Roger Biduk;
An attempt to recover from big losses on the Toronto stock market was partly foiled Wednesday by a sharp pullback in Research In Motion Ltd. (TSX:RIM) shares after the BlackBerry maker issued a profit warning.
Toronto's S&P/TSX composite index declined 80 points to 8,737.89 after tumbling 229 points in the previous session on disappointment over the U.S. government's plans for reshaping its financial rescue fund.
The TSX Venture Exchange edged up 9.17 points to 911.26.
The Canadian dollar closed up 0.22 cent to 80.46 cents US, after losing almost two cents Tuesday.
Leading ETFs (Exchange Traded Funds) higher were Horizons BetaPro S&P/TSX Global Gold Bull+ETF (HGU-T) soaring 13.82% to $14.82. PowerShares DB Crude Oil Double Short ETN (DOE-T) jumping 11.61% to $254.25. Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) up 9.18% to $35.10.
Statistics Canada reported Canada recorded a trade deficit of $458 million in December - the first such deficit since March 1976 as exports dropped 9.7 per cent while imports fell 5.7 per cent.
Energy stocks were also a major source of weakness in Toronto and New York as a report showed U.S. crude inventories rose for a seventh straight week, up 4.7 million barrels to an 18-month high. The data sent the March crude contract on the New York Mercantile Exchange down 4.29% to US$35.94 a barrel and the S&P/TSX Energy Index was down 1.71%.
EnCana Corp. (TSX:ECA) fell $2.19 to $53.12 and Canadian Natural Resources (TSX:CNQ) dropped $1.74 to $43.14. Pacific Rubiales Energy (PRE) soared 11.47% to $3.11. Orleans Energy (OEX) jumped 7.50% to $2.15. Heritage Oil (HOC) gained 5.48% to $3.85.
Nexen (NXY) dropped 5.47% to $17.44. Eveready (EIS) tanked 10.26% to $5.25.
Roger Biduk:
The S&P/TSX Capped Financial Index was down 1.39 per cent on top of Tuesday's four per cent loss with Scotiabank (TSX:BNS) down 66 cents to $29.52 and Royal Bank (TSX:RY) gave back 35 cents to $30.35.
Crown hill fund (MYT.UN) soared 13.69% to $4.90. Dynasty Metals & Mining (DMM) jumped 10.92% to $4.47. Resverlogix Corp. (RVX) rose 9.75% to $3.04. Franco Nevada Corp. (FNV) up 6.04% to $6.04.
Amalgamated Income ltd. Part. (AL.UN) tanked 12.00% to $2.42. Global banks Premium Income Tr. (GBP.UN) sank 11.38% to $2.18. Copernican World Banks Split (CBW.PR.A) dropped 8.75% to $2.92. Noranda Income Fund (NIF.UN) dropped 8.02% to $3.90. Kingsway Financial Services (KFS) sank 7.94% to $3.94.
The S&P/TSX Global Gold Index soared 7.68% as the April bullion contract in New York moved up $30.30 to US$944.50 an ounce.
Goldcorp Inc. (TSX:G) advanced $2.22 to $39.05 while Barrick Gold Corp. (TSX:ABX) climbed $1.73 to $47.92. Vista Gold (VGZ) soared 16.18% to $3.16. Kinross Gold (K.WT.C) jumped 15.60% to $15.60. Great Basin Gold (GBG) rose 13.64% to $2.00. Greystar Res. (GSL) rose 13.21% to $3.00. Int’l. Minerals Corp. (IMZ) up 12.68% to $3.20.
The S&P/TSX Capped Divesified Metals & Mining Index soared 4.63% as aluminum dropped 2.64%, copper dipped 2.28% and silver gained 2.97%.
Ivanhoe Mines (TSX:IVN) ran ahead 74 cents or 19 per cent to $4.63 and Inmet Mining Corp. (TSX:IMN) gained $2.30 to $27.95. Silver Wheaton (SLW) soared 13.35% to $9.00. Keegan Resources (KNG) rose 10.00% to $2.20. Gabriel Res. (GBU) gained 9.09% to $2.76. Red Back Mining (RBI) gained 8.74% to $7.84.
But Grande Cache Coal Corp. (TSX:GCE) shares fell eight cents to 77 cents after announcing it is cutting 100 jobs and scaling back output by 25 per cent to deal with slumping steel demand that has led its customers to defer coal purchases into 2010.
Roger Biduk:
The S&P/TSX Capped Information Technology Index tanked 5.44% and the S&P/TSX Capped Telecom Services Index was down .21%.
AXIA NetMedia Corp. (AXX) jumped 10.80% to $2.36.
Reasearch in Motion (RIM) tanked 15.35% to $60.00.
The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was down 1.81%.
The S&P/TSX Capped Health Care Index was higher by .99%.
The S&P/TSX Capped Utilities Index dropped 1.84%.
The S&P/TSX Capped Industrial Index was down 1.22%.
In other earnings news, BCE Inc. (TSX:BCE) posted a fourth-quarter loss of $48 million or six cents per share on investment losses and writedowns. The telecom company also boosted its dividend five per cent and its shares were ahead 36 cents to $25.49.
WestJet shares (TSX:WJA) dropped 80 cents to $12.95 as fourth-quarter profit fell to $40.8 million from $75.4 million.
Fourth-quarter profits at fertilizer producer Agrium Inc. (TSX:AGU) fell to $124 million from $172 million, but its annual profit of $1.3 billion more than tripled its previous record earnings in 2007. Agrium shares rose $1.20 to $47.21. CAE Inc. (TSX:CAE) rose nine cents to $7.39 after the Montreal-based global leader in flight simulators reported a 35 per cent climb in quarterly net profit to $53.3 million as revenue rose 23 per cent to $424.6 million.
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Wednesday, February 11, 2009
Tuesday, February 10, 2009
Roger Biduk; CDN$ & Bay Street Tank
Roger Biduk:
The Toronto stock market and the Canadian dollar both tanked Tuesday on disappointment with U.S. Treasury Secretary Timothy Geithner's plan to help the financial sector.
Toronto's S&P/TSX composite index snapped a five-session winning streak to close down 229.39 points or 2.5 per cent to 8,817.89 led by a four per cent drop in the financial sector.
The TSX Venture Exchange was 0.99 of a point higher to 902.09.
The Canadian dollar tanked 1.97 cents to 80.24 cents US - after going as low as 80.04 cents as disappointment with the Geithner announcement sparked a selloff of a string of currencies in favour of the U.S. dollar.
Investors were also focused on Bank of Canada governor Mark Carney, who reiterated to a parliamentary committee that he expects the economy to rebound in 2010, growing by 3.8 per cent.
Many economists regard this as overly optimistic, but Carney said "such a recovery is actually more muted than usual," after what will be a difficult 2009.
ETFs (Exchange Traded Funds) that short the market, that is, they go up when everything goes down (my favorite since last January) were the best gainers in Toronto.
Horizons BetaPro NYMEX Natural Gas Bear ETF (HND) soared 11.54% to $45.54. Horizons BetaPro MSCI Emerging Markets Bear ETF (HJD-T) jumped 11.01% to %15.32. Horizons BetaPro S&P 500 Bear Plus ETF (HSD-T) was up 10.07% to $33.88. Horizons BetaPro NYMEX Crude Oil Bear ETF (HOD-T). Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD-T) gained 8.28% to $34.40.
