Roger Biduk writes:
You’ll see red right across the numbers as all the major North American indexes closed lower today.
Banks got sold off again (as they should be…watch FAZ (+15.73% today) when the financials tank & FAS when they rise.)
Even Microsoft surprised everyone by missing earnings estimates and canning 5000 jobs. To view Steve Balmer’s memo to the troops click here. http://kara.allthingsd.com/20080723/microsoft-ceo-steve-ballmers-full-memo-to-the-troops-about-new-reorg/
Yesterday’s gain was wiped out as the TSX tanked 271.33 points today.
The TSX Venture Exchange was lower by 1.34.
Looks like people locked up their wallets as retail sales stunk in November, dropping 2.4% from the previous month. According to Stats Canada, this was the biggest loss in almost a decade. For some reason, the CDN$ rose 0.13 cent to 79.76
It also looks like people aren’t driving as much as they use to because of the crap economy. Oil inventories jumped more than analysts thought they would (actually 3X more or 4.1 billion bl. more than expected!) in the U.S. and that added to a selloff in the energy sector.
In fact, they’re running out of storage room for crude. I think oil should go down to $8/bl. like the good old days…..there’s just no demand right now (Saudi’s aren’t too happy right now!).
The S&P/TSX Energy Index sank 4.37% as the March crude contract on the New York Mercantile Exchange lost $.12 to US$43.67. Natural gas declining 1.86% to $4.64.
Decliners include Pason Systems (PSI) tanking 10.84% to $11.10. Flint Energy Services (FES) sinking 9.85% to $5.31. Cathedral Energy Services (CET.UN) down 9.20% to $4.64. Verenex Energy (VNX) lower by 7.66% to $7.10. North American Energy Partners (NOA) down 6.99% to $3.06. Crew Energy (CR) sinking 6.80% to $3.84. Suncor Energy (SU) losing 6.75% to $22.92. Petrominerales (PMG) down 5.74% to $5.42. Enerplus Res. (ERF.UN) lower by 5.58% to $26.07. Canadian Natural Res. (CNQ) down 5.48% to $42.81. Canada Oil Sand Trust (COS.UN) sank 7.02% to $16.95. Enbridge Income Fund (ENF.UN) dropped 6.98% to $10.00. Arc Energy trust (AET.UN) down 6.73% to $16.35.
Heritage Oil Corp. (HOC) soared 16.28% to $4.00.
Roger Biduk
Here’s a good one. The Bank of Canada said the country's bounce-back from recession will be as sharp as the drop has been. The bank estimates the economy will shrink at an annual rate of 4.8 per cent during the current quarter but will rebound in the second half of this year and will grow by 3.8 per cent in 2010.
Let me tell you something. If unemployment gets into double digits in the U.S. (and I think it will) and the commercial real estate market starts to go down the tank (just makes sense if there’s no employees to fill up the buildings) I think 2010 is a dream. Funny no one is talking about this.
The financial sector got hammered again today. The S&P/TSX Capped Financial index tanked 5.92%. Even though Canada has the best banking system in the world, financial stocks are going to continue to follow the crappy financial sector in the U.S.
Losers include SL Split Corp. (SLS) tanking 25.17% to $2.20. Manulife Financial (MFC) sinking 11.70% to $19.10. Big bank Big Oil Split (BBO) dropped 9.77% to $6.00. Melcor Developments (MRD) sank 9.23% to 4.72. Sun Life Financial (SLF) dropped 8.63% to $23.30. Brookfield Properties (BPO) lost 8.50% to $6.57. Royal Bank (RY) sank 6.38% to $30.07. Kingsway Financial Serv. (KFS) dropped 6.36% to $6.18. Bank of Nova Scotia (BS) lower by 5.45% to $28.08. CIBC (CM) sank 5.15% to $43.25.
Gainers include Chemtrade Logistics Income Fund (CHE.UN) gained 5.96% to $9.25. Urbana Corp. (URB) soared 19.10% to $2.37.
The S&P Capped Diversified Metals and Minerals Index dropped 3.17% as copper lost 2.62% to $1.40. Silver gained $.04 to $11.37. Aluminum slumped 4.28% to $.62.
Tech Comonco (TCK.B) lost 6.87% to $5.29. Lundin Mining Corp. (TSX:LUN) declined five cents to $1.19 after it accelerated the shutdown of a zinc mine in Ireland, leaving 200 people out of work.
The S&P/TSX Global Gold Index dropped 1.79% as the February bullion contract in New York rose $9.20 to US$859.30 an ounce.
Gainers include Greystar Res. (GSL) soaring 13.86% to $2.30. Richmont Mines (RIC) jumping 11.43% to $2.73. Jaguar Mining (JAG) gained 8.20% to $6.60.
Losers include Aquiline Res. (AQI) down 5.32% to $2.67
Roger Biduk
The S&P/TSX Capped Information Technology Index was down .91% and the S&P/TSX Capped Telecom Index was down .49%.
CryptoLogic Exchange (CXY) soared 24.14% to $5.40. CryptoLogic Ltd. (CRY) jumped 10.22% to $5.50. Gennum Corp. (GND) up by 8.20% to $6.99. JDS Uniphase (JDU) lost 7.68% to $4.33.
Shares in Research In Motion Ltd. (TSX:RIM) were off $1.08 at $65.67 following a report in The Globe and Mail that Ontario's stock watchdog and RIM co-chief executive officers Jim Balsillie and Mike Lazaridis are negotiating a settlement related to their role in a stock option accounting controversy dating back to 1996.
The S&P/TSX Consumer Discretionary Index was down 1.51% and the S&P/TSX Consumer Staples Index was down .94%.
Linamar corp. (LNR) sank 6.81% to $3.83.
Sun-Rype Products (SRF) soared 19.63% to $7.19.
The S&P/TSX Capped Health Care Index sank 1.96%.
Imris (IM) gained 8.11% to $2.00.
The S&P/TSX Capped Utilities Index dropped 1.29%.
The S&P/TSX Capped Industrial Index was down 1.65%.
In the chemicals sector, NOVA Chemicals corp (NCX) jumped 6.74% to $4.75.
Potash Corp. (POT) jumped 5.30% to $91.19. Its full-year earnings tripled to $3.5 billion. Fourth-quarter profit more than doubled to $788 million, but PotashCorp cut its 2009 earnings guidance to $10.75 per share, from $12 to $13 per share.
In the service sector, Canadian Tire (CTC.A) sank 5.14% to $40.44. Softchoice (SO) lost 5.32% to $2.85 and Ritchie Bros. (RBA) dropped 5.50% to $22.66. After markets closed, CN Rail (TSX:CNR), Canada's largest railway, raised its dividend 10 per cent despite a drop in fourth-quarter profits to $573 million, including a tax recovery. Revenues grew 13 per cent to $2.2 billion.
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Thursday, January 22, 2009
Wednesday, January 21, 2009
Roger Biduk; Bay Street Soars on Oil & Financials
Roger Biduk writes:
Today’s headline is exactly the opposite of yesterday’s.
Here we go again. Down 300 points one day, up 250 the next. Looks like volatility is back in the market and that’s what makes money for active investors.
The Toronto stock market ended a volatile session sharply higher thanks to late day bounces in financial and energy stocks, which helped to claw back a good-sized chunk of the previous day's losses.
Toronto's S&P/TSX composite index, down well over 100 points at one point in the session, charged ahead 252.96 points to 8,757.89 following a 337-point tumble on Tuesday.
The TSX Venture Exchange dipped 5.13 points to 851.55, while the Canadian dollar rose 0.74 cent to 79.63 cents US.
The market got off to a solid start for the year but a series of losses and rising pessimism about global economies threaten to send the TSX to the 7,727-point low established in November.
Further signs of economic weakness surfaced as Statistics Canada reported that wholesale sales fell 1.6 per cent in November to $44.4 billion as decreases in four of seven sectors contributed to the third decline in four months.
The TSX energy sector shook off early losses to climb 4.3 per cent as the March crude contract on the New York Mercantile Exchange added $2.71 to US$43.55 a barrel. Natural gas closed 2.55% higher at $4.78.
Gainers included Suncor (SU) soaring 11.22% to $24.58. Addax Petroleum (ACX) jumped 8.96% to $19.45. TriStar Oil & Gas (TOG) gained 8.28% to $10.85. Highpine Oil & Gas (HPX) higher by 8.05% to $4.70. Major Drilling Group Int’l (MDI) rose 6.92% to $12.83. Niko Res. (NKO) rose 6.45% to $47.02. Talisman Energy (TLM) gained 6.12% to $11.80. Paramount Res. (POU) up 5.11% to $7.61. Baytex Energy Trust (BTE.UN) up 5.16% to $15.49.
