News Column

Toronto rises as tensions ease

August 18, 2014



NASDAQ at year-to-date high







The Toronto stock market advanced Monday as tensions eased in the Ukraine/Russian crisis, while traders looked ahead to a heavy slate of economic events.

The S&P/TSX composite index gained 50.71 points to greet noon at 15,354.95

The Canadian dollar subsided 0.02 cents to 91.84 cents U.S.

In Canada, shares in Canadian discount chain Dollarama rose 66 cents to $93.96.

The tech sector led advancers with BlackBerry ahead 17 cents to $10.61 as the company said that it has created a new business unit that will combine some of its most innovative technology, including QNX embedded software, Certicom cryptography applications and its patent portfolio. The unit will be called BlackBerry Technology Solutions.

The financial sector also provided lift, ahead of the start of a series of earnings reports coming in from the big banks over the next two weeks. Royal Bank reports Friday and its shares climbed 76 cents to $80.61.

The metals and mining sector gained ground while September copper was unchanged at $3.10 U.S. a pound.

On the economic beat, Statistics Canada reported this morning that foreign investors reduced their holdings of Canadian securities by $1.1 billion in June, following investment totaling $31.6 billion over the previous two months.

Meanwhile, Canadian investors added $2.0 billion of offshore investments to their portfolios in June.

ON BAYSTREET

The TSX Venture Exchange dipped 3.86 points to 992.04

All but three of the 14 Toronto subgroups were higher by midday, with information technology ahead 0.9%, consumer stapes up 0.8%, and financials, up 0.7%.

The three laggards were health-care, ailing 0.9%, energy, sliding 0.6%, and gold, down 0.4%.

ON WALLSTREET

U.S. stocks on Monday built on last week's advance, helped by deal news and waning Ukraine-Russia tensions.

The Dow Jones Industrials jumped 170.82 points, or 1%, to break for lunch Monday at 16,833.73

The S&P 500 added 16.59 points to 1,971.65. The NASDAQ composite popped 43.19 points to 4,508.12, a new intraday high for the year and a level last seen in March 2000.

Shares of Dollar General Corp. rose 9%, faring best in the S&P 500, after offering to buy rival Family Dollar Stores Inc. in an all-cash deal worth $78.50 U.S. a share. That's higher than Dollar Tree Inc.'s cash-and-stock bid in July of $74.50 U.S. a share. Family Dollar jumped 4% for the second-best gain in the S&P 500

On the economic front, the NAHB/Wells Fargo Housing Market Index for August came in at 55, its highest level in seven months. Economists had expected a reading of 53.

Foreign ministers from Ukraine and Russia met over the weekend, and an agreement was reached over a convoy of what Russia says is humanitarian aid. However, no progress was made toward a cease-fire in Eastern Ukraine.

Prices for 10-year U.S. Treasuries sagged, raising yields to 2.38% from Friday's 2.35%. Treasury prices and yields move in opposite directions.

Oil prices slumped $1.30 to $96.07 U.S. a barrel.

Gold prices plummeted $14.60 at $1,299.90 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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