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Gregory Thomas 15 days ago
Canadian stock markets finished the week in positive territory as unemployment numbers on both sides of the border met the Goldilocks test - not bad enough to send stocks lower, but not good enough to get central bankers talking about raising interest rates. Gold miners were the big winners Friday, with the S&P/TSX global gold index jumping three per cent, helping push the broader S&P/TSX composite up 69.72 points, or 0.6 per cent, to 11,250.42. The S&P/TSX venture composite rose 9.07, or 0.7 per cent, to 1,340.62. With U.S. unemployment hitting 10.2 per cent - the highest level in 26 years - the U.S. dollar slumped at the vanishing prospect of higher U.S. interest rates. At home, the October jobs report was even worse, as the surging loonie made it profitable for foreign employers to move jobs out of Canada. Canadian unemployment jumped to 8.6 per cent, with 43,000 jobs disappearing. Hardest hit were B.C. and Alberta, where payrolls shrank by 13,000 and 15,000. In ...
Gregory Thomas 23 days ago
Canadian stock markets staged the biggest rebound in nearly five months Thursday after the U.S. economy grew 3.5 per cent in the third quarter, raising hopes for a recovery after after a brutal year-long recession that slashed payrolls by 7.2 million jobs. The S&P/TSX composite index shot up 269.89 points, or 2.5 per cent, to 11,075.22, erasing all the losses of the previous session and more, as global commodity markets revived, sending crude oil, copper, gold and the Canadian dollar sharply higher. The S&P/TSX venture composite rallied 3.7 per cent, adding 47.01 points to close at 1,310.42.
Gregory Thomas 116 days ago
Canadian stock markets embarked on a predictable sell-off Tuesday after U.S. consumer confidence unpredictably dropped, putting downward pressure on gold, oil, natural gas, and base metals. U.S. markets staged a late rally, helped by the first monthly rise in house prices in more than three years, nearly breaking into positive territory despite disappointing results from retailers. The S&P/TSX composite index dropped 186.89 points, or 1.7 per cent, to 10,570.54, one day after hitting its highest level in nearly nine months. The S&P/TSX venture composite fell 18.93, or 1.7 per cent, to 1,128.11. Gold stocks slumped four per cent as The August bullion contract sank $14.60, or 1.5 percent, to $941.70 US an ounce, sending the S&P/TSX global gold index lower by four per cent. Barrick Gold finished the session down $1.54, or four per cent, at $36.26, while Agnico Eagle fell $3.34, or four per cent, to $58.25, Kinross slid $1.35, or six per cent, to ...
Gregory Thomas 116 days ago
Shares of Rogers Communications dropped $1.83, or six per cent, to $29.15. The parent company of CityTV and OmniTV, as well as radio stations JackFM, MountainFM, and News1130 slashed its revenue forecast for the coming quarter, citing weakness in advertising. Second-quarter earnings of $374 million or 59 cents a share beat Street expectations, despite sales of $2.89 billion that came in shy of forecasts. Wireless revenue grew six per cent, with the company’s Rogers Wireless unit adding 148,000 postpaid subscribers, benefitting from the exclusive Canadian rights to market the Apple iPhone. But average monthly wireless revenue fell to $63.09 from $64.56 a year earlier as Canadian cut back on cell phone usage.
Gregory Thomas 116 days ago
Shares of BioMS plummeted $2.305, or 85 per cent, to 39.5 cents after disappointing results from clinical trials of the company’s experiment drug treatment for multiple sclerosis. The Edmonton biotechnology research company and its partner Eli Lilly are dropping all trials of the medication. Lilly shares fell eight cents to $35.07 US. Vancouver biotech QLT finished the second quarter in the black, with earnings of $.86 million, or 16 cents a share, compared to a year-earlier loss of $7.4 million, or ten cents a share. Sales grew eight per cent to $33 million, helped by a 32—per-cent rise in sales of QLT’s prostate drug, Eligard.