Precision Drilling Trust (TSX:PD.UN) units inched up three cents to $7.55 after the company said it is cutting its cash distribution for January to four cents a unit from the 13 cents paid out in December. The company said the reduction reflects "a sharp reduction in United States rig demand resulting from the steep decline in energy commodity prices over the past three months."
Decliners include Total Energy Services Trust (TOT.UN) sinking 5.16% to $3.86. Pacific Rubiales Energy (PRE) down 5.56% to $2.55. Stoneham Drilling Trust (SDG.UN) lower by 5.63% to $3.02. Pembina Pipeline Income (PIF.UN) down 5.93% to $14.27. Cathedral Energy Services (CET.UN) dropping 6.58% to $5.11. Trinidad Drilling (TDG) sinking 6.59% to $3.40. Pantera Drilling Income Trust (RIG.UN) tanking 7.43% to $2.49.
Roger Biduk
The metals and mining sector jumped 3.14% as copper lost 4.72% to $1.53. Silver rose 1.34% to $11.33. Aluminum slumped 4.28% to $.64. Platinum lost $21.70 to $921.60.
BHP Billiton announced plans to slash 6,000 jobs, or about six per cent of its global work force, as it rushes to cope with plummeting demand because of the global financial crisis.
Osisko Mining (OSK) rose 6.58%. Inmet Mining (IMN) gained 5.91%. Sherritt Int’l. (S) up by 5.15% to $3.88 and Ivanhoe Mines (IVN) rising 5.13% to $3.69.
Decliners include Altius Minerals (ALS) lower by 5.53% to $4.44. Silver Wheaton (SLW.WT.B) down by 5.63% to $2.85. Comaplex Minerals (CMF) down by 7.67%.
The gold sector rose 2.54% as the February bullion contract in New York dropped $5.10 to US$855.20 an ounce.
Gainers include Moto Goldmines (MGL) soared 13.04% to 2.34%. Aquine Res. (AQI) rose 6.82% to $2.82%. NovaGold Res. (NG) jumped 6.57% to $2.27.
Kinross Gold Corp. (TSX:K) shares were down $1.11 to $22 after the company said it plans to raise up to US$360.5 million through an issue of 20.9 million common shares at a price of $17.25 a share.
Decliners include Complex Minerals (CMF) lower by 7.67% to $3.13.
The information technology sector jumped 4.56% and the telecom sector gained 1.32%.
CryptoLogic (CRY) soared 14.71%. Aastra Tech. (AAH) jumped 8.40% to $11.48. BCE (BCE.PR.S) higher by 6.17% to $14.97. Absolute Software (ABT) gained 6.07% to $3.32. CGI Group (GIB.A) higher by 5.96% to $9.43. Research in motion (RIM) up 5.95% to $66.75. Mosaid Tech. (MSD) up 5.88% to $9.91.
Descartes Systems (DSG) lost 5.29% to $3.22.
Financials rebounded 4.33%. Royal Bank (TSX:RY) rose $1.28 to $32.12 and Scotiabank (TSX:BNS) gained $1.12 to $29.70. Both banks announced Wednesday they plan to raise $200 million by issuing preferred shares.
Franco-Nevada (FNV) rising 7.61% to $21.50. Coverntree (COF) jumped 18.84% to $4.10. Brookfield Properties (BPO) gained 10.46% to $7.18. Canadian Western Bank (CWB) up 8.42% to $12.10. Manulife (MFC) higher by 7.56% to $21.63. Boralex Power Income (BPT.UN) up 7.42% to $3.91. Sun Life Financial (SLF) up 6.65% to $25.50. Brompton Split Banc (SBC) up 6.58% to $3.89. DundeeWealth (DW) higher by 5.09% to $5.78.
Decliners include Wall Financial (WFC) tanking 21.70% to $7.00. Dividend Growth Split (DGS) sinkunf 10.18% to $3.00. Morguard Real Estate Development (MRT.UN) losing 7.63% to $10.05. Livingston Int’l (LIV.UN) lower by 7.48% to $6.31. Fort Chicago Energy Partners (FCE.UN) down 6.42% to $7.72.
Roger Biduk
Consumer discretionary was up 1.00% and consumer staples were up 2.09%.
Viterra (VT) soared 13.90% to $9.34. Domtar (UFS) jumped 12.23% to $2.11. AlarmForce Industries (AF) gained 5.97% to $4.08. Maple Leaf foods (MFI) up 5.84% to $10.88. Linamar (LNR) up 5.66% to $4.11.
The healthcare sector was up 1.96%.
Biovail (BVF) gained 6.82% to $14.09.
Transition Therapeutics (TTH) lost 5.42% to $5.41. Novadaq Tech. (NDQ) down 7.37% to $2.01.
The industrial sector was up 3.18%.
IPL (IPL.A) jumped 19.47% to $2.70. West Fraser timber (WFT) gained 6.11% to $29.18.
Vector Aerospace (RNO) lost 5.88% to $4.00. Marsules (MLX) down 7.91% to $8.50. Nova Chemical Corp. (TSX:NCX) shares got hammered, down $1.60 or 26.5 per cent to $4.45 over investor concerns the company will not be able to meet a debt payment due this spring.
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Today’s headline is exactly the opposite of yesterday’s.
Here we go again. Down 300 points one day, up 250 the next. Looks like volatility is back in the market and that’s what makes money for active investors.
The Toronto stock market ended a volatile session sharply higher thanks to late day bounces in financial and energy stocks, which helped to claw back a good-sized chunk of the previous day's losses.
Toronto's S&P/TSX composite index, down well over 100 points at one point in the session, charged ahead 252.96 points to 8,757.89 following a 337-point tumble on Tuesday.
The TSX Venture Exchange dipped 5.13 points to 851.55, while the Canadian dollar rose 0.74 cent to 79.63 cents US.
The market got off to a solid start for the year but a series of losses and rising pessimism about global economies threaten to send the TSX to the 7,727-point low established in November.
Further signs of economic weakness surfaced as Statistics Canada reported that wholesale sales fell 1.6 per cent in November to $44.4 billion as decreases in four of seven sectors contributed to the third decline in four months.
The TSX energy sector shook off early losses to climb 4.3 per cent as the March crude contract on the New York Mercantile Exchange added $2.71 to US$43.55 a barrel. Natural gas closed 2.55% higher at $4.78.
Gainers included Suncor (SU) soaring 11.22% to $24.58. Addax Petroleum (ACX) jumped 8.96% to $19.45. TriStar Oil & Gas (TOG) gained 8.28% to $10.85. Highpine Oil & Gas (HPX) higher by 8.05% to $4.70. Major Drilling Group Int’l (MDI) rose 6.92% to $12.83. Niko Res. (NKO) rose 6.45% to $47.02. Talisman Energy (TLM) gained 6.12% to $11.80. Paramount Res. (POU) up 5.11% to $7.61. Baytex Energy Trust (BTE.UN) up 5.16% to $15.49.
Precision Drilling Trust (TSX:PD.UN) units inched up three cents to $7.55 after the company said it is cutting its cash distribution for January to four cents a unit from the 13 cents paid out in December. The company said the reduction reflects "a sharp reduction in United States rig demand resulting from the steep decline in energy commodity prices over the past three months."
Decliners include Total Energy Services Trust (TOT.UN) sinking 5.16% to $3.86. Pacific Rubiales Energy (PRE) down 5.56% to $2.55. Stoneham Drilling Trust (SDG.UN) lower by 5.63% to $3.02. Pembina Pipeline Income (PIF.UN) down 5.93% to $14.27. Cathedral Energy Services (CET.UN) dropping 6.58% to $5.11. Trinidad Drilling (TDG) sinking 6.59% to $3.40. Pantera Drilling Income Trust (RIG.UN) tanking 7.43% to $2.49.
Roger Biduk
The metals and mining sector jumped 3.14% as copper lost 4.72% to $1.53. Silver rose 1.34% to $11.33. Aluminum slumped 4.28% to $.64. Platinum lost $21.70 to $921.60.
BHP Billiton announced plans to slash 6,000 jobs, or about six per cent of its global work force, as it rushes to cope with plummeting demand because of the global financial crisis.
Osisko Mining (OSK) rose 6.58%. Inmet Mining (IMN) gained 5.91%. Sherritt Int’l. (S) up by 5.15% to $3.88 and Ivanhoe Mines (IVN) rising 5.13% to $3.69.
Decliners include Altius Minerals (ALS) lower by 5.53% to $4.44. Silver Wheaton (SLW.WT.B) down by 5.63% to $2.85. Comaplex Minerals (CMF) down by 7.67%.
The gold sector rose 2.54% as the February bullion contract in New York dropped $5.10 to US$855.20 an ounce.
Gainers include Moto Goldmines (MGL) soared 13.04% to 2.34%. Aquine Res. (AQI) rose 6.82% to $2.82%. NovaGold Res. (NG) jumped 6.57% to $2.27.
