Dominion Lending Centres Clearlease Reports Toronto stock market negative, resource stocks sell off amid lower commodities
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Resource stocks helped send the Toronto stock market sharply lower Wednesday as oil prices retreated amid mixed signs of energy demand in the U.S. while metal prices declined on worries about a slowing of the Chinese economy.
The S&P/TSX composite index lost 113.16 points to 13,528.9 with all sectors in the red while the TSX Venture Exchange was off 17.06 points to 2,109.02.
The Canadian dollar was higher against the greenback despite falling commodities, up 0.26 of a US cent to 104.68 cents US.
The dollar found support from data showing that Canada’s trade surplus rose sharply in March. The surplus came in at $627 million, up from $356 million in February as exports increased 3.5 per cent and imports grew 2.8 per cent.
The TSX energy sector lost 1.73 per cent as oil prices slipped below US$102 a barrel after the American Petroleum Institute said that crude inventories rose 2.9 million barrels last week, more than the increase of 1.6 million barrels that analysts expected.
However, inventories of gasoline fell by 295,000 barrels.
Also, the U.S. Energy Department’s Energy Information Administration now expects global demand for oil to grow by 1.4 million barrels a day in 2011, about 120,000 barrels a day less that it forecast a month ago.
The June crude contract on the New York Mercantile Exchange fell $2 to US$101.88 a barrel. Suncor Energy (TSX:SU) lost 85 cents to C$39.73 while Canadian Natural Resources (TSX:CNQ) fell 89 cents to $40.46.
Meanwhile, the Chinese government released data showing inflation remains stubbornly high while industrial output dropped more than expected in April.
Chinese consumer prices rose 5.3 per cent over a year earlier, driven by an 11.5 per cent jump in food costs. The reading exceeded the government’s four per cent target for the year.
Also, growth in China’s industrial output eased in April, declining from March’s 14.8 per cent to 13.4 per cent, below the 14.5 per cent reading that economists expected.
Worries about a deepening slowdown in China helped push the July copper contract on the Nymex down nine cents to US$3.95 a pound. China is the world’s biggest consumer of the metal.
The TSX base metals sector lost 1.82 per cent with Teck Resources (TSX:TCK.B) down $1.68 to C$46.45 and HudBay Minerals (TSX:HBM) lost 47 cents to $14.49.
The gold sector was down 0.45 per cent amid falling bullion prices. The June gold contract in New York dropped $9.90 to US$1,507 an ounce. Barrick Gold Corp. (TSX:ABX) faded 56 cents to C$45.03.
Losses were widespread with Potash Corp. (TSX:POT) down 89 cents to $50.90, Research In Motion Ltd. (TSX:RIM) fell 56 cents to $42.72 and Manulife Financial (TSX:MFC) gave back 24 cents to $17.60.
New York markets were weak following three days of gains amid data showing a worsening trade deficit. The Dow Jones industrials lost 64.59 points to 12,695.77, the Nasdaq composite dipped 1.19 points to 2,870.7 while the S&P 500 was down 5.17 points to 1,351.99.
High oil prices helped push the U.S. trade deficit up six per cent to US$48.2 billion in March from $45.4 billion in February. U.S. companies sold more goods and services to customers abroad, but it wasn’t enough to make up for an 18 per cent rise in oil imports.
The TSX market failed to find support from a variety of earnings reports.
Apparel manufacturer Gildan Activewear Inc. (TSX:GIL) said higher prices and sales helped it post record earnings in its fiscal 2011 second quarter, easily beating analyst expectations. Gildan, which reports in U.S. dollars, said net earnings were US$61.4 million, or 50 cents per share while revenues soared 17.3 per cent to $383.2 million. Its shares dropped 40 cents to $35.74.
In the resource sector, oil and gas pipeline company Enbridge Inc. (TSX:ENB) reported that quarterly profits rose 15 per cent to $393 million, up from $342 million a year ago. On an adjusted basis, profits were up five per cent to $334 million, or 89 cents per share, which beat analyst expectations by two cents and its shares lost $1.10 to $60.34.
