News Column

TSX begins on positive note

June 13, 2014



Amaya stock leaps







Stock markets in Toronto on Friday, even as escalating violence in Iraq threatened to dampen risk appetite.

The S&P/TSX composite index gained 41.01 points to begin the week's last session at 14,950.64.

The Canadian dollar fell 0.05 cents to 92.07 cents U.S.

Amaya Gaming Group Inc said on Thursday it will buy Rational Group - owner of the world's biggest online poker company, PokerStars - for $4.9 billion U.S. Amaya shares galloped $5.85, or 41.6%, to $19.93.

Talisman Energy Inc is reviewing its Asian oil and gas portfolio, valued at about $4 billion, which could lead to a partial or full sale, people familiar with the matter said. Talisman shares traveled higher 17 cents, or 1.5%, to $11.43. Imperial Oil gained 24 cents to $55.59

Base metals also gained ground, with Sherritt International picking up seven cents to $4.46, while Teck Resources shares were flat at $23.19.

On the economic slate, Statistics Canada reported that manufacturing sales edged down 0.1% in April to $50.9 billion, the first drop in four months.

ON BAYSTREET

The TSX Venture Exchange dipped 2.36 points to 995.61

Eight of the 14 Toronto subgroups were higher in the day's first hour, with energy stocks up 0.9%, global base metals growing 0.3%, and telecoms inching up 0.2%

The half-dozen laggards were weighed most by gold stocks, down 0.8%, real-estate, off 0.4%, and materials, down 0.3%.

ON WALLSTREET

For a summer Friday, markets are feeling a bit feisty. From Iraq to Priceline, there's much for investors to weigh.

The Dow Jones Industrials regained 29.83 points to 16,764.02

The S&P 500 gained 3.76 points to 1,933.87, and the NASDAQ composite index regained 10.03 points to 4,307.66.

Priceline on Friday said it was buying restaurant reservations site OpenTable for $2.6 billion U.S. Shares of OpenTable skyrocketed almost 50%, trading over the $103 U.S. a share sale price, while Priceline fell.

Other internet stocks catering to local businesses soared on the news as well, including Yelp, Groupon and Grubhub

Intel powered forward by more than 6% after the company announced a more positive outlook for the second quarter. Business PC purchases are picking up, according to Intel.

Investors will also be keeping an eye on DreamWorks, which releases the second installment of its widely popular "How to Train Your Dragon" saga over the weekend.

The independent media company is hoping a good box office showing for that film will make up for the less-than-stellar performance of its "Mr. Peabody and Sherman" earlier this year. DreamWorks shares have gotten a lift in the past month, but are still down over 20% this year.

Concerns about increasing instability in Iraq continued to rattle the oil markets and raise a red flag in the stock market. Crude oil prices are trading at nine-month highs, pushing higher to almost $107 U.S. per barrel. Large areas of the country have been overrun by militants, raising fears that oil production and exports could be hit.

Oil prices were last this high in September 2013. On Thursday, oil jumped by more than 2%.

And a key measure of inflation, the Producer Price Index, fell unexpectedly into negative territory Friday, raising concerns about slower growth in the U.S.

Prices for 10-year U.S. Treasuries dropped, raising yields to 2.62% from Thursday's 2.59%. Treasury prices and yields move in opposite directions

Oil prices pushed up another 15 cents to $106.68 U.S. a barrel.

Gold prices gained 60 cents at $1,274.60 U.S. an ounce.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Baystreet Stock Market Update (Canada)


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