News Column

TSX pointed downward at open

June 20, 2014



BlackBerry in focus







Canadian stocks looked set to open lower on the last trading day of the week as investors awaited the country's inflation data.

The S&P/TSX composite index was in the green 2.97 points to end Thursday at 15,112.22.

Futures were down 0.02% Friday.

The Canadian dollar eked up 0.03 cents to 92.47 cents U.S. early Friday

African Barrick Gold Plc, the Tanzania-focused subsidiary of Barrick Gold Corp, on Thursday dismissed accusations of illegal payments made to Tanzanian officials, where it operates the North Mara mine.

CIBC, Nomura, Raymond James raised the target price on BlackBerry

National Bank Financial upped the target on Boyd Group Income Fund to $50 from $44

On the economic front, Statistics Canada reported that consumer prices rose 2.3% in the 12 months to May, following a 2.0% increase in April. On a seasonally-adjusted monthly basis, the Consumer Price Index increased 0.2% in May, after rising 0.3% in April.

What's more, retail sales increased for the fourth consecutive month in April, advancing 1.1% to $41.6 billion. Gains were widespread as 10 of 11 subsectors, representing 98% of retail trade, posted increases.

Moreover, the ratio of Canadian household debt to income edged down further in the first quarter from the record high it hit last year, buttressing policymakers' expectations that a soft landing is in store for the housing market and family indebtedness.

ON BAYSTREET

The TSX Venture Exchange gained 13.24 points Thursday to 1,022.06

ON WALLSTREET

Stock futures were flat early Friday in the absence of obvious market catalysts.

Ahead of the opening bell, futures for the Dow Jones Industrials fell five points to 16,828. Futures for the S&P 500 were flat to 1,950.25, and futures for the NASDAQ faded 0.75 points to 3,788.25.

Shares in Oracle fell by more than 6% in pre-market trading after the company's fourth quarter earnings missed analysts' expectations. GM slipped, albeit barely.

CarMax and Darden Restaurants, which owns brands including Olive Garden and Longhorn Steakhouse, will report quarterly earnings before the opening bell.

Ireland-based Shire has rejected an unsolicited bid worth about $46 billion U.S. from AbbVie, saying it undervalued the company and carried significant risks because AbbVie is looking to move its tax base to the U.K. Shire shares gained 11%.

Siemens and Mitsubishi Heavy Industries have raised their joint offer for Alstom's energy business, a day after General Electric sweetened its own bid. France's Alstom has until Monday to choose.

Shares in Euronext, the operator of markets in Paris, Amsterdam, Brussels and Lisbon, slipped on their debut after parent company Intercontinental Exchange (ICE) priced its IPO at 20 per share, the lower end of the expected range. ICE also owns the New York Stock Exchange.

European markets were slightly firmer in morning trading, after U.S. stocks chalked up another strong finish Thursday. Asian markets were mixed. Oil prices were slightly weaker.

Oil prices were down nine cents to $106.18 U.S. a barrel

Gold prices registered down 0.08% at $1,313.00 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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