News Column

TSX keeps head above water

August 12, 2014



Gold stocks strongest







Canada's main stock index rose on Tuesday, headed for a third straight winning session, as a jump in gold-mining shares and gains in financials helped provide support to a market fixated on geopolitical tensions in Ukraine and elsewhere.

The S&P/TSX composite index gained 29.86 points to greet noon at 15,291.50

The Canadian dollar subtracted 0.18 cents at 91.37 cents U.S.

Shares of gold producers benefited as the bullion price was up after a report showed economic sentiment among analysts and investors in Germany hit a low point on concerns about the impact of the Ukraine crisis.

Among gold mining shares, Goldcorp climbed 2.6% to $31.65 and Barrick Gold jumped 2.4% to $20.95.

Financials, the index's most heavily weighted sector, advanced with Bank of Nova Scotia adding 0.5% to $72.42.

A drop in oil prices weighed on shares of energy producers. Canadian Natural Resources lost 1% to $45.61.

Aecon Group dropped 2.2% to $16.25 after the construction company reported lower quarterly revenue late Monday.

Ithaca Energy Inc was down 2.8%, at $2.46, after the company reported a first-half pretax loss versus a year-ago profit.

ON BAYSTREET

The TSX Venture Exchange dropped 2.45 points to 996.42

Eight of the 14 Toronto subgroups were higher, led by gold, up 2.6%, materials, better by 1.5%, and health-care, stronger 0.7%.

The half-dozen laggards – growing in number since the morning – as information technology fell 0.8%, energy was 0.65 less energetic, and consumer staples skidded 0.4%.

ON WALLSTREET

U.S. stocks fell modestly on Tuesday as uncertainty continued to swirl around the tense situation in Ukraine, even as many investors bet that it would not escalate dramatically.

The Dow Jones Industrials faded by noon 15.96 points to 16,537.97

The S&P 500 advanced 0.54 points to 1,932.13. The NASDAQ composite slipped 15.4 points to 4,385.91.

Equities have come under pressure because of the unrest between Russia and Ukraine, with the S&P 500 at one point down about 4% from a record closing high hit in late July. The benchmark has recovered some of that decline, and rose over the past two sessions, but it remains more than 2.5% below its record, suggesting traders may see bargains in the market.

Weakness in tech companies pressured the NASDAQ, with F5 Networks Inc down 2.7 % to $113.64 U.S. and Applied Materials off 1.8% to $20.72 U.S.

Drug companies rallied, with Intercept Pharmaceuticals up 26% to $299.22 U.S. a day after saying its drug to treat liver disease was effective in mid-stage trials. Exact Sciences rose 6% to $18.12 U.S. after the Food and Drug Administration approved its noninvasive colorectal cancer screening test.

Energy companies were the weakest of the day. Anadarko Petroleum fell 1.9% to $106.49 U.S. while Consol Energy was down 2.2% to $39.56 U.S.

Shares of clothing and accessories maker Kate Spade & Co were volatile after reporting second-quarter earnings that topped expectations. The stock initially rose more than 10% before moving dramatically lower. It last traded at $30.69 U.S., down 21%.

Mobile service provider NII Holdings plummeted 70% to 19 cents - its biggest one-day decline ever - a day after saying it may have to file for bankruptcy after struggling in Brazil and Mexico.

Prices for 10-year U.S. Treasuries were lower at first, raising yields to 2.43% from Monday's 2.42%. Treasury prices and yields move in opposite directions.

Oil prices slumped 81 cents to $97.27 U.S. a barrel.

Gold prices regained $6.40 at $1,316.90 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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