Uranium One Inc. (TSX:UUU), one of the world’s largest publicly traded uranium producers, said first-quarter profits rose to $14 million, turning around a loss of $1.4 million a year ago. Adjusted profits were $14.7 million or two cents per share, below analyst predictions of five cents. Revenues jumped to $101.9 million from $35.5 million and its shares were unchanged at $4.08.
Lundin Mining Corp. (TSX:LUN) shares slipped seven cents to $8.82 as the company warned of higher costs Tuesday while reporting a first-quarter profit up nearly 40 per cent from a year ago to US$71.2 million. Revenue at Lundin, which keeps its books in U.S. dollars, totalled $211.5 million, up from $141.7 million.
Shares in Ivanhoe Energy Inc. (TSX:IE) were off six cents to $2.41 reported a first-quarter net loss of US$11.1 million or three cents per share, compared with a net loss of US$6.8 million or two cents in the same 2010 quarter. Revenues were US$8.2 million, up from $5.3 million.
And Yamana Gold Inc. (TSX:YRI) said Tuesday it will increase its annual dividend rate by 50 per cent to 18 cents per share annually, starting with the third quarter. Its shares climbed 15 cents to $11.53.
In Asia, Japan’s Nikkei 225 rose 0.5 per cent. South Korea’s Kospi index climbed 1.3 per cent, Hong Kong’s Hang Seng index shed 0.2 per cent while Australia’s S&P/ASX 200 advanced 1.2 per cent.
Chinese markets were mixed following the economic data as the mainland Shanghai Composite Index dropped 0.3 per cent while the smaller Shenzhen Composite Index rose 0.2 per cent.
In London, the FTSE 100 index dipped 0.58 per cent, Frankfurt’s DAX 30 was ahead 0.05 per cent and the Paris CAC 40 rose 0.06 per cent.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Resource stocks helped send the Toronto stock market sharply lower Wednesday as oil prices retreated amid mixed signs of energy demand in the U.S. while metal prices declined on worries about a slowing of the Chinese economy.
The S&P/TSX composite index lost 113.16 points to 13,528.9 with all sectors in the red while the TSX Venture Exchange was off 17.06 points to 2,109.02.
The Canadian dollar was higher against the greenback despite falling commodities, up 0.26 of a US cent to 104.68 cents US.
The dollar found support from data showing that Canada’s trade surplus rose sharply in March. The surplus came in at $627 million, up from $356 million in February as exports increased 3.5 per cent and imports grew 2.8 per cent.
The TSX energy sector lost 1.73 per cent as oil prices slipped below US$102 a barrel after the American Petroleum Institute said that crude inventories rose 2.9 million barrels last week, more than the increase of 1.6 million barrels that analysts expected.
However, inventories of gasoline fell by 295,000 barrels.
Also, the U.S. Energy Department’s Energy Information Administration now expects global demand for oil to grow by 1.4 million barrels a day in 2011, about 120,000 barrels a day less that it forecast a month ago.
The June crude contract on the New York Mercantile Exchange fell $2 to US$101.88 a barrel. Suncor Energy (TSX:SU) lost 85 cents to C$39.73 while Canadian Natural Resources (TSX:CNQ) fell 89 cents to $40.46.
Meanwhile, the Chinese government released data showing inflation remains stubbornly high while industrial output dropped more than expected in April.
Chinese consumer prices rose 5.3 per cent over a year earlier, driven by an 11.5 per cent jump in food costs. The reading exceeded the government’s four per cent target for the year.
Also, growth in China’s industrial output eased in April, declining from March’s 14.8 per cent to 13.4 per cent, below the 14.5 per cent reading that economists expected.
Worries about a deepening slowdown in China helped push the July copper contract on the Nymex down nine cents to US$3.95 a pound. China is the world’s biggest consumer of the metal.