Roger Biduk
The S&P/TSX Capped Financial Index sank 3.97% as TD Bank (TSX:TD) was down $1.57 to $39.12 and Bank of Montreal (TSX:BMO) fell $1.42 to $30.36. Savanna Energy Services (SVY) sank 12.13% to $5.94. Dundee Corp. (DC.A) dropped 11.01% to $5.09. Noranda Income fund (NIF.UN) dropped 9.98% to $4.24.
The S&P/TSX Energy Index tanked 4.44% per cent as the March crude contract in New York lost $2.01 to US$37.55 a barrel. Petro-Canada (TSX:PCA) declined $1.55 to $28.26 and EnCana Corp. (TSX:ECA) gave back $2.55 to $55.31.
Tusk Energy Corp. (TSX:TSK) announced a deal to be taken over by a unit of Teachers Insurance and Annuity Association of America in a deal valued at $257 million. Its shares soared $1.22 or 142 per cent to $2.08.
Pacific Rubiales Energy (PRE) tanked 9.71% to $2.79. Trinidad Drilling (TDG) sank 9.49% to $2.67. Highpine Oil & Gas (HPX) dropped 7.77% to $4.63.
The S&P/TSX Global Gold Index was up .30% as the April bullion contract in New York rose $21.40 to US$914.20 an ounce.
Goldcorp Inc. (TSX:G) climbed 74 cents to $36.83. First Quantum Minerals (FM) sank 13.03% to $26.96. Centerra Gold (CG) dropped 11.31% to $4.47. Aquiline Res. (AQI) sank 10.91% to $2.45. European Goldfields (EGU) dropped 7.86% to $2.93.
The S&P/TSX Capped Divesified Metals & Mining Index tanked 8.70% as aluminum dropped 2.64%, copper dipped 2.29% and silver gained 2.34%8.7 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 54 cents to $4.96 and Quadra Mining (QUA) tanked 13.25% to $3.47. Ivanhoe Mines (IVN) sank 11.19%.
Shares in Inmet Mining (TSX:IMN) were off 96 cents to $25.65 after a fourth-quarter loss of $32.5 million on asset writedowns and low metal prices.
A Japanese consortium is paying $270 million for a 19.95 per cent interest in Uranium One Inc. (TSX:UUU). The Toronto-headquartered miner is active in Kazakhstan, the United States and South Africa and its shares climbed eight cents to $2.09 .
Roger Biduk:
The S&P/TSX Capped Information Technology Index was down 1.43% and the S&P/TSX Capped Telecom Services Index was down .75%.
Data encryption specialist Certicom Corp. (TSX:CIC) says it has been told by VeriSign Inc. that the California company will not match a $3-a-share takeover offer from Research In Motion Ltd. (TSX:RIM). RIM's proposal topped a $2.10-per-share price previously agreed to between VeriSign and Certicom. Certicom shares declined 29 cents to $2.97 while RIM ticked 92 cents lower to $70.88.
The S&P/TSX Consumer Discretionary Index dropped 2.00% and the S&P/TSX Consumer Staples Index was down .98%.
The S&P/TSX Capped Health Care Index sank 3.87%.
The S&P/TSX Capped Utilities Index was lower by 1.18%.
The S&P/TSX Capped Industrial Index dropped 2.67%.
Molson Coors Brewing Co. (TSX:TAP) reported a steep drop in fourth-quarter earnings to US$96.8 million "due to unfavourable foreign currency and slowing industry trends." In New York, its shares were down $3.20 at US$37.30.
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The Toronto stock market and the Canadian dollar both tanked Tuesday on disappointment with U.S. Treasury Secretary Timothy Geithner's plan to help the financial sector.
Toronto's S&P/TSX composite index snapped a five-session winning streak to close down 229.39 points or 2.5 per cent to 8,817.89 led by a four per cent drop in the financial sector.
The TSX Venture Exchange was 0.99 of a point higher to 902.09.
The Canadian dollar tanked 1.97 cents to 80.24 cents US - after going as low as 80.04 cents as disappointment with the Geithner announcement sparked a selloff of a string of currencies in favour of the U.S. dollar.
Investors were also focused on Bank of Canada governor Mark Carney, who reiterated to a parliamentary committee that he expects the economy to rebound in 2010, growing by 3.8 per cent.
Many economists regard this as overly optimistic, but Carney said "such a recovery is actually more muted than usual," after what will be a difficult 2009.
ETFs (Exchange Traded Funds) that short the market, that is, they go up when everything goes down (my favorite since last January) were the best gainers in Toronto.
Horizons BetaPro NYMEX Natural Gas Bear ETF (HND) soared 11.54% to $45.54. Horizons BetaPro MSCI Emerging Markets Bear ETF (HJD-T) jumped 11.01% to %15.32. Horizons BetaPro S&P 500 Bear Plus ETF (HSD-T) was up 10.07% to $33.88. Horizons BetaPro NYMEX Crude Oil Bear ETF (HOD-T). Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD-T) gained 8.28% to $34.40.
Roger Biduk
The S&P/TSX Capped Financial Index sank 3.97% as TD Bank (TSX:TD) was down $1.57 to $39.12 and Bank of Montreal (TSX:BMO) fell $1.42 to $30.36. Savanna Energy Services (SVY) sank 12.13% to $5.94. Dundee Corp. (DC.A) dropped 11.01% to $5.09. Noranda Income fund (NIF.UN) dropped 9.98% to $4.24.
The S&P/TSX Energy Index tanked 4.44% per cent as the March crude contract in New York lost $2.01 to US$37.55 a barrel. Petro-Canada (TSX:PCA) declined $1.55 to $28.26 and EnCana Corp. (TSX:ECA) gave back $2.55 to $55.31.
Tusk Energy Corp. (TSX:TSK) announced a deal to be taken over by a unit of Teachers Insurance and Annuity Association of America in a deal valued at $257 million. Its shares soared $1.22 or 142 per cent to $2.08.
Pacific Rubiales Energy (PRE) tanked 9.71% to $2.79. Trinidad Drilling (TDG) sank 9.49% to $2.67. Highpine Oil & Gas (HPX) dropped 7.77% to $4.63.
The S&P/TSX Global Gold Index was up .30% as the April bullion contract in New York rose $21.40 to US$914.20 an ounce.
Goldcorp Inc. (TSX:G) climbed 74 cents to $36.83. First Quantum Minerals (FM) sank 13.03% to $26.96. Centerra Gold (CG) dropped 11.31% to $4.47. Aquiline Res. (AQI) sank 10.91% to $2.45. European Goldfields (EGU) dropped 7.86% to $2.93.
The S&P/TSX Capped Divesified Metals & Mining Index tanked 8.70% as aluminum dropped 2.64%, copper dipped 2.29% and silver gained 2.34%8.7 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 54 cents to $4.96 and Quadra Mining (QUA) tanked 13.25% to $3.47. Ivanhoe Mines (IVN) sank 11.19%.
Shares in Inmet Mining (TSX:IMN) were off 96 cents to $25.65 after a fourth-quarter loss of $32.5 million on asset writedowns and low metal prices.
A Japanese consortium is paying $270 million for a 19.95 per cent interest in Uranium One Inc. (TSX:UUU). The Toronto-headquartered miner is active in Kazakhstan, the United States and South Africa and its shares climbed eight cents to $2.09 .
Roger Biduk:
The S&P/TSX Capped Information Technology Index was down 1.43% and the S&P/TSX Capped Telecom Services Index was down .75%.