Kinross Gold Corp. (TSX:K) shares were down $1.11 to $22 after the company said it plans to raise up to US$360.5 million through an issue of 20.9 million common shares at a price of $17.25 a share.
Decliners include Complex Minerals (CMF) lower by 7.67% to $3.13.
The information technology sector jumped 4.56% and the telecom sector gained 1.32%.
CryptoLogic (CRY) soared 14.71%. Aastra Tech. (AAH) jumped 8.40% to $11.48. BCE (BCE.PR.S) higher by 6.17% to $14.97. Absolute Software (ABT) gained 6.07% to $3.32. CGI Group (GIB.A) higher by 5.96% to $9.43. Research in motion (RIM) up 5.95% to $66.75. Mosaid Tech. (MSD) up 5.88% to $9.91.
Descartes Systems (DSG) lost 5.29% to $3.22.
Financials rebounded 4.33%. Royal Bank (TSX:RY) rose $1.28 to $32.12 and Scotiabank (TSX:BNS) gained $1.12 to $29.70. Both banks announced Wednesday they plan to raise $200 million by issuing preferred shares.
Franco-Nevada (FNV) rising 7.61% to $21.50. Coverntree (COF) jumped 18.84% to $4.10. Brookfield Properties (BPO) gained 10.46% to $7.18. Canadian Western Bank (CWB) up 8.42% to $12.10. Manulife (MFC) higher by 7.56% to $21.63. Boralex Power Income (BPT.UN) up 7.42% to $3.91. Sun Life Financial (SLF) up 6.65% to $25.50. Brompton Split Banc (SBC) up 6.58% to $3.89. DundeeWealth (DW) higher by 5.09% to $5.78.
Decliners include Wall Financial (WFC) tanking 21.70% to $7.00. Dividend Growth Split (DGS) sinkunf 10.18% to $3.00. Morguard Real Estate Development (MRT.UN) losing 7.63% to $10.05. Livingston Int’l (LIV.UN) lower by 7.48% to $6.31. Fort Chicago Energy Partners (FCE.UN) down 6.42% to $7.72.
Roger Biduk
Consumer discretionary was up 1.00% and consumer staples were up 2.09%.
Viterra (VT) soared 13.90% to $9.34. Domtar (UFS) jumped 12.23% to $2.11. AlarmForce Industries (AF) gained 5.97% to $4.08. Maple Leaf foods (MFI) up 5.84% to $10.88. Linamar (LNR) up 5.66% to $4.11.
The healthcare sector was up 1.96%.
Biovail (BVF) gained 6.82% to $14.09.
Transition Therapeutics (TTH) lost 5.42% to $5.41. Novadaq Tech. (NDQ) down 7.37% to $2.01.
The industrial sector was up 3.18%.
IPL (IPL.A) jumped 19.47% to $2.70. West Fraser timber (WFT) gained 6.11% to $29.18.
Vector Aerospace (RNO) lost 5.88% to $4.00. Marsules (MLX) down 7.91% to $8.50. Nova Chemical Corp. (TSX:NCX) shares got hammered, down $1.60 or 26.5 per cent to $4.45 over investor concerns the company will not be able to meet a debt payment due this spring.
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Roger Biduk; Oils & Financials Hammer Bay Street
Roger Biduk writes:
North American markets tumbled Tuesday as financial stocks sold off on the banking sector's latest woes, while the Toronto market was also hit by sharp slides in energy stocks amid lower oil prices.
Toronto's S&P/TSX composite index tumbled 336.55 points to 8,504.93.
The Canadian dollar lost 0.81 to 78.89 cents US.
The TSX Venture Exchange moved down 16.27 points to 856.68.
The Bank of Canada said Tuesday it expects the economy will continue to shrink until mid-year and cut its key interest rate by another half a point to one per cent - the lowest ever - to provide stimulus.
The Canadian central bank said "the economy is projected to contract through mid-2009, with real GDP dropping by 1.2 per cent this year on an annual average basis."
However, there was some good news in the statement, as the bank said next year's GDP growth rate should rise to 3.8 per cent.
As if to underscore the central bank's comments on the economy, Statistics Canada announced that manufacturing sales decreased for a fourth consecutive month in November. The agency said that sales fell 6.4 per cent to $48.4 billion, the lowest level since December 2004.
The energy sector backed off 6.8 per cent even as oil prices switched direction after falling sharply in the morning on the continued gloomy outlook for global energy demand.
The February crude contract on the New York Mercantile Exchange, which expired at the end of the session, gained $2.23 to US$38.74 while the March contract declined $1.77 to US$40.84. Natural gas declining 3.72% to $4.71.
Challenges escalated in the fiscal fourth quarter of 2008 as the precipitous drop in commodity prices dragged Suncor into the red. The company reported a quarterly loss of $215 million or 24 cents a share, reversing year-earlier profits of $1 billion or $1.13 a share. Suncor (SU) shares fell $4.16 to $22.10.
Decliners include Corridor Res. (CDH) sinking 10.04% to $2.24. North American Energy Partners (NOA) dropping 10.00% to $3.24. Addax Petroleum (AXC) lower by 9.67% to $17.85. Ensign Energy Serv. (ESI) down 8.19% to $11.21. Cdn. Nat. Res. (CNQ) sank 8.02% to $43.58. TriStar Oil & Gas (TOG) lower by 7.48% to $10.02. ShawCor (SCL.A) down $7.24% to $15.50. Husky Energy (HSE) sank 6.30% to $30.50. Nexen (NXY) down 6.01% to $17.83. Pason Sys. (PSI) lower by 5.96% to $12.46. Verenex Energy (VNX) down 5.52% to $7.70. Major Drilling Group (MDI) dropping 5.51% to $12.00. EnCana (ECA) down 5.47% to $52.67. Talisman Energy (TLM) lower by 5.44% to $11.12. Gran Terra Energy (GTE) sinking 5.33% to $3.20 and Petrobank Energy (PBG) dropping 5.20% to $21.33. Fairborne Energy (FEL) down 7.21% to $4.63. Canadian Oil Sands Tr. (COS.UN) down 8.01% to $17.46.
Fort Chicago Energy Partners (FCE.UN) gained 6.04% to $8.25.
Roger Biduk:
The metals and mining sector dropped 4.82% as copper lost 1.51% to $1.50. Silver dropped $.04 to $11.18. Aluminum slumped 4.81% to $.64.
Inmet Mining (IMN) tanking 9.91% to $19.46. Quandra Mining (QUA) sinking 9.46% to 2.87%. Timminco (TIM) lost 9.45% to $4.12. Ivanhoe Mines (IVN) down 9.45% $3.51. Gerdau AmeriSteel (GNA) sinking 7.59% to $7.67. First Uranium (FIU) lower by 7.14% to $3.00. Uranium One (UUU) down 7.33% to $2.15. Silver Wheaton (SLW.WT.B) down 7.08% to $3.02. Altius Minerals (ALS) lower by 6.93% to $4.70. Tech Cominco (TCK.A) down 5.53% to $11.10.
Elsewhere in the sector, Rio Tinto Alcan (NYSE:RTP) said it is permanently closing its Beauharnois smelter in Quebec and curtailing production at the Vaudreuil alumina refinery. The moves are part of a new six per cent reduction in aluminum production, which will cost 1,100 jobs worldwide at the international metal giant.
The gold sector rose 3.3 per cent as the February bullion contract in New York rose $15.30 to US$855.20 an ounce.
Gainers include Royal Gold (RGL) soaring 15.06% to $57.53. Kirkland Lake Gold (KGI) jumping 10.59% to $4.49. Barrick Gold (ABX) rising 6.13% to $44.30. Comaplex minerals (CMF) rising 5.94% to $3.39. Kinross Gold (K.WT.B) up 5.90% to $3.59. Moto Goldmines (MGL) gaining 5.61% to $2.07. Newmont Mining (NMC) up 5.31% to $49.74.
Decliners include European Goldfields (EGU) sinking 5.45% to $2.60. Virginia Mines (VGQ) dropping 5.46% to 3.46%. First Quantum Minerals (FM) down 7.09% to $22.00.
The information technology sector was down 3.15% and the telecom sector sank 3.23%.
Tundra Semi (TUN) sinking 7.86% to $3.40. CGI Group (GIB.A) down 7.58% to $8.90. Telus (T) down 6.76% to $34.18. Gennum (GND) lower by 6.46% to $6.08. Cryptologic (CRY) down 6.25%to $4.35.
Shares in Research In Motion (TSX:RIM) were well off early highs, losing 75 cents to $63 after Certicom Corp. (TSX:CIC) obtained a court order preventing the maker of the BlackBerry, Curve and Pearl smartphones from pursuing its current hostile bid. Certicom shares fell 10 cents to $1.70.
