News Column

Stocks spike at noon

August 19, 2014



Energy, health-care lead parade







The Toronto stock market sang as the clock approached noon ET Tuesday, amid a solid earnings report from the biggest U.S. home improvement retailer.

The S&P/TSX composite index spiked 111.11 points to greet noon at 15,449.58. The index is building on a three-session win streak.

The Canadian dollar faded 0.36 cents at 91.50 cents U.S.

In the resource sector, Dominion Diamond Corp. says production from its Ekati mine and the Diavik mine that it jointly owns with Rio Tinto PLC were substantially ahead of the company's plan in the second quarter.

The Toronto-based mining company says ore processing at Diavik was 29% ahead of plan for the three months ended July 31, and 23% ahead of plan for the first six months of Dominion Diamond's 2015 financial year.

For the three months ended July 31, the two mines had a total of $277.3 million U.S. of sales, with 1,511 carats sold.

Energy stocks soared, most notably Bellatrix Exploration, whose shares exploded 74 cents, or 9.4%, to $8.65, while Imperial Oil gained 72 cents, or 1.3%, to $55.53.

Health-care issues also fared well, with Valeant Pharmaceuticals chugging along $1.94, or 1.6%, to $121.53.

ON BAYSTREET

The TSX Venture Exchange recovered 2.56 points to 993.18

All but three of the 14 Toronto subgroups were higher by midday, led by energy stocks, gushing 1.5%, while health-care stocks were 0.9% stronger, and financials were richer by 0.7%.

The three laggards were global base metals, down 0.8%, gold, with 0.3% less lustre, and the metals and mining group, down 0.03%.

ON WALLSTREET

U.S. stocks advanced Tuesday after a better-than-expected jump in July housing starts and upbeat earnings reports.

The Dow Jones Industrials took on 67.38 points to greet noon at 16,906.12

The S&P 500 added 7.48 points to 1,979.22. The NASDAQ composite gained 9.48 points to 4,517.79

Home Depot Inc. was the biggest gainer in the Dow 30 after the retailer's quarterly results topped forecasts, and Apple Inc. moved up to levels last seen in September 2012. Shares of Medtronic rose 0.1% 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 drooped, raising yields to 2.40% from Monday's 2.39%. Treasury prices and yields move in opposite directions.

Oil prices withered $1.49 to $95.88 U.S. a barrel.

Gold prices plummeted $17.90 at $1,296.50 U.S. an ounce.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Baystreet Stock Market Update (Canada)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters