News Column

TSX flat as gains slip

July 3, 2014

U.S. markets off Friday

The Toronto stock market gave up most of its earlier gains Thursday, after job creation data from the United States blew past expectations and raised hopes for a stronger showing by the economy in the second quarter.

The S&P/TSX composite index eased 2.68 points to close Thursday at 15,207.11

The Canadian dollar was positive 0.24 cents to 94 cents U.S.

The TSX base metals sector advanced Thursday afternoon, while September copper was two cents higher at $3.28 U.S. a pound. Teck Resources took on 13 cents a share to $25.53.

The financials sector was also a major gainer, as Royal Bank shares gained seven cents to $77.08, while TD shares gained five cents to $55.11

The gold sector was a major weight on the TSX, as Barrick Gold slid 26 cents to $19.31 and Goldcorp moved downward 26 cents to $29.20

The energy sector was slightly in the red as Imperial Oil shares squeaked up two cents to $57.37 and Suncor dumped 40 cents to $45.52.

On the corporate front, BlackBerry slipped 10 cents to $11.29 as the smartphone maker said that it is selling its research and development department in Germany to Volkswagen Infotainment, a subsidiary of the automaker that makes interactive technology built into vehicle dashboards.

The move comes as BlackBerry pushes ahead with a plan to become profitable by its 2016 financial year.

Statistics Canada reported this morning that our merchandise exports advanced 3.5%, while imports grew 1.6% in May. As a result, Canada's trade deficit with the world narrowed from $961 million in April to $152 million in May.


The TSX Venture Exchange inched forward 1.53 points to 1,037.60.

Eight of the 14 Toronto subgroups were negative by day's end, weighed down mostly by gold stocks, sinking 1.3%, information technology, off 1.2%, and real-estate, off 0.7%.

The half-dozen gainers were led by metals and mining, up 3.4%, global base metals, up 1.8% and industrials, poking up 0.4%.


U.S. stock markets closed at 1 p.m. Thursday, but they got the fireworks going early. The Dow Jones Industrials finally hit 17,000!

The Dow picked up 92.02 points to close a short week at 17.068.26, an all-time high.

The S&P 500 gathered 10.82 points to 1,985.44, and the NASDAQ composite sprang up 28.20 points to 4,485.93. The tech-heavy NASDAQ rounded up the week up 2%.

PetSmart shares were up 12.5% after hedge fund Jana Partners announced a 9.9% stake with intentions of exploring a sale of the company.

In other moves, embattled clothiers American Apparel and Lululemon traded higher. Shares in the two finished nearly 5% and almost 3% higher, respectively.

There's a lot of news around American Apparel, where Reuters reports that former CEO Dov Charney has handed off his stake to hedge fund Standard General. The Wall Street Journal is reporting that former Lululemon chair and founder Chip Wilson is trying to take the company private.

Intel shares are up 20% so far this year, making it the second best performing stock in the Dow.

Nathan's Famous hot dogs, sponsor of Coney Island's annual July 4 hot dog-eating contest, is also a publicly traded company. The stock was down slightly Thursday, but it's up over 7% so far in 2014

A strong June job reports drove the optimism in the stock market. The U.S. economy added 288,000 jobs last month, and the unemployment rate fell to 6.1%, down from 6.3% in May. That was much better than economists or Wall Street expected.

Prices for 10-year U.S. Treasuries slumped, raising yields to 2.65% from Wednesday's 2.63%. Treasury prices and yields move in opposite directions.

Oil prices dipped 41 cents to $104.07 U.S. a barrel.

Gold prices moved down $10.90 to $1,320.00 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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