Data encryption specialist Certicom Corp. (TSX:CIC) says it has been told by VeriSign Inc. that the California company will not match a $3-a-share takeover offer from Research In Motion Ltd. (TSX:RIM). RIM's proposal topped a $2.10-per-share price previously agreed to between VeriSign and Certicom. Certicom shares declined 29 cents to $2.97 while RIM ticked 92 cents lower to $70.88.
The S&P/TSX Consumer Discretionary Index dropped 2.00% and the S&P/TSX Consumer Staples Index was down .98%.
The S&P/TSX Capped Health Care Index sank 3.87%.
The S&P/TSX Capped Utilities Index was lower by 1.18%.
The S&P/TSX Capped Industrial Index dropped 2.67%.
Molson Coors Brewing Co. (TSX:TAP) reported a steep drop in fourth-quarter earnings to US$96.8 million "due to unfavourable foreign currency and slowing industry trends." In New York, its shares were down $3.20 at US$37.30.
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Roger Biduk; Financials Lift Bay Street
Roger Biduk:
The Toronto stock market closed higher Monday, supported by financials a day before U.S. Treasury Secretary Timothy Geithner is to unveil an overhaul of the US$700-billion aid plan for the financial sector and by energy stocks even as oil prices slipped.
Toronto's S&P/TSX composite index was positive for a fifth session, adding 39.26 points to 9,047.28. The Dow Jones industrial eased 9.72 points to 8,270.87.
The TSX Venture Exchange inched 8.24 points lower to 901.1.
The Toronto market's advance followed a gain last week that saw the main index above 9,000 for the first time since early January, but analysts cautioned against exuberance.
The Canadian dollar was ahead 0.61 of a cent to 82.21 cents U.S. as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined 10.9 per cent in January to 153,500 units. It was the fifth straight monthly decline and left home construction at its slowest rate since 2001.
The S&P/TSX Capped Financial Index was up 1.15 per cent with Scotiabank (TSX:BNS) higher by 59 cents to $31.17 while TD Bank (TSX:TD) climbed 89 cents to $40.69.
Kingsway Financial Services Inc. (TSX:KFS) crumpled $1.36 or 21.75 per cent to $4.89 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.
Allied Properties Real Estate (AP.UN) jumped 10.34%. H&R Real Estate Inv. (HR.UN) higher by 6.62% to $8.54. Birchcliff Energy Ltd. (BIR) rose 6.49% to $5.09. MI Developments Inc. (MIM.A) up by 5.60% to $9.05.
Roger Biduk:
The S&P/TSX Energy Index was ahead 2.49% as the March crude contract on the New York Mercantile Exchange fell 61 cents to US$39.56 a barrel despite an announcement from OPEC that dozens of production projects were being postponed. Natural gas was flat at $4.81.
EnCana Corp. (TSX:ECA) rose $1.55 to $57.86 and Suncor Inc. (TSX:SU) advanced 56 cents to $26.05.
Precision Drilling Trust (TSX:PD.UN) units fell 30 cents to $4.65 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.
Elsewhere in the oilpatch, the board of UTS Energy Corp. (TSX:UTS) urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 10 cents to $1.80.
Crew Energy (CR) soared 13.24% to $4.02. Highpine Oil & Gas Ltd. (HPS) jumped 11.06% to $5.02. Pacific Rubiales Energy Corp. (PRE) rose 10.36% to $3.09. NuVista Energy Ltd. (NVA) gained 9.90% to $7.66. Petrobank Energy And Res. (PBG) up by 7.88% to $21.90.
The S&P/TSX Capped Divesified Metals & Mining Index as aluminum dropped 2.21%, copper dipped .95% and silver sank 2.51%
Teck Cominco Ltd. (TCK.B) was up 21 cents to $5.50 even as Moody's Investors Service on Friday lowered the miner's debt ratings.
Athabasca Potash (API) soared 22.56% to $2.39. Agnico-Eagle Mines (AEM) sank 5.29% to $3.60.
The S&P/TSX Global Gold Index sank 4.28% as the April bullion contract on the Nymex tanked $21.50 to US$892.80 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $2.18 to $45.82 and Goldcorp Inc. (TSX:G) dropped $1.29 to $36.09. Centerra Gold (CG) tanked 11.58% to $5.04. Gabriel Res. (GBU) sank 8.93% to $2.55. Alamos Gold (AGI) lower by 6.07% to $7.35.
The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was up .42%.
The S&P/TSX Capped Health Care Index was higher by 1.06%.
The S&P/TSX Capped Utilities Index rose .74%.
The S&P/TSX Capped Industrial Index was up .49%.
The S&P/TSX Capped Information Technology Index was down .13% and the S&P/TSX Capped Telecom Services Index was up .12%.
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The Toronto stock market closed higher Monday, supported by financials a day before U.S. Treasury Secretary Timothy Geithner is to unveil an overhaul of the US$700-billion aid plan for the financial sector and by energy stocks even as oil prices slipped.
Toronto's S&P/TSX composite index was positive for a fifth session, adding 39.26 points to 9,047.28. The Dow Jones industrial eased 9.72 points to 8,270.87.
The TSX Venture Exchange inched 8.24 points lower to 901.1.
The Toronto market's advance followed a gain last week that saw the main index above 9,000 for the first time since early January, but analysts cautioned against exuberance.
The Canadian dollar was ahead 0.61 of a cent to 82.21 cents U.S. as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined 10.9 per cent in January to 153,500 units. It was the fifth straight monthly decline and left home construction at its slowest rate since 2001.
The S&P/TSX Capped Financial Index was up 1.15 per cent with Scotiabank (TSX:BNS) higher by 59 cents to $31.17 while TD Bank (TSX:TD) climbed 89 cents to $40.69.
Kingsway Financial Services Inc. (TSX:KFS) crumpled $1.36 or 21.75 per cent to $4.89 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.
Allied Properties Real Estate (AP.UN) jumped 10.34%. H&R Real Estate Inv. (HR.UN) higher by 6.62% to $8.54. Birchcliff Energy Ltd. (BIR) rose 6.49% to $5.09. MI Developments Inc. (MIM.A) up by 5.60% to $9.05.
Roger Biduk:
The S&P/TSX Energy Index was ahead 2.49% as the March crude contract on the New York Mercantile Exchange fell 61 cents to US$39.56 a barrel despite an announcement from OPEC that dozens of production projects were being postponed. Natural gas was flat at $4.81.
EnCana Corp. (TSX:ECA) rose $1.55 to $57.86 and Suncor Inc. (TSX:SU) advanced 56 cents to $26.05.
Precision Drilling Trust (TSX:PD.UN) units fell 30 cents to $4.65 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.
Elsewhere in the oilpatch, the board of UTS Energy Corp. (TSX:UTS) urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 10 cents to $1.80.
Crew Energy (CR) soared 13.24% to $4.02. Highpine Oil & Gas Ltd. (HPS) jumped 11.06% to $5.02. Pacific Rubiales Energy Corp. (PRE) rose 10.36% to $3.09. NuVista Energy Ltd. (NVA) gained 9.90% to $7.66. Petrobank Energy And Res. (PBG) up by 7.88% to $21.90.
The S&P/TSX Capped Divesified Metals & Mining Index as aluminum dropped 2.21%, copper dipped .95% and silver sank 2.51%
Teck Cominco Ltd. (TCK.B) was up 21 cents to $5.50 even as Moody's Investors Service on Friday lowered the miner's debt ratings.