Roger Biduk
Financials tanked 5.81%.
Brompton Lifeco (LCS) tanking 22.81%. Copernican Int’l Fin. (CIR.PR.A) sinking 17.41% to $3.51. Allbanc (ALB) down 13.79%. Brookfield Prop. (BPO) losing 10.84% to $6.50. Sun Life Fin. (SLF) down by 10.78% to $23.91. Manulife Fin. (MFC) down 9.46% to $20.11. Franco-Nevada (FNV) down 7.74% to $2.86. TD Bank (TD) down 6.63% to $39.42. CIBC (CM) lower by 6.61% to 3.08%. GMF Capital Tr. (GMP.UN) down 6.48% to $5.05. Brookfield Asset Mgmt. (BAM.PR.B) lower by 6.37% to $8.52. World Financial (WFS.PR.A) down 5.86% to $9.00. H&R Real Estate Inv. (HR.UN) down 5.82% to $7.45. InnVest Real Estate Inv. (INN.UN) lower by 5.71% to $3.30. Canadian Western Bank (CWB) down 5.42% to $11.16. Royal Bank (RY) down 5.40% to $30.84.
Gainers include Wall Financial (WFC) soaring 27.71% to $8.94. Split Reit Opportunity tr. (SOT.UN) jumping 10.53% to $10.53. Livingston Int’l (LIV.UN) up 8.95% to $6.82. Endeavour Financial (EDV) 10.99% to $2.02.
Consumer discretionary was down 2.60% and consumer staples were down .67%.
Ridley (RCL) gained 7.64% to $6.76. Danier Leather (DL) jumped 14% to $2.85. Gildan Activewear (GIL) lost 9.02% to 13.61.
The healthcare sector sank 2.16%.
Amica Mature Lifestyles (ACC) up 9.28% to $4.00. QLT Inc. (QLT) dropped 7.74% to $2.86. BioMS Medical (MS) sank 8.02% to $3.67.
The utilities sector dropped 1.92%.
Roger Biduk:
In the chemicals sector, Nova Chemicals (NCX) tanked 11.03% to $6.05.. Agrium (AGU) dropped 8.96% to $38.69.
The industrial sector was down 5.23%
Vector Aerospace (RNO) gained 6.25% to $4.25. ACE Aviation Holdings (ACE) jumping 8.42% to $8.50.
Bombardier (BBD.B) tanked 9.51% to $4.47. International Forest Products (IFP.A) sank 6.98% to $2.00. Velan (VLN) down 6.75% to $11.89. Finning Int’l. (FTT) tanking 9.46% to $12.64. Easyhome (EH) sinking 8.55% to $10.05. Canadian Tire (CTC.A) down 6.65% to $42.00. Quebecor (QBR.B) losing 6.41% to $18.11. Canadian Pacific Railway (CP) losing 5.96% to $35.84. Patheon (PTI) down 5.83% to $2.10. Transat A.T. (TRZ.B) down 5.69% to 9.94%.
Shares in auto parts giant Magna International (TSX:MG.A) fell $2.15 to $36.63.Bell Canada says it wants to cut its workforce by another 1,500 jobs through a retirement incentive to qualifying unionized employees, the latest move by Canada's largest telecom operator to streamline and cut operating costs. Shares in parent BCE Inc. (TSX:BCE) were off 19 cents to $24.86.
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North American markets tumbled Tuesday as financial stocks sold off on the banking sector's latest woes, while the Toronto market was also hit by sharp slides in energy stocks amid lower oil prices.
Toronto's S&P/TSX composite index tumbled 336.55 points to 8,504.93.
The Canadian dollar lost 0.81 to 78.89 cents US.
The TSX Venture Exchange moved down 16.27 points to 856.68.
The Bank of Canada said Tuesday it expects the economy will continue to shrink until mid-year and cut its key interest rate by another half a point to one per cent - the lowest ever - to provide stimulus.
The Canadian central bank said "the economy is projected to contract through mid-2009, with real GDP dropping by 1.2 per cent this year on an annual average basis."
However, there was some good news in the statement, as the bank said next year's GDP growth rate should rise to 3.8 per cent.
As if to underscore the central bank's comments on the economy, Statistics Canada announced that manufacturing sales decreased for a fourth consecutive month in November. The agency said that sales fell 6.4 per cent to $48.4 billion, the lowest level since December 2004.
The energy sector backed off 6.8 per cent even as oil prices switched direction after falling sharply in the morning on the continued gloomy outlook for global energy demand.
The February crude contract on the New York Mercantile Exchange, which expired at the end of the session, gained $2.23 to US$38.74 while the March contract declined $1.77 to US$40.84. Natural gas declining 3.72% to $4.71.
Challenges escalated in the fiscal fourth quarter of 2008 as the precipitous drop in commodity prices dragged Suncor into the red. The company reported a quarterly loss of $215 million or 24 cents a share, reversing year-earlier profits of $1 billion or $1.13 a share. Suncor (SU) shares fell $4.16 to $22.10.
Decliners include Corridor Res. (CDH) sinking 10.04% to $2.24. North American Energy Partners (NOA) dropping 10.00% to $3.24. Addax Petroleum (AXC) lower by 9.67% to $17.85. Ensign Energy Serv. (ESI) down 8.19% to $11.21. Cdn. Nat. Res. (CNQ) sank 8.02% to $43.58. TriStar Oil & Gas (TOG) lower by 7.48% to $10.02. ShawCor (SCL.A) down $7.24% to $15.50. Husky Energy (HSE) sank 6.30% to $30.50. Nexen (NXY) down 6.01% to $17.83. Pason Sys. (PSI) lower by 5.96% to $12.46. Verenex Energy (VNX) down 5.52% to $7.70. Major Drilling Group (MDI) dropping 5.51% to $12.00. EnCana (ECA) down 5.47% to $52.67. Talisman Energy (TLM) lower by 5.44% to $11.12. Gran Terra Energy (GTE) sinking 5.33% to $3.20 and Petrobank Energy (PBG) dropping 5.20% to $21.33. Fairborne Energy (FEL) down 7.21% to $4.63. Canadian Oil Sands Tr. (COS.UN) down 8.01% to $17.46.
Fort Chicago Energy Partners (FCE.UN) gained 6.04% to $8.25.
Roger Biduk:
The metals and mining sector dropped 4.82% as copper lost 1.51% to $1.50. Silver dropped $.04 to $11.18. Aluminum slumped 4.81% to $.64.
Inmet Mining (IMN) tanking 9.91% to $19.46. Quandra Mining (QUA) sinking 9.46% to 2.87%. Timminco (TIM) lost 9.45% to $4.12. Ivanhoe Mines (IVN) down 9.45% $3.51. Gerdau AmeriSteel (GNA) sinking 7.59% to $7.67. First Uranium (FIU) lower by 7.14% to $3.00. Uranium One (UUU) down 7.33% to $2.15. Silver Wheaton (SLW.WT.B) down 7.08% to $3.02. Altius Minerals (ALS) lower by 6.93% to $4.70. Tech Cominco (TCK.A) down 5.53% to $11.10.
Elsewhere in the sector, Rio Tinto Alcan (NYSE:RTP) said it is permanently closing its Beauharnois smelter in Quebec and curtailing production at the Vaudreuil alumina refinery. The moves are part of a new six per cent reduction in aluminum production, which will cost 1,100 jobs worldwide at the international metal giant.
The gold sector rose 3.3 per cent as the February bullion contract in New York rose $15.30 to US$855.20 an ounce.
Gainers include Royal Gold (RGL) soaring 15.06% to $57.53. Kirkland Lake Gold (KGI) jumping 10.59% to $4.49. Barrick Gold (ABX) rising 6.13% to $44.30. Comaplex minerals (CMF) rising 5.94% to $3.39. Kinross Gold (K.WT.B) up 5.90% to $3.59. Moto Goldmines (MGL) gaining 5.61% to $2.07. Newmont Mining (NMC) up 5.31% to $49.74.
Decliners include European Goldfields (EGU) sinking 5.45% to $2.60. Virginia Mines (VGQ) dropping 5.46% to 3.46%. First Quantum Minerals (FM) down 7.09% to $22.00.
The information technology sector was down 3.15% and the telecom sector sank 3.23%.
Tundra Semi (TUN) sinking 7.86% to $3.40. CGI Group (GIB.A) down 7.58% to $8.90. Telus (T) down 6.76% to $34.18. Gennum (GND) lower by 6.46% to $6.08. Cryptologic (CRY) down 6.25%to $4.35.
Shares in Research In Motion (TSX:RIM) were well off early highs, losing 75 cents to $63 after Certicom Corp. (TSX:CIC) obtained a court order preventing the maker of the BlackBerry, Curve and Pearl smartphones from pursuing its current hostile bid. Certicom shares fell 10 cents to $1.70.
