News Column

TSX gains at open

July 29, 2014



WestJet in focus







Stocks in Toronto opened modestly higher on Tuesday as earnings season started to roll

The S&P/TSX composite index dipped 9.82 points to open Tuesday at 15,445.22.

The Canadian dollar toppled 0.32 cents at 92.28 cents U.S.

Talisman Energy Inc, which has been approached by Spain's Repsol SA for talks over a potential deal, reported a 4% rise in second-quarter revenue, helped by an increase in North American drilling. Talisman shares gained a penny to $11.73.

WestJet Airlines Ltd posted a bigger-than-expected quarterly profit as higher ticket prices and fees helped it offset steeper fuel costs and a weaker Canadian dollar. WestJet shares acquired $1.73, or 5%, worth of lift, to begin the session at $28.79.

Fortis Inc is pushing ahead with a $400-million expansion of its Tilbury liquefied natural gas plant in British Columbia, as the gas distributor looks to meet growing domestic demand for the super-chilled fuel. Fortis took on 34 cents to $33.61.

Barclays raised the target price on Canadian Utilities to $44.00 from $41.00. Canadian Utilities shares gained 23 cents to $40.46.

ON BAYSTREET

The TSX Venture Exchange moved lower 2.43 points to 1,017.42.

All but two of the 14 Toronto subgroups gained at the outset, mostly telecoms, up 0.9%, while the metals and mining and global base metal sectors each climbed 0.7%.

The two laggards were gold, down 0.5%, and materials, off only marginally.

ON WALLSTREET

Stocks didn't do much in early trading Tuesday -- a day after the market was mostly spinning its wheels.

The Dow Jones Industrials strengthened 63.10 points to kick off the session at 17.045.69.

The S&P 500 moved five points higher to 1,983.91. The NASDAQ composite took on 23.19 points to 4,468.10

Shipping giant UPS reported earnings that were short of what Wall Street was expecting, and its stock is down more than 3.5% in early trading. Profits in U.S. package deliveries, its second-biggest unit, was down 81.5% from the same time last year.

Apple is less than 2% from an all-time high, with the stock inching closer to $100 U.S.

Shares have rallied lately following a stock split that brought the stock price to a more affordable level for average investors. Wall Street is also excited about new products like the next iPhone as well as the company's new strategy to acquire more companies. Apple has bought two small start-ups in the past few weeks.

Chicken chain El Pollo Loco, after a spectacular rally following its IPO, is down more than 10%. The company's shares have nearly doubled from its offering price in just three trading days.

Herbalife, the nutritional supplement producer that has been going to war with hedge fund investor Bill Ackman over his huge bet against the company, reported earnings that disappointed for the first time in a while. The stock, which soared after investors dismissed Ackman's latest presentation against Herbalife, is down more than 10%.

Prices for 10-year U.S. Treasuries gained ground, dropping yields to 2.47% from Monday's 2.49%. Treasury prices and yields move in opposite directions.

Oil prices slipped 97 cents to $100.70 U.S. a barrel.

Gold prices descended $1.40 to $1,301.90 U.S. an ounce.



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Source: Baystreet Stock Market Update (Canada)


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