News Column

TSX Inches Lower

May 23, 2014

Canada's annual inflation rate hits 2 percent

The Toronto stock market edged lower Friday morning as investors took in the latest numbers on Canadian inflation.

The S&P/TSX composite index was off 1.55 points to 14,700.74.

Canada's annual inflation rate rose to the central bank's 2 percent target in April for the first time in two years, Statistics Canada said on Friday, further dampening talk of a cut in interest rates.

The jump from 1.5 percent in March was exactly as expected, as was the 0.3 percent monthly rise in prices from March.


The TSX Venture Exchange was up 4.04 points to 982.81.

Six of the 14 Toronto subgroups were positive this morning, with metals and mining strengthening 0.3%, Energy up by 0.23%, and financials ahead 0.9%.

On the downside -- consumer staples were off 0.29%, consumer discretionary issues dipped 0.26%. and materials were down 0.23%.

June gold is down $3.20, or 0.3%, at $1,291.80/oz on Comex.


U.S. stocks were higher Friday as took in positive home sales data in what's expected to be a lighter session ahead the Memorial Day weekend.

The Dow Jones Industrial Average was rising 0.09% to 16,558.79 while the S&P 500 was 0.13% higher at 1,895.10. The Nasdaq was gaining 0.18% to 4,161.95.

Sales of new single-family homes rose 6.4% to a seasonally adjusted annual rate of 433,000 last month, led by the South and Midwest, the government reported Friday. Economists polled had expected an April sales pace of 429,000, compared with an originally estimated rate of 384,000 in March.

In corporate news -- Foot Locker was gaining 2.33% as its first-quarter earnings per share of $1.11 beat estimates by a nickel. Same-store sales jumped more than anticipated during the quarter.

GameStop was climbing 4.37% after reporting first-quarter earnings that topped estimates by 2 cents at 59 cents a share and guiding for a 12% to 19% increase in current-quarter comparable- store sales.

Hewlett-Packard shares were up 2.11% after the Silicon Valley tech giant said it would cut an additional 11,000 to 16,000 jobs and posted fiscal second-quarter revenue below expectations.

Aruba Networks dropped 14.61% after its third-quarter margin fell short of expectations.

U.S. 10-year yield down 2 basis points at 2.531%

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Source: Baystreet Stock Market Update (Canada)

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