Athabasca Potash (API) soared 22.56% to $2.39. Agnico-Eagle Mines (AEM) sank 5.29% to $3.60.
The S&P/TSX Global Gold Index sank 4.28% as the April bullion contract on the Nymex tanked $21.50 to US$892.80 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $2.18 to $45.82 and Goldcorp Inc. (TSX:G) dropped $1.29 to $36.09. Centerra Gold (CG) tanked 11.58% to $5.04. Gabriel Res. (GBU) sank 8.93% to $2.55. Alamos Gold (AGI) lower by 6.07% to $7.35.
The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was up .42%.
The S&P/TSX Capped Health Care Index was higher by 1.06%.
The S&P/TSX Capped Utilities Index rose .74%.
The S&P/TSX Capped Industrial Index was up .49%.
The S&P/TSX Capped Information Technology Index was down .13% and the S&P/TSX Capped Telecom Services Index was up .12%.
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Sunday, February 8, 2009
Roger Biduk; Job Losses Soar & Bay Street Rises
Roger Biduk:
That doesn’t make sense, does it?
North American stock markets surged Friday to a sharply higher close as investors looked past dismal employment news from Canada and the U.S. and ahead to the U.S. economic stimulus program and an announcement of aid for the financial sector.
Toronto's S&P/TSX composite index closed up 147.04 points to 9,008.02 - its first close above 9,000 since Jan. 9 and left the main index in positive territory for the year to date. The TSX gained 3.6 per cent on the week.
The TSX Venture Exchange added 11.12 points to 909.34.
The CDN$ closed up 0.37 of a cent to 81.6 cents U.S.
Statistics Canada said Canada lost a record 129,000 jobs last month, far more than the consensus expectation of 40,000, and the unemployment rate surged more than half a point to 7.2 per cent, the highest level since November 2004.
The drop in jobs was bigger than in any single month during the recessions of the early 1980s and 1990s.
The S&P/TSX Capped Divesified Metals & Mining Index racked up solid gains for a second day, jumping 5.93% as aluminum gained 2.26%, copper soared 8.57% and silver rose 3.22%
Quandra Mining (GSL) soared 13.51% to $3.95. Inmet Mining (IMN) jumped 11.11% to $26.11. PDX Resources (PLG) higher by 9.01% to $2.42. Hanfeng Evergreen (HF) rose 8.68% to $7.39. Gerdau AmeriSteel (GNA) up 7.05 to $8.50.
Roger Biduk:
The S&P/TSX Capped Financial index gained 1.83% ahead of an announcement from American Treasury Secretary Timothy Geithner on how the government will deploy the second half of a US$700-billion bank bailout as well as other help for financial players.
CIBC (TSX:CM) advanced $1.56 to $48.45 and National Bank (TSX:NA) improved $1.31 to $36.44.
TD Bank Financial Group (TSX:TD) confirmed it is raising its ownership of U.S. brokerage TD Ameritrade to 45 per cent from 39.9 per cent, at a cost of $515 million. TD shares were up 63 cents to $39.80.
Faircourt Split Trust (FCS.UN) soared 19.32% to $2.10. Brompton Lifeco Split Corp. (LCS) jumped $2.15. MI Developments (MIM.A) rose 14.29%. Plutonic Power Corp. (PCC) gained 12.27% to $2.47. GMP Capital Trust (GMP.UN) up 11.70% to $7.35. 5Banc Split Inc. (FBS.B) higher by 10.71%. Energy Savings Income Fund (SIF.UN) rose 9.37% to 10.62%. Dundee Corp. (DC.A) up by 8.85% to $5.48. Sentry Select Primary Metals C (PME) higher by 8.81% to $4.20. Canadian Western bank (CWB) up 6.82% to $11.75.
Seamark Asset Management Ltd. (SM) sank 6.36% to $2.06.
The S&P/TSX Energy Index was up 1.61% even as the huge job losses in the U.S. sent the March crude contract on the New York Mercantile Exchange down 2.43% to US$40.17 a barrel. Natural gas jumped 2.84% to $4.77.
Suncor Inc. (TSX:SU) was 83 cents higher to $25.49 and EnCana Corp. (TSX:ECA) gained 61 cents to $56.31.
The Ontario Teachers' Pension Plan has confirmed talks with Petro-Canada (TSX:PCA) about creating more value for shareholders. Petro-Canada shares were 21 cents better to $29.54.
North America Energy Partners (NOA) soared 15.36% to $3.53. Trinidad Drilling (TDG) jumped 14.50% to $3.00. Flint Energy Services Ltd. (FES) higher by 12.02% to $4.66. Niko Resources (NKO) up by 7.28% to $56.58. Gran Tierra Energy Inc. (GTE) rose 7.07% to $4.24.
The S&P/TSX Global Gold Index gained 1.98% as the April bullion contract on the Nymex gained $.10 to US$914.30 an ounce.
Greystar Resources ltd. (GSL) soared 14.29% to $2.80. Detour Gold Corp. (DGC) jumped 11.74% to $9.90. First Quantum Minerals ltd. (FM) rose 8.10% to $30.70.
Gabriel Resources Ltd. (GBU) sank 5.08% to $2.80 and Banro Corp.(BAA) dropped 6.73% to $2.08.
The TSX was supported by two of its largest companies. Research In Motion Ltd. (TSX:RIM) added $2.16 to $72.10 while Potash Corp. (TSX:POT) rose $4.70 to $110.80.
Roger Biduk:
Shares in Canwest Global Communications Corp. (TSX:CGS) were up seven cents to 49 cents on news it is seeking to sell five TV stations. Analysts say it's unlikely the company will find a buyer in the current recession, and a money-saving closure is more likely.
The S&P/TSX Capped Information Technology Index was up 2.75% and the S&P/TSX Capped Telecom Services Index was up .27%.
CryptoLogic Ltd. (CRY) soared 11.61% to $7.40. Aastra Technologies Ltd. (AAH) jumped $9.25% to $12.05. AXIA NetMedia Corp. (AXX) rose 6.53% to $2.12. Gennum Corp. (GND) sank 5.12% to $4.08
The S&P/TSX Consumer Discretionary Index was up 1.15% and the S&P/TSX Consumer Staples Index was down 1.37%.
Viterra Inc. (VT) rose 5.20% to $10.52.
The S&P/TSX Capped Health Care Index was lower by .79%.
The S&P/TSX Capped Utilities Index rose 1.42%.
The S&P/TSX Capped Industrial Index was up 2.27%.
Sino-Forest Corp. (TRE) jumped 13.44% to $11.14. ADF Group Inc. (DRX) jumped 9.04% to $2.05.
JDS Uniphase Canada Ltd. (JDU) sank 6.05% to $4.66. Heroux-Devtek (HRX) down by 6.25% to $4.50.
H
In the service sector, MacDonald, Dettwiler and Assoc. (MDA) soared 11.29% to $25.93. Transat A.T. (TRZ.B) jumped 8.03% to $10.49. Reitmans Canada (RET) rose 5.39% to $9.19. Stantec (STN) gained 5.32% to $29.10. Intermap Technologies (IMP) up 5.00% to $2.10.
Softchoice Corp. (SO) down 7.78% to $2.49. Brick Group Income Fund (BRK.UN) tanked 10.28% to $2.53.
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That doesn’t make sense, does it?
