News Column

TSX sluggish to start short week

September 2, 2014



Athabasca Oil sees price upgrade







Markets in Toronto found it hard to leave their relaxed state after a long weekend, kicking off Tuesday below the levels at which it finished August.

The S&P/TSX composite index sank 33.77 points to begin a short week at 15,591.96.

The Canadian dollar faded 0.36 cents at 91.64 cents U.S.

Markets on both sides of the border were shuttered for Labour Day.

Cameco Corp suspended production at the world's largest uranium mine after the union representing more than 500 workers refused to take the company's offer to workers for a vote. Cameco shares gave back a penny to $21.25.

Bombardier Inc's troubled aerospace business faces more upheaval as a Swedish carrier backed out as the first customer to start commercial flights with its new CSeries jet and the Canadian firm said more senior aerospace executives would be laid off. Bombardier shares lost a nickel to $3.61.

Raymond James raised the price target on Athabasca Oil to $9 from $7.50. Athabasca shares dipped 24 cents to $7.68.

ON BAYSTREET

The TSX Venture Exchange fell 2.84 points soon after the opening bell to 1,021.15.

Eight of the 14 Toronto subgroups were higher at the outset, as health-care issues were 0.9% haler, information technology clicked 0.8% higher, and industrials gained 0.7%.

The five laggards were weighed by gold, down 1.9%, while energy and materials stocks slid 1.2% each.

ON WALLSTREET

U.S. stocks were mixed early Tuesday, aiming to maintain their momentum after the S&P 500 closed at a record on Friday.

The Dow Jones Industrials shed 16.86 points to 17,081.59.

The S&P 500 nicked higher by 0.72 points to 2,004.09. The NASDAQ gained 14.13 points to 4,594.40.

Apple Inc. gained 0.4%, as buzz builds ahead of a Sept. 9 event for the maker of iPhones and iPads. The highly anticipated iPhone 6 and possibly the iWatch are expected to be unveiled at the event.

Dollar General Corp. added 1.1% after the discount retailer lifted its offer for rival Family Dollar Stores Inc. to $80 U.S. a share from $78.50 U.S. a share. Family Dollar shares rose 0.7%.

Tesla Motors Inc. climbed 2.5%, set to add to gains from last week. On Friday, the electric-car manufacturer achieved an all-time closing high after reaching an agreement for charging stations in China.

Prices for 10-year U.S. Treasuries dropped off sharply, raising yields 2.41% from Friday's 2.34%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.18 to $94.78 U.S. a barrel.

Gold prices fell $19.20 to $1,268.20 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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