The TSX base metals sector lost 1.82 per cent with Teck Resources (TSX:TCK.B) down $1.68 to C$46.45 and HudBay Minerals (TSX:HBM) lost 47 cents to $14.49.
The gold sector was down 0.45 per cent amid falling bullion prices. The June gold contract in New York dropped $9.90 to US$1,507 an ounce. Barrick Gold Corp. (TSX:ABX) faded 56 cents to C$45.03.
Losses were widespread with Potash Corp. (TSX:POT) down 89 cents to $50.90, Research In Motion Ltd. (TSX:RIM) fell 56 cents to $42.72 and Manulife Financial (TSX:MFC) gave back 24 cents to $17.60.
New York markets were weak following three days of gains amid data showing a worsening trade deficit. The Dow Jones industrials lost 64.59 points to 12,695.77, the Nasdaq composite dipped 1.19 points to 2,870.7 while the S&P 500 was down 5.17 points to 1,351.99.
High oil prices helped push the U.S. trade deficit up six per cent to US$48.2 billion in March from $45.4 billion in February. U.S. companies sold more goods and services to customers abroad, but it wasn’t enough to make up for an 18 per cent rise in oil imports.
The TSX market failed to find support from a variety of earnings reports.
Apparel manufacturer Gildan Activewear Inc. (TSX:GIL) said higher prices and sales helped it post record earnings in its fiscal 2011 second quarter, easily beating analyst expectations. Gildan, which reports in U.S. dollars, said net earnings were US$61.4 million, or 50 cents per share while revenues soared 17.3 per cent to $383.2 million. Its shares dropped 40 cents to $35.74.
In the resource sector, oil and gas pipeline company Enbridge Inc. (TSX:ENB) reported that quarterly profits rose 15 per cent to $393 million, up from $342 million a year ago. On an adjusted basis, profits were up five per cent to $334 million, or 89 cents per share, which beat analyst expectations by two cents and its shares lost $1.10 to $60.34.
Uranium One Inc. (TSX:UUU), one of the world’s largest publicly traded uranium producers, said first-quarter profits rose to $14 million, turning around a loss of $1.4 million a year ago. Adjusted profits were $14.7 million or two cents per share, below analyst predictions of five cents. Revenues jumped to $101.9 million from $35.5 million and its shares were unchanged at $4.08.
Lundin Mining Corp. (TSX:LUN) shares slipped seven cents to $8.82 as the company warned of higher costs Tuesday while reporting a first-quarter profit up nearly 40 per cent from a year ago to US$71.2 million. Revenue at Lundin, which keeps its books in U.S. dollars, totalled $211.5 million, up from $141.7 million.
Shares in Ivanhoe Energy Inc. (TSX:IE) were off six cents to $2.41 reported a first-quarter net loss of US$11.1 million or three cents per share, compared with a net loss of US$6.8 million or two cents in the same 2010 quarter. Revenues were US$8.2 million, up from $5.3 million.
And Yamana Gold Inc. (TSX:YRI) said Tuesday it will increase its annual dividend rate by 50 per cent to 18 cents per share annually, starting with the third quarter. Its shares climbed 15 cents to $11.53.
In Asia, Japan’s Nikkei 225 rose 0.5 per cent. South Korea’s Kospi index climbed 1.3 per cent, Hong Kong’s Hang Seng index shed 0.2 per cent while Australia’s S&P/ASX 200 advanced 1.2 per cent.
Chinese markets were mixed following the economic data as the mainland Shanghai Composite Index dropped 0.3 per cent while the smaller Shenzhen Composite Index rose 0.2 per cent.
In London, the FTSE 100 index dipped 0.58 per cent, Frankfurt’s DAX 30 was ahead 0.05 per cent and the Paris CAC 40 rose 0.06 per cent.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Toronto stock market negative, resource stocks sell off amid lower commodities
VANCOUVER, BC – (May 11, 2011) Clearlease Reports Resource stocks helped send the Toronto stock market sharply lower Wednesday as oil prices retreated amid mixed signs of energy demand in the U.S. while metal prices declined on worries about a slowing of the Chinese economy.
