News Column

TSX unchanged at noon

June 10, 2014



Health-care down, gold up







The Toronto stock market approached noon little changed after a survey suggested about 20% of Canadian companies expected to add to their payrolls in the third quarter and China's inflation rate came in below the 3.5% target.

The S&P/TSX composite index removed 2.08 points to greet noon at 14,869.13

The Canadian dollar dipped 0.07 cents to 91.63 cents U.S.

The gold-mining sector jumped, with Barrick Gold adding 1% to $17.61 and Goldcorp climbing 0.9% to $25.35.


Shares of energy producers edged higher. Suncor Energy advanced 0.9% to $43.78.


Financials slipped. Toronto Dominion Bank lost 0.3% to $55.09.

In corporate news, U.S. drug maker Allergan Inc rejected a sweetened $53-billion U.S. takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman. Valeant shares gave back 0.4% to $137.52.

In Canada, a survey by international human resources firm Manpower Inc. suggests about 20% of Canadian companies expect to add to their payrolls in the third quarter.

Manpower Inc. says that figure falls to 10% when seasonal variations are factored in, along with the four per cent of firms that expected to shed workers in the July-September period. That's one percentage point higher than both the second and third quarters of 2013.

Most of the companies surveyed, 74%, said they planned on keeping staffing levels the same, while 2% were unsure what their hiring would be like in the upcoming quarter. The survey found that hiring intentions were most favourable in Western Canada.

ON BAYSTREET

The TSX Venture Exchange docked 1.56 points to 986.43

Eight of the 14 Toronto subgroups were lower by midday, with health-care and global base metals each shedding 0.8%, and real-estate sagging 0.4%.

The half-dozen gainers were led by gold, shining 1.4% brighter, while materials were stronger by 1.2%, and consumer staples nosed ahead 0.2%.

ON WALLSTREET

Stocks drifted slightly lower, casting doubt on Wall Street's ability to extend its winning streak to five days.

The Dow Jones Industrials were off 15.57 points, to 16,927.23 midday Tuesday.

The S&P 500 shed 3.75 points to 1,947.52, and the NASDAQ composite index dropped 8.55 points, to 4,327.69

Shares of eBay fell over 2% as investors fret over the departure of David Marcus, the head of its PayPal division, who is leaving for Facebook.

Earlier this week Amazon launched a new service that's expected to go head-to-head with PayPal. It will allow customers to automatically pay recurring charges, such as phone bills, with their Amazon accounts.

RadioShack's shares are struggling to find any signs of life and currently trades under $1.50 U.S. -- almost penny stock territory. The company dropped about 10% after disclosing a loss and plunging same-store sales due to traffic declines and softness in its mobility business.

While RadioShack noted progress in its turnaround, the company warned it may need to raise more capital, slash costs or sell assets if current trends continue or worsen.

Shares of Netflix climbed almost 2.6% after the company reportedly buried the hatchet with Internet providers such as Verizon over slow streaming video.

Tesla, a notoriously volatile stock, may be worth watching as the company's founder and CEO Elon Musk holds a SpaceX event in Washington later on Tuesday.

Meanwhile, Burlington Stores bounced 5% after announcing a bump in quarterly profits but warning of red ink in the current quarter.

Prices for 10-year U.S. Treasuries were lower Tuesday, raising yields to 2.64% from Monday's 2.61%. Treasury prices and yields move in opposite directions

Oil prices gathered 12 cents to $104.53 U.S. a barrel.

Gold prices increased $6.90 at $1,260.80 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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