News Column

Flat start to Friday

June 6, 2014

Apple stock split in focus

Stocks in Canada's largest centre were virtually unchanged on Friday, as investors digested monthly U.S. and Canadian employment reports.

The S&P/TSX composite index eked up 1.7 points to begin the week's last session at 14,801.88.

The Canadian dollar faded 0.12 cents to 91.41 cents U.S.

Timmins Gold Corp said it had set up a special committee of independent directors to help respond to a proxy fight launched by a major shareholder to take control of the gold miner's board. Timmins Gold stock gave back seven cents to $1.65.

National Bank Financial raised the rating on Air Canada to outperform from sector perform. The "Maple Leaf Airline" saw its shares soar 38 cents to $10.31.

Canaccord Genuity raised the rating on Cameco Corp. to hold from sell. Cameco shares added nine cents to $20.61.

On matters macroeconomic, Statistics Canada reported that the Canadian economy produced 26,000 jobs in May, driven by gains in part-time work. But as more people entered the job market, unemployment rate was bumped up 0.1 percentage points to 7%.


The TSX Venture Exchange moved up 1.44 points to 987.36

Seven of the 14 Toronto subgroups were higher early in the session, with industrials up 0.8%, information technology up 0.6%, and consumer staples gaining 0.3%.

The half-dozen laggards were weighed mostly by metals and mining stocks, as well as the gold group, each off 1.4%, while materials settled 0.9%. Health-care stocks were flat at the outset.


The market got a big lift Friday after a stronger-than-expected jobs report.

The Dow gained 57.22 points, on top of yesterday's near-100-point hike, to 16,893.33

The S&P 500 added 12.58 points to 1,946.16, and the NASDAQ composite index took on 13.24 points, to 4,309.47

Friday marks the last trading day before Apple's seven-for-one stock split goes into effect. The stock is trading around $648 U.S. today, and thus, will be under $100 U.S. when it opens on Monday. The move doesn't change anything about the company, except making it easier for regular folk to buy the stock. So far today, shares are flat.

Bank of America may have a rocky day, though it started trading a hair higher. The government said that the bank was negotiating a deal with the Justice Department that could lead to a $12-billion U.S. settlement related to the bank's mortgage banking practices.

Amazon, which is in the midst of a broil of book publication right with Hachette, is up 2% this morning. Netflix, which premiers the second season of its hit show "Orange is the New Black" today is up about 1%.

Economically speaking, the U.S. Labor Department said the economy created 217,000 jobs in May, more than the 200,000 expected by economists

That's not as much as the 282,000 jobs created in April, but it's enough to get America back to where the labour market was before the recession. The unemployment rate also held steady for May at 6.3%.

Prices for 10-year U.S. Treasuries increased, lowering yields to 2.55% from Thursday's 2.58%. Treasury prices and yields move in opposite directions

Oil prices acquired 35 cents to $102.83 U.S. a barrel.

Gold prices fell $4.90 to $1,248.30 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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