Toronto stock market report july 19 2011 : Oil and mining stocks helped push the Toronto stock market higher Tuesday amid rising crude and copper prices while some strong U.S. earnings reports helped briefly divert investor attention from government debt worries.
The S&P/TSX composite index gained 74.85 points to 13,329 while the TSX Venture Exchange edged 6.81 points lower to 1,997.69. Analysts point to the current wave of uncertainty surrounding the European government debt crisis as one reason the Bank felt it can't raise rates now.
Oil prices rose above $97 a barrel Tuesday amid a survey by Platts, the energy information arm of McGraw-Hill Cos., that crude inventories likely fell by 1.3 million barrels last week while gasoline supplies probably dropped 450,000 barrels.
The August crude contract on the New York Mercantile Exchange gained $2.10 to US$98.03 a barrel and the energy sector rose almost two per cent. Suncor Energy (TSX:SU) gained 99 cents to $38.54 while Canadian Natural Resources (TSX:CNQ) climbed $1.15 to $40.64.
The base metals sector gained 2.3 per cent as metal prices also ran ahead with the September copper contract up eight cents to US$4.48 a pound. Teck Resources (TSX:TCK.B) was up $1.17 to $50.20 while Lundin Mining (TSX:LUN) rose 23 cents to $7.05.
The tech sector was up almost one per cent in the wake of a strong earnings report from IBM. Celestica (TSX:CLS) gained 15 cents to $7.85 and CGI Group (TSX:GIB.A) advanced 16 cents to $22.40.
Financials were also supportive as Royal Bank (TSX:RY) gained 33 cents to $52.78 and Manulife Financial (TSX:MFC) was up 22 cents to $15.79.
TD Ameritrade Holding Corp. (NASDAQ:AMTD), a U.S. discount brokerage that is 40 per cent owned by Canada's TD Bank (TSX:TD), reported that its third quarter net earnings fell to US$157 million from $179 million a year ago.
TD said the subsidiary's earnings will contribute C$48 million to its own third quarter income and its shares climbed 53 cents to $78.81.
The gold sector was the weakest group as bullion prices moved down slightly from Monday's latest record close, down $1.70 to US$1,600.70 an ounce. Barrick Gold Corp. (TSX:ABX) faded 64 cents to $46.39 while Goldcorp Inc. (TSX:G) fell $1.12 to $51.67.
Showing posts with label Toronto stock market. Show all posts
Showing posts with label Toronto stock market. Show all posts
Tuesday, July 19, 2011
Monday, July 11, 2011
Toronto stock market monday july 11 2011
Toronto stock market monday july 11 2011 : The Toronto stock market was lower Monday morning on the heels of a weak American employment report last week and growing worries about the European debt crisis that pushed traders to the safe-haven status of U.S. Treasurys.
The S&P/TSX composite index lost 57.47 points to 13,314.23 while the TSX Venture Exchange lost 15.41 points to 1,969.4.
The Canadian dollar in turn slipped against the greenback, losing 0.83 of a cent to 103.26 cents US
Sentiment on markets was already downbeat after Washington announced Friday that the American economy created just 18,000 jobs in June, which was a fraction of the figure expected.
It further soured Monday on the possibility that Europe's debt crisis might be spreading beyond Greece, Ireland and Portugal — which have already received rescue packages — to Spain and Italy as the yields on government bonds for both countries shot up Monday morning, in contrast to other big economies.
Yields on Spanish 10-year bonds rose from 5.7 per cent at the start of trading to 5.9 per cent, while the yield on Italian 10-year bonds meanwhile increased to 5.6 per cent from 5.3 per cent, following sharp rises on Thursday and Friday.
The S&P/TSX composite index lost 57.47 points to 13,314.23 while the TSX Venture Exchange lost 15.41 points to 1,969.4.
The Canadian dollar in turn slipped against the greenback, losing 0.83 of a cent to 103.26 cents US
Sentiment on markets was already downbeat after Washington announced Friday that the American economy created just 18,000 jobs in June, which was a fraction of the figure expected.
It further soured Monday on the possibility that Europe's debt crisis might be spreading beyond Greece, Ireland and Portugal — which have already received rescue packages — to Spain and Italy as the yields on government bonds for both countries shot up Monday morning, in contrast to other big economies.