North American stock markets surged Friday to a sharply higher close as investors looked past dismal employment news from Canada and the U.S. and ahead to the U.S. economic stimulus program and an announcement of aid for the financial sector.
Toronto's S&P/TSX composite index closed up 147.04 points to 9,008.02 - its first close above 9,000 since Jan. 9 and left the main index in positive territory for the year to date. The TSX gained 3.6 per cent on the week.
The TSX Venture Exchange added 11.12 points to 909.34.
The CDN$ closed up 0.37 of a cent to 81.6 cents U.S.
Statistics Canada said Canada lost a record 129,000 jobs last month, far more than the consensus expectation of 40,000, and the unemployment rate surged more than half a point to 7.2 per cent, the highest level since November 2004.
The drop in jobs was bigger than in any single month during the recessions of the early 1980s and 1990s.
The S&P/TSX Capped Divesified Metals & Mining Index racked up solid gains for a second day, jumping 5.93% as aluminum gained 2.26%, copper soared 8.57% and silver rose 3.22%
Quandra Mining (GSL) soared 13.51% to $3.95. Inmet Mining (IMN) jumped 11.11% to $26.11. PDX Resources (PLG) higher by 9.01% to $2.42. Hanfeng Evergreen (HF) rose 8.68% to $7.39. Gerdau AmeriSteel (GNA) up 7.05 to $8.50.
Roger Biduk:
The S&P/TSX Capped Financial index gained 1.83% ahead of an announcement from American Treasury Secretary Timothy Geithner on how the government will deploy the second half of a US$700-billion bank bailout as well as other help for financial players.
CIBC (TSX:CM) advanced $1.56 to $48.45 and National Bank (TSX:NA) improved $1.31 to $36.44.
TD Bank Financial Group (TSX:TD) confirmed it is raising its ownership of U.S. brokerage TD Ameritrade to 45 per cent from 39.9 per cent, at a cost of $515 million. TD shares were up 63 cents to $39.80.
Faircourt Split Trust (FCS.UN) soared 19.32% to $2.10. Brompton Lifeco Split Corp. (LCS) jumped $2.15. MI Developments (MIM.A) rose 14.29%. Plutonic Power Corp. (PCC) gained 12.27% to $2.47. GMP Capital Trust (GMP.UN) up 11.70% to $7.35. 5Banc Split Inc. (FBS.B) higher by 10.71%. Energy Savings Income Fund (SIF.UN) rose 9.37% to 10.62%. Dundee Corp. (DC.A) up by 8.85% to $5.48. Sentry Select Primary Metals C (PME) higher by 8.81% to $4.20. Canadian Western bank (CWB) up 6.82% to $11.75.
Seamark Asset Management Ltd. (SM) sank 6.36% to $2.06.
The S&P/TSX Energy Index was up 1.61% even as the huge job losses in the U.S. sent the March crude contract on the New York Mercantile Exchange down 2.43% to US$40.17 a barrel. Natural gas jumped 2.84% to $4.77.
Suncor Inc. (TSX:SU) was 83 cents higher to $25.49 and EnCana Corp. (TSX:ECA) gained 61 cents to $56.31.
The Ontario Teachers' Pension Plan has confirmed talks with Petro-Canada (TSX:PCA) about creating more value for shareholders. Petro-Canada shares were 21 cents better to $29.54.
North America Energy Partners (NOA) soared 15.36% to $3.53. Trinidad Drilling (TDG) jumped 14.50% to $3.00. Flint Energy Services Ltd. (FES) higher by 12.02% to $4.66. Niko Resources (NKO) up by 7.28% to $56.58. Gran Tierra Energy Inc. (GTE) rose 7.07% to $4.24.
The S&P/TSX Global Gold Index gained 1.98% as the April bullion contract on the Nymex gained $.10 to US$914.30 an ounce.
Greystar Resources ltd. (GSL) soared 14.29% to $2.80. Detour Gold Corp. (DGC) jumped 11.74% to $9.90. First Quantum Minerals ltd. (FM) rose 8.10% to $30.70.
Gabriel Resources Ltd. (GBU) sank 5.08% to $2.80 and Banro Corp.(BAA) dropped 6.73% to $2.08.
The TSX was supported by two of its largest companies. Research In Motion Ltd. (TSX:RIM) added $2.16 to $72.10 while Potash Corp. (TSX:POT) rose $4.70 to $110.80.
Roger Biduk:
Shares in Canwest Global Communications Corp. (TSX:CGS) were up seven cents to 49 cents on news it is seeking to sell five TV stations. Analysts say it's unlikely the company will find a buyer in the current recession, and a money-saving closure is more likely.
The S&P/TSX Capped Information Technology Index was up 2.75% and the S&P/TSX Capped Telecom Services Index was up .27%.
CryptoLogic Ltd. (CRY) soared 11.61% to $7.40. Aastra Technologies Ltd. (AAH) jumped $9.25% to $12.05. AXIA NetMedia Corp. (AXX) rose 6.53% to $2.12. Gennum Corp. (GND) sank 5.12% to $4.08
The S&P/TSX Consumer Discretionary Index was up 1.15% and the S&P/TSX Consumer Staples Index was down 1.37%.
Viterra Inc. (VT) rose 5.20% to $10.52.
The S&P/TSX Capped Health Care Index was lower by .79%.
The S&P/TSX Capped Utilities Index rose 1.42%.
The S&P/TSX Capped Industrial Index was up 2.27%.
Sino-Forest Corp. (TRE) jumped 13.44% to $11.14. ADF Group Inc. (DRX) jumped 9.04% to $2.05.
JDS Uniphase Canada Ltd. (JDU) sank 6.05% to $4.66. Heroux-Devtek (HRX) down by 6.25% to $4.50.
H
In the service sector, MacDonald, Dettwiler and Assoc. (MDA) soared 11.29% to $25.93. Transat A.T. (TRZ.B) jumped 8.03% to $10.49. Reitmans Canada (RET) rose 5.39% to $9.19. Stantec (STN) gained 5.32% to $29.10. Intermap Technologies (IMP) up 5.00% to $2.10.
Softchoice Corp. (SO) down 7.78% to $2.49. Brick Group Income Fund (BRK.UN) tanked 10.28% to $2.53.
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Wednesday, February 4, 2009
Roger Biduk; Bay Street Flat
Roger Biduk;
The Toronto stock market erased early losses to eke out a slightly higher close Tuesday thanks largely to a late-day revival in the financial and base metals sectors.
Toronto's S&P/TSX composite index inched up 3.8 points to 8,628.63. The Venture index was down 3.57 points to 859.25.
The CDN$ rose 0.88 of a cent to 81.29 cents US.
The S&P/TSX Capped Financial index gained .68% as Kingsway Financial Services (KFS) soared 10.12%. Resverlogix Corp. (RVX) jumped 8.88% to $2.82. Dundee Corp. (DC.A) ran up 8.07% to $5.49. Chartwell Seniors Housing (CSH.UN) gained 6.43% to $5.79. Dundee Real Estate Investment (D.UN) up 6.32% to $13.45.
Royal Host Real Estate Investment Trust (RYL.UN) dropped 5.07% to $3.18. Parkbridge Lifestyle Communities Inc. (PRK) dropped 7.28% to $2.80. Chemtrade Logistics Income fund (CHE.UN) tanked 8.70% to $8.81.
The S&P/TSX Energy Index was off .33% as the March crude contract on the New York Mercantile Exchange added 1.75% to US$40.78 a barrel. Natural gas sank .97% to $4.50.