Roger Biduk
Financials tanked 5.81%.
Brompton Lifeco (LCS) tanking 22.81%. Copernican Int’l Fin. (CIR.PR.A) sinking 17.41% to $3.51. Allbanc (ALB) down 13.79%. Brookfield Prop. (BPO) losing 10.84% to $6.50. Sun Life Fin. (SLF) down by 10.78% to $23.91. Manulife Fin. (MFC) down 9.46% to $20.11. Franco-Nevada (FNV) down 7.74% to $2.86. TD Bank (TD) down 6.63% to $39.42. CIBC (CM) lower by 6.61% to 3.08%. GMF Capital Tr. (GMP.UN) down 6.48% to $5.05. Brookfield Asset Mgmt. (BAM.PR.B) lower by 6.37% to $8.52. World Financial (WFS.PR.A) down 5.86% to $9.00. H&R Real Estate Inv. (HR.UN) down 5.82% to $7.45. InnVest Real Estate Inv. (INN.UN) lower by 5.71% to $3.30. Canadian Western Bank (CWB) down 5.42% to $11.16. Royal Bank (RY) down 5.40% to $30.84.
Gainers include Wall Financial (WFC) soaring 27.71% to $8.94. Split Reit Opportunity tr. (SOT.UN) jumping 10.53% to $10.53. Livingston Int’l (LIV.UN) up 8.95% to $6.82. Endeavour Financial (EDV) 10.99% to $2.02.
Consumer discretionary was down 2.60% and consumer staples were down .67%.
Ridley (RCL) gained 7.64% to $6.76. Danier Leather (DL) jumped 14% to $2.85. Gildan Activewear (GIL) lost 9.02% to 13.61.
The healthcare sector sank 2.16%.
Amica Mature Lifestyles (ACC) up 9.28% to $4.00. QLT Inc. (QLT) dropped 7.74% to $2.86. BioMS Medical (MS) sank 8.02% to $3.67.
The utilities sector dropped 1.92%.
Roger Biduk:
In the chemicals sector, Nova Chemicals (NCX) tanked 11.03% to $6.05.. Agrium (AGU) dropped 8.96% to $38.69.
The industrial sector was down 5.23%
Vector Aerospace (RNO) gained 6.25% to $4.25. ACE Aviation Holdings (ACE) jumping 8.42% to $8.50.
Bombardier (BBD.B) tanked 9.51% to $4.47. International Forest Products (IFP.A) sank 6.98% to $2.00. Velan (VLN) down 6.75% to $11.89. Finning Int’l. (FTT) tanking 9.46% to $12.64. Easyhome (EH) sinking 8.55% to $10.05. Canadian Tire (CTC.A) down 6.65% to $42.00. Quebecor (QBR.B) losing 6.41% to $18.11. Canadian Pacific Railway (CP) losing 5.96% to $35.84. Patheon (PTI) down 5.83% to $2.10. Transat A.T. (TRZ.B) down 5.69% to 9.94%.
Shares in auto parts giant Magna International (TSX:MG.A) fell $2.15 to $36.63.Bell Canada says it wants to cut its workforce by another 1,500 jobs through a retirement incentive to qualifying unionized employees, the latest move by Canada's largest telecom operator to streamline and cut operating costs. Shares in parent BCE Inc. (TSX:BCE) were off 19 cents to $24.86.
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Monday, January 19, 2009
Roger Biduk; Bay Street Lower on U.S. Holiday
Roger Biduk writes:
With the U.S. markets closed today for the Martin Luther King holiday, attention was centered on the goings on in Europe and the U.K.
The slowdown in Europe may be deeper than previously thought with the Royal Bank of Scotland reporting a large loss.
The S&P/TSX composite index pulled back 25.3 points to 8,895.1 after increasing worries about big losses in the financial sector helped trim the TSX by almost two per cent last week.
The TSX Venture Exchange added 2.52 points to 868.17.
A day before the Bank of Canada is widely expected to cut its main interest rate half a point to one per cent, the CDN$ fell 0.57 of a cent to 79.56 cents US.
The federal government announced moves to loosen credit, Industry Minister Tony Clement saying the federal government will invest $350 million in the Business Development Bank to ease credit conditions for auto supply companies and other small and medium-sized businesses.
The TSX energy sector moved off 1.5 per cent. The New York Mercantile Exchange is closed for floor trading but in electronic trading the February crude contract, which expires Tuesday, declined $2.32 to US$34.19. The March contract gave back $2.13 to US$40.44 a barrel.
EnCana Corp. (TSX: ECA.TO) declined 78 cents to C$55.95 while Canadian Natural Resources (TSX: CNQ.TO) lost 86 cents to $47.68. Suncor Inc. (TSX: SU.TO), which releases quarterly earnings tomorrow, was down 70 cents to $26.78.
Shares in industrial waste management services provider Newalta Inc. (TSX: NAL.TO) added four cents to $5.84 after it said its capital expenditure in the first half of 2009 will be $15 million, compared with $125 million in all of 2008. Newalta is heavily dependent on the oil and gas industry in Western Canada.
Roger Biduk:
The financial sector sagged one per cent. TD Bank (TSX: TD.TO) dropped $1.06 to $42.64 while Royal Bank (TSX: RY.TO) slid $1.10 to $32.54.
The gold sector was also weak, down one per cent as the February bullion contract in New York dipped $5.60 to US$834.30. Barrick Gold Corp. (TSX: ABX.TO) faded 70 cents to $42.
Telecoms were a bright spot, up 1.25 per cent with Telus Corp. (TSX: T.TO) ahead 93 cents to $36.23 while Rogers Communications (TSX: RCI-B.TO) advanced 65 cents to $34.20.
Bombardier Inc. (TSX: BBD-B.TO) shares advanced two cents to $4.75 after it said its transportation division will continue to operate the Las Vegas monorail that shuttles passengers along the east side of the city's famed strip. Its Berlin-based railway equipment division has received a five-year option order from the Las Vegas Monorail Company valued at US$58 million.
Canadian National Railways (TSX: CNR.TO), which reports earnings on Thursday, gained 12 cents to $42.65.
SFK Pulp Fund (TSX: SFK-UN.TO) units retreated 22 cents or 30.5 per cent to 50 cents after it suspended monthly distributions "until market conditions substantially improve." The company also extended quarterly maintenance shutdowns at two U.S. recycling mills by one and two weeks.
Overseas, Japan's Nikkei 225 index closed up 26.7 points at 8,256.9, while Hong Kong's Hang Seng index gained 84.5 points to close at 13,340.
London's FTSE 100 was off 2.22 per cent. Frankfurt's DAX was down 2.13 per cent while the Paris CAC 40 dipped 1.7 per cent.
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With the U.S. markets closed today for the Martin Luther King holiday, attention was centered on the goings on in Europe and the U.K.
The slowdown in Europe may be deeper than previously thought with the Royal Bank of Scotland reporting a large loss.
The S&P/TSX composite index pulled back 25.3 points to 8,895.1 after increasing worries about big losses in the financial sector helped trim the TSX by almost two per cent last week.
The TSX Venture Exchange added 2.52 points to 868.17.
A day before the Bank of Canada is widely expected to cut its main interest rate half a point to one per cent, the CDN$ fell 0.57 of a cent to 79.56 cents US.
The federal government announced moves to loosen credit, Industry Minister Tony Clement saying the federal government will invest $350 million in the Business Development Bank to ease credit conditions for auto supply companies and other small and medium-sized businesses.
The TSX energy sector moved off 1.5 per cent. The New York Mercantile Exchange is closed for floor trading but in electronic trading the February crude contract, which expires Tuesday, declined $2.32 to US$34.19. The March contract gave back $2.13 to US$40.44 a barrel.
EnCana Corp. (TSX: ECA.TO) declined 78 cents to C$55.95 while Canadian Natural Resources (TSX: CNQ.TO) lost 86 cents to $47.68. Suncor Inc. (TSX: SU.TO), which releases quarterly earnings tomorrow, was down 70 cents to $26.78.
Shares in industrial waste management services provider Newalta Inc. (TSX: NAL.TO) added four cents to $5.84 after it said its capital expenditure in the first half of 2009 will be $15 million, compared with $125 million in all of 2008. Newalta is heavily dependent on the oil and gas industry in Western Canada.
Roger Biduk:
The financial sector sagged one per cent. TD Bank (TSX: TD.TO) dropped $1.06 to $42.64 while Royal Bank (TSX: RY.TO) slid $1.10 to $32.54.
The gold sector was also weak, down one per cent as the February bullion contract in New York dipped $5.60 to US$834.30. Barrick Gold Corp. (TSX: ABX.TO) faded 70 cents to $42.