Yields on Spanish 10-year bonds rose from 5.7 per cent at the start of trading to 5.9 per cent, while the yield on Italian 10-year bonds meanwhile increased to 5.6 per cent from 5.3 per cent, following sharp rises on Thursday and Friday.
Tuesday, July 5, 2011
Sino-Forest shares prices july 5 2011
Sino-Forest shares prices july 5 2011, Sino-Forest’s stock prices, west fraser shares prices july 5 2011 : A couple of short weeks after most investors had left Sino-Forest Corp.’s (TRE-T5.291.1929.02%) stock for dead, the beleaguered shares have found a new lease on life.
But as long as the dense fog surrounding the company’s Chinese holdings is still in the air, company followers said, the stock rebound may be short-lived.
Sino-Forest’s shares jumped $1.14 or 27 per cent to $5.29 on the Toronto Stock Exchange Tuesday, the day after Boston-based institutional fund manager Wellington Management Co. LLP disclosed that it had acquired 28.3 million Sino-Forest shares on behalf of clients, or 11.5 per cent of the battered company.
Tuesday’s gains added to Monday’s 30-per-cent surge, and lifted the stock’s gains over the past five trading sessions to 130 per cent. Sino-Forest’s stock had plunged from nearly $20 to less than $2 last month, amid allegations from a hedge fund that the company had grossly overstated the value of its assets.
Wellington’s vote of confidence comes two weeks after the company’s biggest investor – hedge fund Paulson & Co. Inc. – disclosed that it had sold its entire 14.1-per-cent stake. Sino-Forest’s stock sank to its lowest point during the current crisis – $1.29 in intraday trading – on June 21, the day after Paulson’s disclosure.
“Never proclaim a stock dead until it’s delisted and gone,” said analyst and investor Chris Damas of BCMI Research in Barrie, Ont., who bought the stock last month when it first dipped to $4 but got out of it again as it continued to fall.
“This is probably a big short-covering rally, plus traders betting that there are other big institutions that may have also bought some stock,” he said. “It’s hard to say how long this will last.”
Wellington – which previously had a small holding of 79,700 Sino-Forest shares in one of its portfolios as of the end of 2010, according to Bloomberg – is now Sino-Forest’s second-biggest shareholder, after Davis Selected Advisers LP, an Arizona-based mutual fund company that controlled a 12.6-per-cent stake as of its most recent filing on April 29.
But as long as the dense fog surrounding the company’s Chinese holdings is still in the air, company followers said, the stock rebound may be short-lived.
Sino-Forest’s shares jumped $1.14 or 27 per cent to $5.29 on the Toronto Stock Exchange Tuesday, the day after Boston-based institutional fund manager Wellington Management Co. LLP disclosed that it had acquired 28.3 million Sino-Forest shares on behalf of clients, or 11.5 per cent of the battered company.
Tuesday’s gains added to Monday’s 30-per-cent surge, and lifted the stock’s gains over the past five trading sessions to 130 per cent. Sino-Forest’s stock had plunged from nearly $20 to less than $2 last month, amid allegations from a hedge fund that the company had grossly overstated the value of its assets.
Wellington’s vote of confidence comes two weeks after the company’s biggest investor – hedge fund Paulson & Co. Inc. – disclosed that it had sold its entire 14.1-per-cent stake. Sino-Forest’s stock sank to its lowest point during the current crisis – $1.29 in intraday trading – on June 21, the day after Paulson’s disclosure.
“Never proclaim a stock dead until it’s delisted and gone,” said analyst and investor Chris Damas of BCMI Research in Barrie, Ont., who bought the stock last month when it first dipped to $4 but got out of it again as it continued to fall.
“This is probably a big short-covering rally, plus traders betting that there are other big institutions that may have also bought some stock,” he said. “It’s hard to say how long this will last.”
Wellington – which previously had a small holding of 79,700 Sino-Forest shares in one of its portfolios as of the end of 2010, according to Bloomberg – is now Sino-Forest’s second-biggest shareholder, after Davis Selected Advisers LP, an Arizona-based mutual fund company that controlled a 12.6-per-cent stake as of its most recent filing on April 29.
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