Major Drilling Group (MDI) soared 13.87% to $14.53. Gran Tierra Energy (GTE) jumped 9.71% to $3.84. Pacific Rubiales Energy Corp. (PRE) was up 9.35% to $2.69. Petro Andina Resources Inc. (PAR) was up 9.08% to $6.49. Petrominerales Ltd. (PMG) higher by 5.55% to $7.80.
Total Energy Services Trust (TOT.UN) sank 6.94% to $3.35.
The S&P/TSX Global Gold Index lost .48% as the February bullion contract on the Nymex tanked $14.70 to US$892.50 an ounce.
Novagold Resources Inc. (NG) soared 7.75% to $4.31. First Quantum Minerals Ltd. (FM) jumped 7.55% to $23.80. Kirkland Lake Gold (KGI) gained 7.21% to $5.50.
Detour Gold Corp. (DGC) dropped 5.00% to $8.17. Markland AGF Precious Metals (MPM) sank 5.80% to $5.20. Virginia Mines (VGQ) dropped 5.83% to $4.04.
Roger Biduk:
The S&P/TSX Capped Information Technology Index was down 1.40% and the S&P/TSX Capped Telecom Index was up .68%.
EXFO Electro-Optical Engineering (EXF) jumped 13.44% to $4.81. AXIA NetMedia Corp. (AXX) up 6.95% to $2.00. Mosaid Technologies Inc. (MSD) higher by 6.91% to $10.21.
The S&P/TSX Consumer Discretionary Index was up .36% and the S&P/TSX Consumer Staples Index was down .16%.
Winpak (WPK) tanked 6.01% to $6.57.
The S&P/TSX Capped Health Care Index was lower by .29%.
The S&P/TSX Capped Utilities Index dropped 1.20%.
The S&P/TSX Capped Industrial Index was up .96%.
ATS Automation Tooling Systems (ATA) gained 5.62% to $4.51. Sino-Forest Corp. (TRE) was up 5.06% to $9.13.
Martinrea International inc. (MRE) dropped 5.24% to $2.35. Canam Group Inc. (CAM) sank 7.39% to $6.39.
The S&P/TSX Capped Divesified Metals & Mining Index jumped 2.31% as aluminum gained 1.56%, copper soared 6.36% and silver dropped .93%.
Gerdau AmerSteel Corp. (GNA) rose 8.51% to $7.65.
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The Toronto stock market erased early losses to eke out a slightly higher close Tuesday thanks largely to a late-day revival in the financial and base metals sectors.
Toronto's S&P/TSX composite index inched up 3.8 points to 8,628.63. The Venture index was down 3.57 points to 859.25.
The CDN$ rose 0.88 of a cent to 81.29 cents US.
The S&P/TSX Capped Financial index gained .68% as Kingsway Financial Services (KFS) soared 10.12%. Resverlogix Corp. (RVX) jumped 8.88% to $2.82. Dundee Corp. (DC.A) ran up 8.07% to $5.49. Chartwell Seniors Housing (CSH.UN) gained 6.43% to $5.79. Dundee Real Estate Investment (D.UN) up 6.32% to $13.45.
Royal Host Real Estate Investment Trust (RYL.UN) dropped 5.07% to $3.18. Parkbridge Lifestyle Communities Inc. (PRK) dropped 7.28% to $2.80. Chemtrade Logistics Income fund (CHE.UN) tanked 8.70% to $8.81.
The S&P/TSX Energy Index was off .33% as the March crude contract on the New York Mercantile Exchange added 1.75% to US$40.78 a barrel. Natural gas sank .97% to $4.50.
Major Drilling Group (MDI) soared 13.87% to $14.53. Gran Tierra Energy (GTE) jumped 9.71% to $3.84. Pacific Rubiales Energy Corp. (PRE) was up 9.35% to $2.69. Petro Andina Resources Inc. (PAR) was up 9.08% to $6.49. Petrominerales Ltd. (PMG) higher by 5.55% to $7.80.
Total Energy Services Trust (TOT.UN) sank 6.94% to $3.35.
The S&P/TSX Global Gold Index lost .48% as the February bullion contract on the Nymex tanked $14.70 to US$892.50 an ounce.
Novagold Resources Inc. (NG) soared 7.75% to $4.31. First Quantum Minerals Ltd. (FM) jumped 7.55% to $23.80. Kirkland Lake Gold (KGI) gained 7.21% to $5.50.
Detour Gold Corp. (DGC) dropped 5.00% to $8.17. Markland AGF Precious Metals (MPM) sank 5.80% to $5.20. Virginia Mines (VGQ) dropped 5.83% to $4.04.
Roger Biduk:
The S&P/TSX Capped Information Technology Index was down 1.40% and the S&P/TSX Capped Telecom Index was up .68%.
EXFO Electro-Optical Engineering (EXF) jumped 13.44% to $4.81. AXIA NetMedia Corp. (AXX) up 6.95% to $2.00. Mosaid Technologies Inc. (MSD) higher by 6.91% to $10.21.
The S&P/TSX Consumer Discretionary Index was up .36% and the S&P/TSX Consumer Staples Index was down .16%.
Winpak (WPK) tanked 6.01% to $6.57.
The S&P/TSX Capped Health Care Index was lower by .29%.
The S&P/TSX Capped Utilities Index dropped 1.20%.
The S&P/TSX Capped Industrial Index was up .96%.
ATS Automation Tooling Systems (ATA) gained 5.62% to $4.51. Sino-Forest Corp. (TRE) was up 5.06% to $9.13.
Martinrea International inc. (MRE) dropped 5.24% to $2.35. Canam Group Inc. (CAM) sank 7.39% to $6.39.
The S&P/TSX Capped Divesified Metals & Mining Index jumped 2.31% as aluminum gained 1.56%, copper soared 6.36% and silver dropped .93%.
Gerdau AmerSteel Corp. (GNA) rose 8.51% to $7.65.
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Monday, February 2, 2009
Roger Biduk; Bay Street Lower on Bad Economic News - More to come
Roger Biduk:
Stock markets closed lower Friday in the face of figures showing deepening economic contraction, the possible impact of "buy America" restrictions in the U.S. economic stimulus package and rapidly worsening conditions in Japan.
Toronto's S&P/TSX composite index closed down 67.86 points to 8,694.90 to end the week up a slight 67 points. It ended the month down 293 points or 3.25 per cent, weighed down by a 7.5 per cent slide in financials.
The TSX Venture Exchange edged up 2.09 points to 882.63.
The CDN$ moved down 0.22 cent to 81.53 cents US as Statistics Canada said gross domestic product fell 0.7 per cent in November, with declines across almost all sectors.
Roger Biduk:
Meanwhile the Statistics Canada report showed manufacturing, wholesale trade, construction and real estate led the November GDP decline.
The S&P/TSX Capped Financial index dropped .21% as National Bank (TSX:NA) gave back 98 cents to $34.22. However, the sector is up for the week on hopes that the U.S. will create a bank to buy up toxic or illiquid assets from American banks. The Wall Street Journal reported that top officials are mulling a plan that would use a two-pronged approach of buying a portion of banks' "bad" assets while also guaranteeing against future losses on some of the remainder.
Allied Properties Real Estate (AP.UN) was higher by 5.57% to $12.50. Canadian western Bank (CWB) up 5.02% to $11.93. Sentry Select Primary Metals (PME) soared 9.97% to $3.75.