Telecoms were a bright spot, up 1.25 per cent with Telus Corp. (TSX: T.TO) ahead 93 cents to $36.23 while Rogers Communications (TSX: RCI-B.TO) advanced 65 cents to $34.20.
Bombardier Inc. (TSX: BBD-B.TO) shares advanced two cents to $4.75 after it said its transportation division will continue to operate the Las Vegas monorail that shuttles passengers along the east side of the city's famed strip. Its Berlin-based railway equipment division has received a five-year option order from the Las Vegas Monorail Company valued at US$58 million.
Canadian National Railways (TSX: CNR.TO), which reports earnings on Thursday, gained 12 cents to $42.65.
SFK Pulp Fund (TSX: SFK-UN.TO) units retreated 22 cents or 30.5 per cent to 50 cents after it suspended monthly distributions "until market conditions substantially improve." The company also extended quarterly maintenance shutdowns at two U.S. recycling mills by one and two weeks.
Overseas, Japan's Nikkei 225 index closed up 26.7 points at 8,256.9, while Hong Kong's Hang Seng index gained 84.5 points to close at 13,340.
London's FTSE 100 was off 2.22 per cent. Frankfurt's DAX was down 2.13 per cent while the Paris CAC 40 dipped 1.7 per cent.
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Saturday, January 17, 2009
Roger Biduk; Banks Downgraded as Bay Street Gains
Roger Biduk writes:
North American markets ended a volatile session higher Friday, but the gain was modest due to dismal earnings reports from two major U.S. banks and a downgrade of the major Canadian banks.
Toronto's S&P/TSX composite index closed up 40.79 points to 8,920.4 on Friday. That follows triple-digit swings through positive and negative territory for a loss of 165 points or 1.8 per cent this past week, as concerns piled up about banks and oil prices retreated.
The TSX Venture Exchange advanced 21.35 points to 865.65, while the CDN$ snapped a five-day losing streak, rising 0.23 cent to 80.13 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.
Among the most active on the TSX include Nortel (NT) down 13.04% to $.10. Oilexco (OIL) losing 30.00% to $.11. Teck Comminco (TCK.B) gaining 2.48% to $5.79. Goldcorp (G) jumping 4.44% to $32.90. Barrick Gold (ABX) rising 1.52% to $42.70. Bombardier (BBD.B) down $.02 to $4.73. TD bank (TD) losing $.35 to $43.70. Talisman Energy up $.01 to $11.99. BCE (BCE) jumping 2.01% to $24.84. Cdn. Nat. Res. (CNQ) rising 2.02% to $48.54.
Toronto's financial sector slipped 1.45% as all the major Canadian banks were rated "sell" by Dundee Securities. The financial sector gave back over five per cent this week.
Royal Bank (TSX:RY) gave back 40 cents to $33.64 and Scotiabank (TSX:BNS) declined 91 cents to $30.45. Premium Income (PIC.A) down 6.80% to $2.33.
The energy sector was up .8%. The February crude contract on the New York Mercantile Exchange jumped 3.14% to US$36.51 a barrel.
Gainers include Suncor Inc. (TSX:SU) gained 63 cents to $27.48 while Canadian Natural Resources climbed 96 cents to $48.54. Addax Petroleum (AXC) rising 5.97% to $20.23.
Roger Biduk:
The materials sector was up 3.52% with gold soaring $32.60 to US$839.90.
Gainers include Gabriel Resources (GBU) soaring 25.29% to $2.18. NovaGold Res. (NG) jumping $23.78% to $2.29. Centerra Gold (CG) moving 15.02% higher to $15.02%. Timminco (TIM) rose 12.98% to $4.70. Detour Gold (DGC) gained 12.29% to $7.86. Jaguar Mining (JAG) higher by 12.04% to $6.05. Silver Wheaton (SLW) up by 11.13% to $7.69. Eldorado Gold (ELD) moving up by 8.47% to $9.22. Kindross Gold (K) rising 7.42% to $22.45. Tanzanian Royalty Exploration (TNX) up 7.29% to $4.56. Yamana Gold (YRI) rising 6.60% to $8.56. Kirkland Lake Gold (KGI) up 5.84% to $4.17.
Osisko Mining (OSK) lost 5.25% to $3.25.
The metals and mining index was up 3.20% with March copper gaining 5.09% to US$1.5275/lb. Silver soared 7.42% to $US11.22/oz.
Gainers include Sherritt International (TSX:S) moving ahead 15 cents to $3.72 and FNX Mining Co. (TSX:FM) advancing 25 cents to $3.70. Aquiline Res. (AQI) soaring 21.65% to $2.36. Hanfeng Evergreen (HF) gaining 9.82% to $6.04. Dynasty Metals & Mining (DMM) rising 7.45% to $3.75. Int’l Minerals (IMZ) up 7.23% to $2.67. Uranium One (UUU) moving 6.67% higher to $2.08. Silvercorp Metals (SVM) up 6.48% to $2.30. Mag Silver (MAG) rising 6.11% to $6.60. Silver Standard Res. (SSO) gaining 5.93% to $22.34. Ivanhoe Mines (IVN) up 5.68% to $3.72. Sprott Res. (SCP) rising 5.11% to $2.47.
Canam Gr. (CAM) lost 6.49% to $7.21.
Agrium Inc. (TSX:AGU) shares were $2.16 higher to $42.06 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.
Roger Biduk:
The tech sector was up .39%. Absolute Software (ABT) was down 5.79% to $3.09.
The healthcare index was up 1.57%.
Gainers include Resverlogix Corp. (RVX) gaining 10.05% to $2.41. Bio MS Medical (MS) rising 10.32% to %3.74. Cardiome Pharma (COM) up 6.09% to $6.79.
Movers in income trusts include Chartwell Seniors Trust (CSH.UN) gaining 7.62% to $5.65. Oil Sands Sector Fund (OSF.UN) jumping 8.94% to $5.24. Livingston Int’l Income Fund (LIV.UN) rising 6.92% to $6.18. Vermilion Energy Tr. (VET.UN) higher by 6.80% to $26.23. Freehold Royalty Trust (FRU.UN) up by 6.36% to $10.70. Brick Group Income Fund (BRK.UN) gaining 6.04% to $2.81. Phoenix Tech. Income Fund (PHX.UN) higher by 5.76% to $11.75. NAL Oil & Gas Trust (NAE.UN) up 5.45% to $8.12.
Noranda Income Fund (NIF.UN) lost 8.33% to $4.40. Total Energy Services Tr. (TOT.UN) sinking 7.38% to $4.14.
Roger Biduk:
Other movers in Toronto include GLG Life Tech. (GLG) jumping 10.47% to $4.75. Int’l Forest Products (IFP.A) gaining 7.69% to $2.10. BPO Properties (BPP) up 7.00% to $26.74. Domtar (UFX) up 6.25% to $2.04. Imax (IMX) rising 6.18% to $5.84. Harry Winston Diamond (HW) up 5.38% to $5.29. Fronteer Dev. Gr. (FRG) gaining 5.22% to $2.42.
Plutonic Power (PCC) lost 5.24% to $2.35. Nova Chemical (NCX) down 5.26% to $6.85. ZCL Composites (ZCL) tanked 7.96% to $4.51. ATS Automation (ATA) lower by 6.37% to $4.26.
In company news, shares in Onex Corp. (TSX:OCX) were off six cents at $18.69 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP. The company also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release. New Flyer Industries Inc. (TSX:NFI.UN) units were 42 cents higher to $9.30 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.
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North American markets ended a volatile session higher Friday, but the gain was modest due to dismal earnings reports from two major U.S. banks and a downgrade of the major Canadian banks.
Toronto's S&P/TSX composite index closed up 40.79 points to 8,920.4 on Friday. That follows triple-digit swings through positive and negative territory for a loss of 165 points or 1.8 per cent this past week, as concerns piled up about banks and oil prices retreated.
The TSX Venture Exchange advanced 21.35 points to 865.65, while the CDN$ snapped a five-day losing streak, rising 0.23 cent to 80.13 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.
Among the most active on the TSX include Nortel (NT) down 13.04% to $.10. Oilexco (OIL) losing 30.00% to $.11. Teck Comminco (TCK.B) gaining 2.48% to $5.79. Goldcorp (G) jumping 4.44% to $32.90. Barrick Gold (ABX) rising 1.52% to $42.70. Bombardier (BBD.B) down $.02 to $4.73. TD bank (TD) losing $.35 to $43.70. Talisman Energy up $.01 to $11.99. BCE (BCE) jumping 2.01% to $24.84. Cdn. Nat. Res. (CNQ) rising 2.02% to $48.54.
Toronto's financial sector slipped 1.45% as all the major Canadian banks were rated "sell" by Dundee Securities. The financial sector gave back over five per cent this week.
