starts during December were little changed from the previous month. CMHC said that the seasonally adjusted annual rate of starts came in at just over 177,000, down marginally from 178,000 units in November.
The TSX energy sector was down 2.5 per cent as the February crude contract on the New York Mercantile Exchange dropped $2.24 to US$39.46 a barrel. EnCana Corp. (TSX: ECA.TO) fell $1.76 to $56.34 and Suncor Inc. (TSX: SU.TO) gave back $1.24 to $27.58.
The financial sector eased one per cent as Royal Bank (TSX: RY.TO) fell back 67 cents to $37.03 and CIBC (TSX: CM.TO) declined $1.36 to $52.90.
The gold sector fell almost two per cent as the February bullion contract in New York moved down 80 cents to US$853.70. Goldcorp Inc. (TSX: G.TO) faded $1.54 to $32.05.
The base metals sector declined 3.5 per cent with Teck Cominco Ltd. (TSX: TCK-B.TO) down 34 cents to $7.08. Shares in HudBay Minerals Inc. (TSX: HBM.TO) were four cents higher to $3.68 after it said Friday it will shut down its Chisel North zinc mine and concentrator in Snow Lake, Man. due to low metals prices and the slumping global economy.
Overseas, Japan's Nikkei stock average fell 0.45 per cent. Hong Kong's Hang Seng Index lost 0.3 per cent.
Britain's FTSE 100 dropped 1.24 per cent, Germany's DAX index dipped two per cent, and France's CAC-40 was down one per cent.
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The Toronto stock market sustained a triple-digit slide late in the morning in the wake of data showing the U.S. economy shed slightly more than half a million jobs during December.
Toronto's S&P/TSX composite index slid 131.2 points to 9,090.4, led lower by downturns in energy and financial stocks.
The TSX Venture Exchange was off 4.19 points to 895.28.
Statistics Canada reported the economy lost 34,400 jobs last month pushing the unemployment rate to 6.6 per cent from 6.3 per cent in November.
The CDN$ moved down 0.96 cent to 83.89 cents US as Statistics Canada reported that the value of building permits dropped 11.8 per cent in November to $4.8 billion. It was the third double-digit decrease for building permits in four months.
Canada Mortgage and Housing Corp. reported that housing starts during December were little changed from the previous month. CMHC said that the seasonally adjusted annual rate of starts came in at just over 177,000, down marginally from 178,000 units in November.
The TSX energy sector was down 2.5 per cent as the February crude contract on the New York Mercantile Exchange dropped $2.24 to US$39.46 a barrel. EnCana Corp. (TSX: ECA.TO) fell $1.76 to $56.34 and Suncor Inc. (TSX: SU.TO) gave back $1.24 to $27.58.
The financial sector eased one per cent as Royal Bank (TSX: RY.TO) fell back 67 cents to $37.03 and CIBC (TSX: CM.TO) declined $1.36 to $52.90.
The gold sector fell almost two per cent as the February bullion contract in New York moved down 80 cents to US$853.70. Goldcorp Inc. (TSX: G.TO) faded $1.54 to $32.05.
The base metals sector declined 3.5 per cent with Teck Cominco Ltd. (TSX: TCK-B.TO) down 34 cents to $7.08. Shares in HudBay Minerals Inc. (TSX: HBM.TO) were four cents higher to $3.68 after it said Friday it will shut down its Chisel North zinc mine and concentrator in Snow Lake, Man. due to low metals prices and the slumping global economy.
Overseas, Japan's Nikkei stock average fell 0.45 per cent. Hong Kong's Hang Seng Index lost 0.3 per cent.
Britain's FTSE 100 dropped 1.24 per cent, Germany's DAX index dipped two per cent, and France's CAC-40 was down one per cent.
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Thursday, January 8, 2009
Roger Biduk - Financials & Energy Spark Bay Street
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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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 $7.94.
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Tuesday, January 6, 2009
Roger Biduk; Six in a Row for Bay Street
Roger Biduk writes;
The strong start to 2009 trading continued Tuesday as financials and commodity stocks led the way to a positive close for a sixth consecutive session.
Toronto's S&P/TSX composite index finished the day up 186.58 points or two per cent to 9,472.09. All sectors were higher save for the consumer and telecom groups.
The CDN$ 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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