Brookfield Properties Corp. (BPO) sank 6.86% to $6.52. Canadian Helicopters Income fund (CHL.UN) dropped 6.67% to $7.70. Coventree Inc. (COF) down 5.47% to $3.63. Livingston International Income Trust (LIV.UN) tanking 13.53% to $5.75. Northern Property Real Estate Income Trust (NPR.UN) dropped 6.03% to $16.35. Morguard Real Estate income Trust (MRT.UN) down 5.29% to $8.95.
The S&P/TSX Energy Index was off 1.33% as the March crude contract on the New York Mercantile Exchange added 24 cents to US$41.68 a barrel. Natural gas sank 3.47% to $4.42.
Petro-Canada (TSX:PCA) shed 97 cents to $26.59 and EnCana Corp. (TSX:ECA) declined 62 cents to $54.571. Enerplus Resources Fund (TSX:ERF.UN) said low oil prices are prompting it to reduce distributions for the second time in as many months, to 18 cents per unit from 25 cents. Its units were $1.31 lower to $25.44. Exxon Mobil reported a profit of US$45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company. But fourth-quarter profits tumbled 33 per cent as oil prices plunged 60 per cent during the period. Its shares fell 52 cents to $76.48.
Niko Resources (NKO) soared 10.86% to $50.44. Petro Andina Resources (PAR) up 10.49% to $5.69. Phoenix Technology Income fund (PHX.UN) soaring 19.07% to $8.93. Petrominerales (PMG) up 9.59% to $6.74. Pacific Rubiales Energy (PRE) up 5.10% to $2.68.
Roger Biduk:
The S&P/TSX Global Gold Index gained .20% as the February bullion contract on the Nymex moved up $22.20 to US$927.30 an ounce.
Markland AGF Precious Metals (PMP) soared 29.22% to $6.50. Guyana Goldfields (GUY) jumped 18.88% to $2.96. Centerra Gold (CG) gained 12.26% to $6.15. Queenston Mining (QMI) up 10.38% to $3.51. US Gold Corp. (UXG) higher by 8.14% to $2.39. Allied Nevada Gold Corp. (ANV) up 8.08% to $6.15. Comaplex Minerals Corp. (CMF) up 6.43% to $3.13. European Goldfields (EGU) up 5.35% to $3.15.
The S&P/TSX Capped Information Technology Index was up .24% and the S&P/TSX Capped Telecom Index was up .17%.
EXFO Electro-Optical Engineering (EXF) jumped 9.64% to $4.43. Torstar Corp. (TS.B) gained 5.63% to $8.25.
The S&P/TSX Consumer Discretionary Index was down 1.08% and the S&P/TSX Consumer Staples Index was up .95%.
The S&P/TSX Capped Health Care Index jumped 2.44%.
QLT Inc. (QLT) gained 4.15% to $2.76. BioMS Medical Corp. (MS) tanking 30.32% to $2.39.
The S&P/TSX Capped Utilities Index dropped .25%.
The S&P/TSX Capped Industrial Index was down 1.70%.
Martinrea International (MRE) jumped 10.00% to $2.75. Canfor Corp. (CFP) jumped 6.62% to $7.25.
The S&P/TSX Capped Divesified Metals & Mining Index sank 2.81% as Aluminum dropped 1.56%, Copper gained .75% and silver jumped 3.46%. CIC Energy (ELC) soared 12.55% to $2.60. First Uranium Corp. (FIU) jumped 12.50% to $4.50. Quadra Mining (QUA) higher by 9.03% to $3.38. New Gold (NGD) up 8.79% to $2.60. Osisko Mining (OSK) up 8.77% to $5.21. Comaplex Minerals (CMF) higher by 6.43% to $3.31. Teck Cominco Ltd. (TSX:TCK.B) moved down 9.37% to $4.74.
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Stock markets closed lower Friday in the face of figures showing deepening economic contraction, the possible impact of "buy America" restrictions in the U.S. economic stimulus package and rapidly worsening conditions in Japan.
Toronto's S&P/TSX composite index closed down 67.86 points to 8,694.90 to end the week up a slight 67 points. It ended the month down 293 points or 3.25 per cent, weighed down by a 7.5 per cent slide in financials.
The TSX Venture Exchange edged up 2.09 points to 882.63.
The CDN$ moved down 0.22 cent to 81.53 cents US as Statistics Canada said gross domestic product fell 0.7 per cent in November, with declines across almost all sectors.
Roger Biduk:
Meanwhile the Statistics Canada report showed manufacturing, wholesale trade, construction and real estate led the November GDP decline.
The S&P/TSX Capped Financial index dropped .21% as National Bank (TSX:NA) gave back 98 cents to $34.22. However, the sector is up for the week on hopes that the U.S. will create a bank to buy up toxic or illiquid assets from American banks. The Wall Street Journal reported that top officials are mulling a plan that would use a two-pronged approach of buying a portion of banks' "bad" assets while also guaranteeing against future losses on some of the remainder.
Allied Properties Real Estate (AP.UN) was higher by 5.57% to $12.50. Canadian western Bank (CWB) up 5.02% to $11.93. Sentry Select Primary Metals (PME) soared 9.97% to $3.75.
Brookfield Properties Corp. (BPO) sank 6.86% to $6.52. Canadian Helicopters Income fund (CHL.UN) dropped 6.67% to $7.70. Coventree Inc. (COF) down 5.47% to $3.63. Livingston International Income Trust (LIV.UN) tanking 13.53% to $5.75. Northern Property Real Estate Income Trust (NPR.UN) dropped 6.03% to $16.35. Morguard Real Estate income Trust (MRT.UN) down 5.29% to $8.95.
The S&P/TSX Energy Index was off 1.33% as the March crude contract on the New York Mercantile Exchange added 24 cents to US$41.68 a barrel. Natural gas sank 3.47% to $4.42.
Petro-Canada (TSX:PCA) shed 97 cents to $26.59 and EnCana Corp. (TSX:ECA) declined 62 cents to $54.571. Enerplus Resources Fund (TSX:ERF.UN) said low oil prices are prompting it to reduce distributions for the second time in as many months, to 18 cents per unit from 25 cents. Its units were $1.31 lower to $25.44. Exxon Mobil reported a profit of US$45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company. But fourth-quarter profits tumbled 33 per cent as oil prices plunged 60 per cent during the period. Its shares fell 52 cents to $76.48.
Niko Resources (NKO) soared 10.86% to $50.44. Petro Andina Resources (PAR) up 10.49% to $5.69. Phoenix Technology Income fund (PHX.UN) soaring 19.07% to $8.93. Petrominerales (PMG) up 9.59% to $6.74. Pacific Rubiales Energy (PRE) up 5.10% to $2.68.
Roger Biduk:
The S&P/TSX Global Gold Index gained .20% as the February bullion contract on the Nymex moved up $22.20 to US$927.30 an ounce.
Markland AGF Precious Metals (PMP) soared 29.22% to $6.50. Guyana Goldfields (GUY) jumped 18.88% to $2.96. Centerra Gold (CG) gained 12.26% to $6.15. Queenston Mining (QMI) up 10.38% to $3.51. US Gold Corp. (UXG) higher by 8.14% to $2.39. Allied Nevada Gold Corp. (ANV) up 8.08% to $6.15. Comaplex Minerals Corp. (CMF) up 6.43% to $3.13. European Goldfields (EGU) up 5.35% to $3.15.
