News Column

Early rise for TSX

August 14, 2014



Tekmira, Centamin in focus







Stocks in Toronto got a lift on Thursday, as investors turned a temporarily deaf ear to the ruckus in Europe and the Middle East.

The S&P/TSX composite index gained 29.42 points to open Thursday at 15,292.15

The Canadian dollar added 0.09 cents to 91.73 cents U.S.

Tekmira Pharmaceuticals Corp is exploring the possibility of making more of its experimental Ebola treatment, Chief Executive Officer Mark Murray said on Wednesday. Tekmira shares tumbled $1.99, or 9.7%, to open at $18.40.

Gold miner Centamin Plc's second-quarter core earnings nearly halved as it mined lower-grade ore at its Sukari operation in Egypt, its only producing mine. Centamin shares eased six cents to $1.31.

Raymond James cut the target price on CAE Inc. to $14.50 from $16. CAE docked 14 cents, or 1%, to $13.46.

Raymond James also raised the target price on Great Canadian Gaming Corp. to $19 from $15. Gaming shares ballooned $1.57, or 9.6%, to $18.00.

On the economic beat, Statistics Canada reported that its New Housing Price Index rose 0.2% in June, up slightly from the 0.1% gain observed in May. The increase was largely the result of higher new home prices in Ontario.

ON BAYSTREET

The TSX Venture Exchange gained 0.62 points to 1,000,38

All but four of the 14 Toronto subgroups were higher in the early going, most notably consumer staples, up 0.6%, real-estate, growing 0.4%, and financials, up 0.3%.

The four laggards were weighed most by global base metals, down 0.7%, metals and mining, off 0.3%, and health-care, ailing 0.1%.

ON WALLSTREET

U.S. stocks opened slightly higher on Thursday, but gains were capped by a larger-than-expected jump in jobless claims and a cut in outlook by Wal-Mart, the world's largest retail chain.

The Dow Jones Industrials eked up 6.84 points to 16,658.64

The S&P 500 added 3.12 points to 1,949.84. The NASDAQ composite improved 4.07 points to 4,438.20.

The retail sector was in focus, as Dow component Wal-Mart lowered its earnings forecast. Second-quarter operating profit of $1.21 U.S. a share met analyst expectations, and sales of $119.34 billion were above expectations. Wal-Mart shares fell 0.6%.

Department-store operator Kohl's posted slightly improved second-quarter earnings from a year ago, despite a decline in sales. Same-stores sales turned positive in July. Shares were up 2.4%.

After Thursday's closing bell, embattled retailer J.C. Penney is projected to report a narrower second-quarter loss of 91 cents a share.

A report from the U.S. Labor Department showed initial jobless claims rose a steeper-than-expected 21,000 to 311,000 in the week ended Aug. 9. But even with that rise, claims were still close to pre-recession levels, boding well for the labor market, which has been strengthening.

The prices paid for goods imported into the U.S. declined by 0.2% in July, the first drop in three months, led lower by fuel prices, the department reported separately.

Prices for 10-year U.S. Treasuries gained, lowering yields to 2.39% from Wednesday's 2.41%. Treasury prices and yields move in opposite directions.

Oil prices fell 33 cents to $97.04 U.S. a barrel.

Gold prices picked up 80 cents at $1,315.30 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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