News Column

Stumble to start week

July 21, 2014



RAI verdict in focus







Canadian stocks opened lower on Monday amid investor concerns over the situation in Ukraine and the potential for more sanctions.

The S&P/TSX composite index hesitated 21.50 points to begin the day and week at 15,245.07

The Canadian dollar slipped 0.10 cents to 93.06 cents U.S.

A Canadian National Railway train derailed in Wisconsin on Sunday night, spurring local residents to move to safer locations, according to the railway and media reports. CN shares lost a penny to $73.07

Encana Corp. may sell its Deep Panuke natural gas project, off Nova Scotia's Atlantic coast, by year's end, Bloomberg News reported on its website. Encana shares ditched 23 cents to $23.01.

CIBC cut the rating on Total Energy Services to sector performer from outperform. Total shares fell 60 cents each to $22.25.

Raymond James raised the rating on Toromont Industries to outperform from market perform. Toromont shares took on 18 cents to $26.18.

ON BAYSTREET

The TSX Venture Exchange fell 1.06 points to 1,011.18.

All but two of the 14 Toronto subgroups were lower at the outset, as gold and energy each slid 0.4%, and materials shed 0.3%.

The two gainers were health-care, up 0.8%, and industrials, inching up 0.2%.

ON WALLSTREET

Stocks are off to a rough start Monday after last week's geopolitical shocks in Ukraine and Gaza continue to spook the market.

The Dow Jones Industrials skidded 90.83 points to 17,009.35.

The S&P 500 fell 8.15 points to 1,970.07, and the NASDAQ composite demurred 17.84 points to 4,414.31

Tobacco stocks are wilting in the face of a potential $23.6-billion U.S. jury award to the Florida widow of a man who died from lung cancer.

Reynolds American fell 2.6% in early trading, and Lorillard, which Reynolds agreed to buy last week, is down 2%. Philip Morris shares fell nearly 1%, and Altria Group was down about 1.5%.

Fast food giants McDonald's and Yum! Brands,which runs KFC, Taco Bell and Pizza Hut, are dealing with a tainted meat scandal in China.

McDonald's' cut ties to a meat supplier after supposedly buying tainted beef and Yum did the same when it ran into tainted chicken. Yum shares are down 2.8% in early trading and McDonald's stock is off 0.6%.

Fighting in Ukraine has intensified early this week, and European markets are broadly lower.

Prices for 10-year U.S. Treasuries gained bit of ground, lowering yields to 2.47% from Friday's 2.48%. Treasury prices and yields move in opposite directions.

Oil prices gained 48 cents to $103.61 U.S. a barrel.

Gold prices added $5.10 to $1,314.50 U.S. an ounce.



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Source: Baystreet Stock Market Update (Canada)


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