News Column

More strength for TSX

August 19, 2014



Energy, staples take lead







Figures again improved for equities in Canada's biggest market on Tuesday, as investors digested U.S. inflation data.

The S&P/TSX composite index moved ahead 56.51 points early Tuesday at 15,394.98. The index is working on a three-session win streak.

The Canadian dollar faded 0.23 cents at 91.63 cents U.S.

Alimentation Couche-Tard and China's Tencent Holdings are among suitors shortlisted to buy a $16-billion minority stake in China's Sinopec Sales, the world's largest fuel retail network. Couche-Tard shares galloped 93 cents, or 3%, to $31.82.

BlackBerry said on Monday it had created a new unit to house what many consider to be among its most promising assets - cryptographic applications, its QNX embedded software and Project Ion platform for connecting devices. The company once known as Research In Motion saw its shares gain seven cents to $10.68.

British Columbia said on Monday it had ordered an independent review of all tailings ponds at every permitted mine in the province in the wake of a major spill at Imperial Metals Corp's Mount Polley mine. Imperial shares dropped 15 cents to $10.03.

CIBC cut the price target on Amica Mature Lifestyles to $8 from $8.50. Amica shares fell a penny to $7.56.

ON BAYSTREET

The TSX Venture Exchange recovered 2.77 points to 993.39

All but one of the 14 Toronto subgroups were higher in the early going, with energy and consumer staples each up 0.8%, and financials up 0.3%.

The lone naysayer was in global base metals, off 0.9%.

ON WALLSTREET

U.S. stocks advanced Tuesday after a better-than-expected jump in July housing starts, while a stronger tone in Europe and upbeat earnings reports added to the lift.

The Dow Jones Industrials took on 48.81 points to start out Tuesday at 16,887.55

The S&P 500 added 5.61 points to 1,977.35. The NASDAQ composite gained 11.45 points to 4,519.76

Home Depot was the biggest gainer in the Dow 30 after the retailer's quarterly results topped forecasts, while Medtronic Inc. dipped 0.2% after the medical devices maker's profit also topped expectations.

The U.S. Commerce Department on Tuesday said construction on U.S. new homes rose 15.7% in July to an annual rate of 1.09 million versus 973,000 in June. Economists had penciled in July starts of 975,000. The decline in new construction in June also was revised to a much smaller drop.

In other economic news, the U.S. Labor Department said consumer prices rose 0.1% in July, matching forecasts.

Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.37% from Monday's 2.39%. Treasury prices and yields move in opposite directions.

Oil prices withered $1.50 to $95.87 U.S. a barrel.

Gold prices plummeted $14.60 at $1,299.80 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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