Royal Bank (TSX:RY) gave back 40 cents to $33.64 and Scotiabank (TSX:BNS) declined 91 cents to $30.45. Premium Income (PIC.A) down 6.80% to $2.33.
The energy sector was up .8%. The February crude contract on the New York Mercantile Exchange jumped 3.14% to US$36.51 a barrel.
Gainers include Suncor Inc. (TSX:SU) gained 63 cents to $27.48 while Canadian Natural Resources climbed 96 cents to $48.54. Addax Petroleum (AXC) rising 5.97% to $20.23.
Roger Biduk:
The materials sector was up 3.52% with gold soaring $32.60 to US$839.90.
Gainers include Gabriel Resources (GBU) soaring 25.29% to $2.18. NovaGold Res. (NG) jumping $23.78% to $2.29. Centerra Gold (CG) moving 15.02% higher to $15.02%. Timminco (TIM) rose 12.98% to $4.70. Detour Gold (DGC) gained 12.29% to $7.86. Jaguar Mining (JAG) higher by 12.04% to $6.05. Silver Wheaton (SLW) up by 11.13% to $7.69. Eldorado Gold (ELD) moving up by 8.47% to $9.22. Kindross Gold (K) rising 7.42% to $22.45. Tanzanian Royalty Exploration (TNX) up 7.29% to $4.56. Yamana Gold (YRI) rising 6.60% to $8.56. Kirkland Lake Gold (KGI) up 5.84% to $4.17.
Osisko Mining (OSK) lost 5.25% to $3.25.
The metals and mining index was up 3.20% with March copper gaining 5.09% to US$1.5275/lb. Silver soared 7.42% to $US11.22/oz.
Gainers include Sherritt International (TSX:S) moving ahead 15 cents to $3.72 and FNX Mining Co. (TSX:FM) advancing 25 cents to $3.70. Aquiline Res. (AQI) soaring 21.65% to $2.36. Hanfeng Evergreen (HF) gaining 9.82% to $6.04. Dynasty Metals & Mining (DMM) rising 7.45% to $3.75. Int’l Minerals (IMZ) up 7.23% to $2.67. Uranium One (UUU) moving 6.67% higher to $2.08. Silvercorp Metals (SVM) up 6.48% to $2.30. Mag Silver (MAG) rising 6.11% to $6.60. Silver Standard Res. (SSO) gaining 5.93% to $22.34. Ivanhoe Mines (IVN) up 5.68% to $3.72. Sprott Res. (SCP) rising 5.11% to $2.47.
Canam Gr. (CAM) lost 6.49% to $7.21.
Agrium Inc. (TSX:AGU) shares were $2.16 higher to $42.06 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.
Roger Biduk:
The tech sector was up .39%. Absolute Software (ABT) was down 5.79% to $3.09.
The healthcare index was up 1.57%.
Gainers include Resverlogix Corp. (RVX) gaining 10.05% to $2.41. Bio MS Medical (MS) rising 10.32% to %3.74. Cardiome Pharma (COM) up 6.09% to $6.79.
Movers in income trusts include Chartwell Seniors Trust (CSH.UN) gaining 7.62% to $5.65. Oil Sands Sector Fund (OSF.UN) jumping 8.94% to $5.24. Livingston Int’l Income Fund (LIV.UN) rising 6.92% to $6.18. Vermilion Energy Tr. (VET.UN) higher by 6.80% to $26.23. Freehold Royalty Trust (FRU.UN) up by 6.36% to $10.70. Brick Group Income Fund (BRK.UN) gaining 6.04% to $2.81. Phoenix Tech. Income Fund (PHX.UN) higher by 5.76% to $11.75. NAL Oil & Gas Trust (NAE.UN) up 5.45% to $8.12.
Noranda Income Fund (NIF.UN) lost 8.33% to $4.40. Total Energy Services Tr. (TOT.UN) sinking 7.38% to $4.14.
Roger Biduk:
Other movers in Toronto include GLG Life Tech. (GLG) jumping 10.47% to $4.75. Int’l Forest Products (IFP.A) gaining 7.69% to $2.10. BPO Properties (BPP) up 7.00% to $26.74. Domtar (UFX) up 6.25% to $2.04. Imax (IMX) rising 6.18% to $5.84. Harry Winston Diamond (HW) up 5.38% to $5.29. Fronteer Dev. Gr. (FRG) gaining 5.22% to $2.42.
Plutonic Power (PCC) lost 5.24% to $2.35. Nova Chemical (NCX) down 5.26% to $6.85. ZCL Composites (ZCL) tanked 7.96% to $4.51. ATS Automation (ATA) lower by 6.37% to $4.26.
In company news, shares in Onex Corp. (TSX:OCX) were off six cents at $18.69 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP. The company also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release. New Flyer Industries Inc. (TSX:NFI.UN) units were 42 cents higher to $9.30 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.
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Friday, January 16, 2009
Roger Biduk; Financials a Drag on Bay Street at Midday
Roger Biduk writes:
Bay Street was lower at midday with the financial sector weighing on the index.
Toronto's S&P/TSX composite index, up over 100 points in early trading, declined 49 points to 8,830.6 as the market was also pressured by energy stocks as oil prices reversed direction to head lower.
The TSX Venture Exchange advanced 8.89 points to 853.19 while the Canadian dollar snapped a five-day losing streak rising 0.35 cent to 80.26 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.
Toronto's financial sector slipped 2.23 per cent with TD Bank (TSX: TD.TO) down $1.55 to $42.50 and Scotiabank (TSX: BNS.TO) declined $1.42 to $29.94.
The energy sector was flat as oil prices headed higher after almost touching the US$33 level Thursday. The February crude contract on the New York Mercantile Exchange dropped 91 cents to US$34.49 a barrel and EnCana Corp. (TSX: ECA.TO) fell 59 cents to $56.11 while Petro-Canada (TSX: PCA.TO) improved 51 cents to $29.64.
Roger Biduk:
The base metals sector was one of the few positive sectors, up 1.5 per cent with March copper ahead 6.15 cents to US$1.515 a pound as Sherritt International (TSX: S.TO) moved ahead eight cents to $3.65 and FNX Mining Co. (TSX: FM.TO) advanced 21 cents to $3.66.
Agrium Inc. (TSX: AGU.TO) shares were $1.42 higher to $41.32 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.
Shares in Onex Corp. (TSX: OCX.TO) were down 40 cents to $18.35 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP, but also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release.
New Flyer Industries Inc. (TSX: NFI-UN.TO) units were 14 cents higher to $9.02 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.
Overseas, Japan's Nikkei stock average rose 2.6 per cent while Hong Kong's Hang Seng edged 0.1 per cent higher.
Britain's FTSE 100 gained 1.55 per cent, Germany's DAX rose 1.4 per cent and the Paris CAC 40 index rose 0.55 per cent.
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Bay Street was lower at midday with the financial sector weighing on the index.
Toronto's S&P/TSX composite index, up over 100 points in early trading, declined 49 points to 8,830.6 as the market was also pressured by energy stocks as oil prices reversed direction to head lower.
The TSX Venture Exchange advanced 8.89 points to 853.19 while the Canadian dollar snapped a five-day losing streak rising 0.35 cent to 80.26 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.
Toronto's financial sector slipped 2.23 per cent with TD Bank (TSX: TD.TO) down $1.55 to $42.50 and Scotiabank (TSX: BNS.TO) declined $1.42 to $29.94.
The energy sector was flat as oil prices headed higher after almost touching the US$33 level Thursday. The February crude contract on the New York Mercantile Exchange dropped 91 cents to US$34.49 a barrel and EnCana Corp. (TSX: ECA.TO) fell 59 cents to $56.11 while Petro-Canada (TSX: PCA.TO) improved 51 cents to $29.64.
Roger Biduk:
The base metals sector was one of the few positive sectors, up 1.5 per cent with March copper ahead 6.15 cents to US$1.515 a pound as Sherritt International (TSX: S.TO) moved ahead eight cents to $3.65 and FNX Mining Co. (TSX: FM.TO) advanced 21 cents to $3.66.
Agrium Inc. (TSX: AGU.TO) shares were $1.42 higher to $41.32 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.
Shares in Onex Corp. (TSX: OCX.TO) were down 40 cents to $18.35 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP, but also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release.
New Flyer Industries Inc. (TSX: NFI-UN.TO) units were 14 cents higher to $9.02 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.
Overseas, Japan's Nikkei stock average rose 2.6 per cent while Hong Kong's Hang Seng edged 0.1 per cent higher.
Britain's FTSE 100 gained 1.55 per cent, Germany's DAX rose 1.4 per cent and the Paris CAC 40 index rose 0.55 per cent.
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Roger Biduk; Bay Steet Comes Back 400 Points
Roger Biduk writes:
Stock markets closed higher Thursday after investors U.S. Democrats called for US$825 billion in federal spending and tax cuts to help revive the recession-plagued economy in the United States.
