News Column

TSX up slightly at open

June 30, 2014



Markets closed Canada Day







Canadian stocks began Monday slightly higher as investors digested the country's second-quarter growth data.

The S&P/TSX composite index gained 27.56 points to begin an abbreviated week at 15,121.81

The Canadian dollar slid 0.10 cents to 93.65 cents U.S.

Markets are shuttered Tuesday for Canada Day

Thomson Reuters is revising its foreign exchange trading rules, the company said, following consultations with market participants. Thomson shares dipped 11.5 cents to $58.30.

The Supreme Court of Canada ruled on Friday that Wal-Mart Stores violated Quebec's labour code when it closed a store in the province that had become one of the first in Canada to unionize successfully.

Barclays raised the rating on Canadian National Railway to overweight. CNR shares vaulted $1.06 to $69.74.

On the economic slate, Statistics Canada reported this morning that monthly gross domestic product grew 0.1% in April, the same pace as in March. The nation's number crunchers also reported that output of service industries increased 0.3%, while the output of goods-producing industries declined 0.3%.

ON BAYSTREET

The TSX Venture Exchange slid 3.63 points to 1,019.34

Eight of the 14 Toronto subgroups were higher, led by information technology, up 0.8%, industrials, ahead 0.7%, and financials, moving up 0.4%.

The half-dozen laggards were weighed mostly by gold, 0.7% less shiny, health-care, down 0.6%, and global base metals, sinking 0.5%.

ON WALLSTREET

Wall Street hopes to wrap up the first half of 2014 on a positive note, but stocks started Monday on the fence.

The Dow Jones Industrials advanced 19.11 points to 16,870.95

The S&P 500 picked up 3.25 points to 1,964.21, and the NASDAQ composite gained 11.36 points to 4,409.29.

The year started ominously due to emerging market concerns and severe winter weather, but things have turned around on Wall Street along with the warmer temperatures.

The S&P 500 is up about 6% during the first six months of 2014, even after losing some ground last week. Of course, the first-half rally pales in comparison with 2013 when the S&P 500 soared 12.6% by this point.

Yahoo enjoyed a 2% bump after the Internet company was upgraded to "overweight" by Piper Jaffray.

Shares of MannKind soared 10% after the company said the Food and Drug Administration approved a powder form of insulin that is inhaled.

The U.S. Department of Justice is expected to announce a multi-billion-dollar settlement with French banking giant BNP Paribas on Monday. The bank has been subject to a long-running criminal investigation over accusations that it breached U.S. sanctions on Iran, Sudan and other countries. Shares of BNP dipped slightly in Paris.

U.S. Steel shed 1% as investors react to the company being kicked out of the S&P 500. The steel maker, an original member of the S&P 500, is being replaced by Martin Marietta Materials, which traded about 2% higher on Monday.

Kenneth Feinberg, a consultant who worked on payouts after the 9/11 terrorist attacks and the BP oil spill, is set to announce a victim compensation plan for General Motors later on Monday. At least 13 people have died and many more were injured as a result of a defect in GM cars. GM shares started slightly higher.

Facebook is in hot water after it was revealed the social network conducted a 'mood' experiment on users without their knowledge or explicit consent.

Prices for 10-year U.S. Treasuries sagged, boosting yields to 2.55% from Friday's 2.53%. Treasury prices and yields move in opposite directions.

Oil prices dipped 16 cents to $105.58 U.S. a barrel.

Gold prices sank $4.20 to $1,315.80 U.S. an ounce.


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



Source: Baystreet Stock Market Update (Canada)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters