News Column

Higher open Wednesday

September 3, 2014



Central bank stands pat







Stock markets enjoyed positive openings on Wednesday as global markets rose on news of a ceasefire agreement between Ukraine and Russia, and as Canada's central bank announced no new moves on interest rates.

The S&P/TSX composite index recovered 62.19 points to open Wednesday at 15,681.27.

The Canadian dollar gained back 0.30 to 91.80 cents U.S.

Canadian pension fund PSP Investment and France'sArcus Infrastructure Partners are nearing a deal to buy the French operations of broadcasting masts group TDF in a deal worth around 3.55 billion euros.

CIBC cuts rating on Dundee Precious Metals to sector performer from sector outperformer. Dundee shares backtracked 12 cents to $5.31.

Raymond James raised the rating on Wajax Corp. to outperform from market perform. Wajax shares climbed 94 cents, or 2.5%, to $37.93.

Economically speaking, the Bank of Canada today announced that it is maintaining its target for the overnight rate at 1%. The Bank Rate is correspondingly 1 ¼% and the deposit rate is ¾%.

ON BAYSTREET

The TSX Venture Exchange moved higher 3.43 points to 1,014.31.

All 14 Toronto subgroups were higher to begin the session, with consumer staples and information technology co-leaders, each up 1.1%, while metals and mining gained 0.7%.

ON WALLSTREET

Russia and Ukraine appear to be moving closer to a ceasefire. Investors are applauding the news the best way they know how: a global stock market rally.

The Dow Jones Industrials recovered 48.76 points to 17,116.32

The S&P 500 gained 2.96 points to 2,005.24. The NASDAQ slid 6.31 points to 4,591.88.

Infinity Pharmaceuticals soared 42% after the biotech company announced a new collaboration with AbbVie to develop and commercialize Infinity's duvelisib, a treatment for blood cancers.

Delta Air Lines was the worst performer on the S&P 500, falling 4.7% after the company lowered its operating margin view for the third quarter and raised its fuel prices outlook. Even as the airline company's revenue per average seat mile increased 2% in August, the growth was at the lower end of the company's expectations.

Shares of Concur Technologies soared after Bloomberg late Tuesday said it has approached buyers in an effort to sell the corporate expense management company. A representative for Concur wasn't immediately available to comment.

Car makers will attract attention as companies report monthly sales figures.

Shares of General Motors and Ford Motors were slightly higher.

On the economic front, orders for goods produced in U.S. factories jumped in July, as expected, due to a surge in contracts for commercial aircraft, the Commerce Department said Wednesday. The release did not impact prices, however.

Car sales data will be filtering in throughout the day. The Fed Beige Book is due at 2 p.m. Eastern Time —all serving as a prelude to the key non-farm-payrolls report on Friday.

Prices for 10-year U.S. Treasuries sagged, raising yields to 2.44% from Tuesday's 2.42%. Treasury prices and yields move in opposite directions.

Oil prices spiked $1.32 to $94.20 U.S. a barrel.

Gold prices added $1.30 to $1,266.30 U.S. an ounce.


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



Source: Baystreet Stock Market Update (Canada)


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