Toronto's S&P/TSX composite index closed 191.25 points higher to 8,879.61 after tumbling more than 200 points.
The TSX Venture Exchange slipped 5.23 points to 844.3.
The CDN$ moved down 0.21 cents to 79.9 cents US following four days of steep declines that cut the loonie's value by about four cents US. The declines have been prompted by a stronger American currency and falling commodity prices, especially oil.
The TSX materials index was up 4.28% even as gold dropped $1.50.
Gainers include Tanzanian Royalty Exploration (TNX) soaring 15.34% to $4.21. Queenston Mining (QMI) rising 11.79% to $2.75. Allied Nevada Gold (ANV) jumping 10.49% to $5.16. Iamgold (IMG) higher by 12.59% to $7.60. Yamana Gold (YRI) up 7.93% to $8.03. Agnico-Eagle (AEM) gaining 7.11% to $60.22. Barrick Gold (ABX) jumping 6.89% to $42.06.
Losers include Centerra Gold (CG) losing 10.00% to $3.33.
The TSX metals & mining index rose 1.96%.
Gainers include First Majestic Silver (FR) soaring 18.87% to $2.52.
First Uranium (FIU) jumping 9.83% to $3.24. Virginia Mines (VGQ) gaining 9.03% to $3.50. Pan American Silver (PAA) rising 8.13% to $18.89. Red Back Mining (RBI) up 7.31% to $7.93. Hudbay Minerals (HBM) higher by 12.23% to $3.58. Silver Standard Res. (SSO) jumping 10.42% to $21.09. Minefinders Corp. (MFL) rising 7.76% to 5.83%.
Roger Biduk
The TSX information technology sector was up 3.20% as tech heavyweight Research In Motion (TSX:RIM) provided strong support, rising $5.63 or 10 per cent to $62.
Shaw Communications Inc. (TSX:SJR.B) said Wednesday its first-quarter earnings increased 10 per cent to $123.1 million compared with a year ago. Revenue in the quarter totalled $817.5 million, up from $743.8 million. Its shares rose 90 cents to $20.85.
The TSX financial sector moved 0.7 per cent higher with Power Corp. (TSX:POW) gaining 82 cents to $22.32 and Manulife Financial (MFC) headed up 70 cents to $22.93.
The TSX energy sector improved 1.94% even as oil prices continued to retreat on concerns about falling demand. The February crude contract on the New York Mercantile Exchange declined $1.88 to US$35.40 a barrel as diving as low as US$33.20. EnCana Corp. (TSX:ECA) rose $2.07 to $56.70 while Suncor Inc. (TSX:SU) climbed 88 cents to $47.58.
Gainers include Petrobank Energy (PBG) jumping 5.22% to $22.77. Paramount Res. (POU) gained 3.71%$8.10.
Loser include Calfrac Well Services (CFW) losing 8.50% to $8.18 and Heritage Oil (HOC) down 7.77% to $3.80.
The TSX industrials sector was 3.28% higher thanks largely to Bombardier Inc. (TSX:BBD.B). Its shares rose 5.56% to $4.75 after it said that Virginia-based regional airline Colgan Air has confirmed previously conditional orders for 10 Q400 turboprop airliners and is exercising options on five Q400s placed in 2007 by its parent company, Pinnacle Airlines Corp. The list value of the 15 planes is US$432 million.
Railway stocks improved after an RBC Capital analyst said that North America's railroad industry is positioned for long-term growth despite enduring financial pressures from the economic slowdown. Walter Spracklin says Canadian railways Canadian National Railways (TSX:CNR) and Canadian Pacific (TSX:CP) will continue to gain market share from trucking. CN shares rose $1 to $43.41 while CP shares moved up $1.12 to $39.78.
Gainers include West Fraser Timber (WFT) gaining 9.26% to $25.72. ATS Automation (ATA) rising 7.57% to $4.55 and SNC Lavalin (SNC) up by 5.78% to $37.49. Domtar (UFS) higher by 10.87% to $2.00. Westjet (WJA.A) moving 7.12% higher to $14.15.
Other gainers included CryptoLogic (CRY) soaring 18.87% to $4.68. Lululemon Athletica (LLL) jumping 11.88% to $8.76. Plutonic Power (PCC) higher by 11.21% to $2.48. Corus Ent. (CJR.B) up 9.58% to $13.15.
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Stock markets closed higher Thursday after investors U.S. Democrats called for US$825 billion in federal spending and tax cuts to help revive the recession-plagued economy in the United States.
Toronto's S&P/TSX composite index closed 191.25 points higher to 8,879.61 after tumbling more than 200 points.
The TSX Venture Exchange slipped 5.23 points to 844.3.
The CDN$ moved down 0.21 cents to 79.9 cents US following four days of steep declines that cut the loonie's value by about four cents US. The declines have been prompted by a stronger American currency and falling commodity prices, especially oil.
The TSX materials index was up 4.28% even as gold dropped $1.50.
Gainers include Tanzanian Royalty Exploration (TNX) soaring 15.34% to $4.21. Queenston Mining (QMI) rising 11.79% to $2.75. Allied Nevada Gold (ANV) jumping 10.49% to $5.16. Iamgold (IMG) higher by 12.59% to $7.60. Yamana Gold (YRI) up 7.93% to $8.03. Agnico-Eagle (AEM) gaining 7.11% to $60.22. Barrick Gold (ABX) jumping 6.89% to $42.06.
Losers include Centerra Gold (CG) losing 10.00% to $3.33.
The TSX metals & mining index rose 1.96%.
Gainers include First Majestic Silver (FR) soaring 18.87% to $2.52.
First Uranium (FIU) jumping 9.83% to $3.24. Virginia Mines (VGQ) gaining 9.03% to $3.50. Pan American Silver (PAA) rising 8.13% to $18.89. Red Back Mining (RBI) up 7.31% to $7.93. Hudbay Minerals (HBM) higher by 12.23% to $3.58. Silver Standard Res. (SSO) jumping 10.42% to $21.09. Minefinders Corp. (MFL) rising 7.76% to 5.83%.
Roger Biduk
The TSX information technology sector was up 3.20% as tech heavyweight Research In Motion (TSX:RIM) provided strong support, rising $5.63 or 10 per cent to $62.
Shaw Communications Inc. (TSX:SJR.B) said Wednesday its first-quarter earnings increased 10 per cent to $123.1 million compared with a year ago. Revenue in the quarter totalled $817.5 million, up from $743.8 million. Its shares rose 90 cents to $20.85.
The TSX financial sector moved 0.7 per cent higher with Power Corp. (TSX:POW) gaining 82 cents to $22.32 and Manulife Financial (MFC) headed up 70 cents to $22.93.
The TSX energy sector improved 1.94% even as oil prices continued to retreat on concerns about falling demand. The February crude contract on the New York Mercantile Exchange declined $1.88 to US$35.40 a barrel as diving as low as US$33.20. EnCana Corp. (TSX:ECA) rose $2.07 to $56.70 while Suncor Inc. (TSX:SU) climbed 88 cents to $47.58.
Gainers include Petrobank Energy (PBG) jumping 5.22% to $22.77. Paramount Res. (POU) gained 3.71%$8.10.
Loser include Calfrac Well Services (CFW) losing 8.50% to $8.18 and Heritage Oil (HOC) down 7.77% to $3.80.
The TSX industrials sector was 3.28% higher thanks largely to Bombardier Inc. (TSX:BBD.B). Its shares rose 5.56% to $4.75 after it said that Virginia-based regional airline Colgan Air has confirmed previously conditional orders for 10 Q400 turboprop airliners and is exercising options on five Q400s placed in 2007 by its parent company, Pinnacle Airlines Corp. The list value of the 15 planes is US$432 million.
Railway stocks improved after an RBC Capital analyst said that North America's railroad industry is positioned for long-term growth despite enduring financial pressures from the economic slowdown. Walter Spracklin says Canadian railways Canadian National Railways (TSX:CNR) and Canadian Pacific (TSX:CP) will continue to gain market share from trucking. CN shares rose $1 to $43.41 while CP shares moved up $1.12 to $39.78.
Gainers include West Fraser Timber (WFT) gaining 9.26% to $25.72. ATS Automation (ATA) rising 7.57% to $4.55 and SNC Lavalin (SNC) up by 5.78% to $37.49. Domtar (UFS) higher by 10.87% to $2.00. Westjet (WJA.A) moving 7.12% higher to $14.15.
Other gainers included CryptoLogic (CRY) soaring 18.87% to $4.68. Lululemon Athletica (LLL) jumping 11.88% to $8.76. Plutonic Power (PCC) higher by 11.21% to $2.48. Corus Ent. (CJR.B) up 9.58% to $13.15.
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www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
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