10.11.2014 23:29:00
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TSX Ends Higher On Global Cues -- Canadian Commentary
(RTTNews) - Canadian stocks moved up for a fourth straight session to end higher on Monday, tracking rising global equity markets amid some mixed data from from China, but any significant gains were limited on renewed worries over the conflict in eastern Ukraine.
Investors had little or no economic releases for cue amid a lack of major U.S. economic data for the day.
In some renewed geopolitical tensions, reports indicated heavy fighting between pro-Russian rebels and Ukrainian forces in the Donetsk region over the weekend. Reports also said a convoy of 21 trucks, six tanks and over a dozen howitzer cannons were driven to Donetsk on Monday.
Meanwhile, data out of China showed inflation to have remained unchanged near a 5-year low in October while exports grew at a slower pace from last year, reinforcing signs of weak economic activity.
The benchmark S&P/TSX Composite Index closed Monday at 14,709.80, up 18.97 points or 0.13 percent. The index scaled a intraday high of 14,768.98 and a low of 14,671.74.
On Friday, the index closed up 127.45 points or 0.88 percent at 14,690.83, after scaling a intraday high of 14,712.05 and a low of 14,561.33. The uptick came amid some mixed jobs reports from Canada and the U.S., supported by strong commodity prices.
Crude prices ended sharply lower as the dollar strengthened and with Iraq lowering its price for U.S. buyers. Oil prices came under added pressure after the Organization of the Petroleum Exporting Countries indicated it would not resort to production cuts to lift prices.
The Energy Index dropped 1.33 percent, with U.S. crude oil futures for December delivery shedding $1.25 or 1.6 percent to close at $77.40 a barrel on the Nymex Monday.
Among energy stocks, Suncor Energy Inc. (SU.TO) slipped 0.05 percent, Talisman Energy Inc. (TLM.TO) up 1.37 percent, Encana Corp. (ECA.TO) dropped 1.91 percent, Cenovus Energy Inc. (CVE.TO) declined 1.29 percent, and Pacific Rubiales Energy Corp. (PRE.TO) fell 2.64 percent.
Canadian Natural Resources Limited (CNQ.TO) surrendered 0.73 percent, while Enbridge, Inc. (ENB.TO) fell 0.65 percent.
Ensign Energy Services Inc. (ESI.TO) dropped 0.37 percent after reporting net income of $26.5 million or 17 cents per common share for the third quarter, down from $33.7 million or 22 cents per common share a year earlier.
Athabasca Oil Corp. (ATH.TO) plunged 7.06 percent after narrowing its net loss for the third quarter to $19.9 million, from $30.5 million in the year ago quarter.
Bankers Petroleum Ltd. (BNK.TO) lost 2.22 percent, jumped 7.64 percent after reporting third quarter net income of $25.59 million or $0.10 per share, from $19.51 million or $0.08 per share in the year ago quarter.
Gold futures ended lower with the dollar strengthening and global equity markets on the rise, amid lingering speculation the Federal Reserve will raise interest rates ahead of schedule next year.
The Global Gold Index plunged 5.85 percent, with gold for December delivery shedding $10.00 or 0.9 percent to settle at $1,159.80 an ounce on the New York Mercantile Exchange Monday.
Kinross Gold Corp. (K.TO) slumped 6.69 percent, Goldcorp Inc. (G.TO) shed 4.37 percent, Barrick Gold Corp. (ABX.TO) lost 6.45 percent, Yamana Gold Inc. (YRI.TO) dropped 6.94 percent, Eldorado Gold Corp. (ELD.TO) shed 5.49 percent, and IAMGOLD Corp. (IMG.TO) dropped 4.98 percent.
The Capped Materials Index dived 2.80 percent with Potash Corp. of Saskatchewan Inc. (POT.TO) up 1.48 percent.
The Healthcare Index added 0.71 percent, with Catamaran Corp. (CCT.TO) up 0.83 percent, Valeant Pharmaceuticals Inc. (VRX.TO) up 1.97 percent, and Extendicare Inc. (EXE.TO) slipped 1.04 percent.