The S&P/TSX Capped Information Technology Index was up .24% and the S&P/TSX Capped Telecom Index was up .17%.
EXFO Electro-Optical Engineering (EXF) jumped 9.64% to $4.43. Torstar Corp. (TS.B) gained 5.63% to $8.25.
The S&P/TSX Consumer Discretionary Index was down 1.08% and the S&P/TSX Consumer Staples Index was up .95%.
The S&P/TSX Capped Health Care Index jumped 2.44%.
QLT Inc. (QLT) gained 4.15% to $2.76. BioMS Medical Corp. (MS) tanking 30.32% to $2.39.
The S&P/TSX Capped Utilities Index dropped .25%.
The S&P/TSX Capped Industrial Index was down 1.70%.
Martinrea International (MRE) jumped 10.00% to $2.75. Canfor Corp. (CFP) jumped 6.62% to $7.25.
The S&P/TSX Capped Divesified Metals & Mining Index sank 2.81% as Aluminum dropped 1.56%, Copper gained .75% and silver jumped 3.46%. CIC Energy (ELC) soared 12.55% to $2.60. First Uranium Corp. (FIU) jumped 12.50% to $4.50. Quadra Mining (QUA) higher by 9.03% to $3.38. New Gold (NGD) up 8.79% to $2.60. Osisko Mining (OSK) up 8.77% to $5.21. Comaplex Minerals (CMF) higher by 6.43% to $3.31. Teck Cominco Ltd. (TSX:TCK.B) moved down 9.37% to $4.74.
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Wednesday, January 28, 2009
Roger Biduk; Four in a Row for Bay Street
Roger Biduk
The Toronto stock market's winning streak extended to a fourth session on Wednesday as financials continued to rise after reports that a "bad bank" could be created in the United States to buy toxic or illiquid assets to help free up the credit market.
Toronto's S&P/TSX composite index closed up 146.60 points to 8,906.23 as investors also took in plans by Ottawa for billions of dollars in stimulus spending.
The TSX Venture Exchange inched up 2.05 points to 869.92.
The Canadian dollar advanced despite the fact that the deficit is estimated at $34 billion in fiscal 2009 and $30 billion in 2010. The loonie was up 0.74 cent to 82.29 cents US after running as high as 83.16 cents US.
The Toronto financial sector ran ahead four per cent with Royal Bank (TSX:RY) up $1.01 to $31.67 and Scotiabank (TSX:BNS) advanced $1.57 to $31.17.
Shares in AGF Management Ltd. (TSX:AGF.B) were off 12 cents to $8.40 after the investment management firm slid to a fourth-quarter loss of $19.3 million as it took $46.3 million in impairment charges related to weakness in financial markets.
Roger Biduk
The TSX energy sector moved up more than two per cent as the March crude contract on the New York Mercantile Exchange finished the session 58 cents higher at US$42.16 a barrel.
EnCana Corp. (TSX:ECA) rose $2.68 to $57.22 while Suncor Inc. (TSX:SU) headed up $1.20 to $25.10.
UTS Energy Corp. (TSX:UTS) jumped 90 cents or 108 per cent to $1.73 after French energy giant Total made a $617-million all-cash bid to buy the Calgary company. The unsolicited bid is $1.30 per share, and the market price indicates a higher offer is expected for UTS, which owns 20 per cent of the Fort Hills oilsands project. Petro-Canada (TSX:PCA) has a 60 per cent stake in the project. Its shares rose 74 cents to $28.70 while Teck Cominco (TSX:TCK.B), which owns 20 per cent of Fort Hills, climbed 35 cents to $5.95.
The gold sector fell 3.5 per cent as the March bullion contract in New York moved down $to US$an ounce. Goldcorp Inc. (TSX:G) declined $1.62 to $33.77 .
Elsewhere on the TSX, Liquidation World Inc. (TSX:LQW) rose 15 cents to 90 cents after a deal to acquire the U.S. wholesale business of Talon Merchant Capital LLC, issuing $7.6 million worth of shares to the U.S. private equity firm.
Shares in Air Canada (TSX:AC.A) rose five cents to $2.35 even as a majority of 5,000 customer service and sales agents represented by the Canadian Auto Workers union members rejected a tentative agreement. The current collective agreement remains in effect until May 31, so no immediate impact on service is expected. And shares in TMX Group Inc. (TSX:X) declined 74 cents to $31.36 after Canada's dominant financial market operator reported a fourth-quarter profit of $49 million, up 61 per cent from a year earlier, as revenue grew 36 per cent, largely because of the merger with the Montreal Exchange.
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The Toronto stock market's winning streak extended to a fourth session on Wednesday as financials continued to rise after reports that a "bad bank" could be created in the United States to buy toxic or illiquid assets to help free up the credit market.
Toronto's S&P/TSX composite index closed up 146.60 points to 8,906.23 as investors also took in plans by Ottawa for billions of dollars in stimulus spending.
The TSX Venture Exchange inched up 2.05 points to 869.92.
The Canadian dollar advanced despite the fact that the deficit is estimated at $34 billion in fiscal 2009 and $30 billion in 2010. The loonie was up 0.74 cent to 82.29 cents US after running as high as 83.16 cents US.
The Toronto financial sector ran ahead four per cent with Royal Bank (TSX:RY) up $1.01 to $31.67 and Scotiabank (TSX:BNS) advanced $1.57 to $31.17.
Shares in AGF Management Ltd. (TSX:AGF.B) were off 12 cents to $8.40 after the investment management firm slid to a fourth-quarter loss of $19.3 million as it took $46.3 million in impairment charges related to weakness in financial markets.
Roger Biduk
The TSX energy sector moved up more than two per cent as the March crude contract on the New York Mercantile Exchange finished the session 58 cents higher at US$42.16 a barrel.
EnCana Corp. (TSX:ECA) rose $2.68 to $57.22 while Suncor Inc. (TSX:SU) headed up $1.20 to $25.10.
UTS Energy Corp. (TSX:UTS) jumped 90 cents or 108 per cent to $1.73 after French energy giant Total made a $617-million all-cash bid to buy the Calgary company. The unsolicited bid is $1.30 per share, and the market price indicates a higher offer is expected for UTS, which owns 20 per cent of the Fort Hills oilsands project. Petro-Canada (TSX:PCA) has a 60 per cent stake in the project. Its shares rose 74 cents to $28.70 while Teck Cominco (TSX:TCK.B), which owns 20 per cent of Fort Hills, climbed 35 cents to $5.95.
The gold sector fell 3.5 per cent as the March bullion contract in New York moved down $to US$an ounce. Goldcorp Inc. (TSX:G) declined $1.62 to $33.77 .
Elsewhere on the TSX, Liquidation World Inc. (TSX:LQW) rose 15 cents to 90 cents after a deal to acquire the U.S. wholesale business of Talon Merchant Capital LLC, issuing $7.6 million worth of shares to the U.S. private equity firm.
Shares in Air Canada (TSX:AC.A) rose five cents to $2.35 even as a majority of 5,000 customer service and sales agents represented by the Canadian Auto Workers union members rejected a tentative agreement. The current collective agreement remains in effect until May 31, so no immediate impact on service is expected. And shares in TMX Group Inc. (TSX:X) declined 74 cents to $31.36 after Canada's dominant financial market operator reported a fourth-quarter profit of $49 million, up 61 per cent from a year earlier, as revenue grew 36 per cent, largely because of the merger with the Montreal Exchange.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
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