The heavyweight Financial Index moved up 0.75 percent, as Bank of Nova Scotia (BNS.TO) gained 1.07percent, Toronto-Dominion Bank (TD.TO) added 0.97 percent, Canadian Imperial Bank of Commerce (CM.TO) gained 0.40 percent, and Bank of Montreal (BMO.TO) inched up 0.16 percent. National Bank of Canada (NA.TO) shed 0.22 percent, and Royal Bank of Canada (RY.TO) up 0.62 percent.
The Diversified Metals & Mining Index declined 1.31 percent, as First Quantum Minerals Ltd. (FM.TO) down 3.36 percent and Teck Resources Limited (TCK.B.TO) fell 2.50 percent. Sherritt International Corp. (S.TO) added 1.56 percent.
The Capped Industrials Index gained 1.07 percent, with Bombardier Inc. (BBD.B.TO) up 3.07 percent.
The Information Technology Index slipped 1.82 percent with smartphone maker BlackBerry Limited (BB.TO) surging 5.78 percent on reports the company was seeking a partnership with China.
Constellation Software Inc. (CSU.TO) added 2.1 percent, while Avigilon Corp. (AVO.TO) lost 4.98 percent.
The Telecom Index gained 1.01 percent with Rogers Communications Inc. (RCI.B.TO) added 1.02 percent, TELUS Corp. (T.TO) up 0.83 percent, and BCE Inc. (BCE.TO) gained 1.47 percent.
The Consumer Discretionary Index climbed 0.66 percent, with Tim Hortons Inc. (THI.TO) up 0.22 percent.
The Consumer Staples Index ended higher by 1.88 percent, with Loblaw Companies Limited (L.TO) up 2.40 percent, Saputo Inc. (SAP.TO) gained 2.01 percent, and Metro Inc. (MRU.TO) added 2.27 percent.
WestJet Airlines Ltd. (WJA.TO) is down 0.92 after the airliner cut its Econo sale fares on more than 15 city pairs by as much as 15 percent as part of its strategy to provide lower fares to more Canadians.
Air Canada (AC.B.TO) and Air China Ltd. (AIRC.L,AIRYY.PK) announced on Saturday that they have concluded a memorandum of understanding for a revenue-sharing joint venture on routes between Canada and China. Air Canada shares dropped 0.99 percent.
Cargojet Inc. (CJT.TO) inched up 0.12 percent after reporting a third-quarter net loss of $2.3 million or 25 cents per share, against net profit of $0.225 million or three cents per share in the year ago quarter.
Hydrogenics Corp. (HYG.TO) shares plummeted 11.58 percent after reporting third-quarter net loss of $1.26 million or $0.13 per share, wider than $491 thousand or $0.05 per share in the prior year.
On the economic front, data released by the Canada Mortgage and Housing Corporation showed Canadian housing starts to have declined more than expected to a seasonally adjusted annual rate of 183,600 units in October, hitting a seven-month low.
Elsewhere, data out of China showed exports were up 11.6 percent in October from a year earlier, beating expectations. However, that was down from a 15.3 percent growth seen in September. Crude oil imports surged up 18 percent in October, after rising 7.4 percent in the preceding month.
Chinese imports rose 4.6 percent from a year earlier, slightly below forecasts calling for a five per cent gain.
China's Inflation held steady at 1.6 percent in October, which was the lowest rate seen since January 2010, the National Bureau of Statistics reported Monday. The rate was in line with economists' expectations.
In economic news from the eurozone, investor confidence rose for the first time since July, survey figures from the think-tank Sentix showed. The investor sentiment index rose to -11.9 in November from a 17-month low of -13.7 score seen in October.
Although the assessment of the current situation deteriorated further, 6-month expectations improved for the first time this year in November.
The economic calendar is relatively thin this week, with focus primarily on the U.S. Commerce Department's retail sales report for October, the preliminary reading based on the consumer sentiment survey by Reuters and the University of Michigan, the weekly jobless claims report and some Fed speeches.
The Commerce Department's wholesale and business inventories reports for September, the Labor Department's import and export prices data for October are some of the other data due this week.
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