The S&P/TSX composite index lost 113.16 points to 13,528.9 with all sectors in the red while the TSX Venture Exchange was off 17.06 points to 2,109.02.
The Canadian dollar was higher against the greenback despite falling commodities, up 0.26 of a US cent to 104.68 cents US.
The dollar found support from data showing that Canada’s trade surplus rose sharply in March. The surplus came in at $627 million, up from $356 million in February as exports increased 3.5 per cent and imports grew 2.8 per cent.
The TSX energy sector lost 1.73 per cent as oil prices slipped below US$102 a barrel after the American Petroleum Institute said that crude inventories rose 2.9 million barrels last week, more than the increase of 1.6 million barrels that analysts expected.
However, inventories of gasoline fell by 295,000 barrels.
Also, the U.S. Energy Department’s Energy Information Administration now expects global demand for oil to grow by 1.4 million barrels a day in 2011, about 120,000 barrels a day less that it forecast a month ago.
The June crude contract on the New York Mercantile Exchange fell $2 to US$101.88 a barrel. Suncor Energy (TSX:SU) lost 85 cents to C$39.73 while Canadian Natural Resources (TSX:CNQ) fell 89 cents to $40.46.
Meanwhile, the Chinese government released data showing inflation remains stubbornly high while industrial output dropped more than expected in April.
Chinese consumer prices rose 5.3 per cent over a year earlier, driven by an 11.5 per cent jump in food costs. The reading exceeded the government’s four per cent target for the year.
Also, growth in China’s industrial output eased in April, declining from March’s 14.8 per cent to 13.4 per cent, below the 14.5 per cent reading that economists expected.
Worries about a deepening slowdown in China helped push the July copper contract on the Nymex down nine cents to US$3.95 a pound. China is the world’s biggest consumer of the metal.
The TSX base metals sector lost 1.82 per cent with Teck Resources (TSX:TCK.B) down $1.68 to C$46.45 and HudBay Minerals (TSX:HBM) lost 47 cents to $14.49.
The gold sector was down 0.45 per cent amid falling bullion prices. The June gold contract in New York dropped $9.90 to US$1,507 an ounce. Barrick Gold Corp. (TSX:ABX) faded 56 cents to C$45.03.
Losses were widespread with Potash Corp. (TSX:POT) down 89 cents to $50.90, Research In Motion Ltd. (TSX:RIM) fell 56 cents to $42.72 and Manulife Financial (TSX:MFC) gave back 24 cents to $17.60.
New York markets were weak following three days of gains amid data showing a worsening trade deficit. The Dow Jones industrials lost 64.59 points to 12,695.77, the Nasdaq composite dipped 1.19 points to 2,870.7 while the S&P 500 was down 5.17 points to 1,351.99.
High oil prices helped push the U.S. trade deficit up six per cent to US$48.2 billion in March from $45.4 billion in February. U.S. companies sold more goods and services to customers abroad, but it wasn’t enough to make up for an 18 per cent rise in oil imports.
The TSX market failed to find support from a variety of earnings reports.
Apparel manufacturer Gildan Activewear Inc. (TSX:GIL) said higher prices and sales helped it post record earnings in its fiscal 2011 second quarter, easily beating analyst expectations. Gildan, which reports in U.S. dollars, said net earnings were US$61.4 million, or 50 cents per share while revenues soared 17.3 per cent to $383.2 million. Its shares dropped 40 cents to $35.74.
In the resource sector, oil and gas pipeline company Enbridge Inc. (TSX:ENB) reported that quarterly profits rose 15 per cent to $393 million, up from $342 million a year ago. On an adjusted basis, profits were up five per cent to $334 million, or 89 cents per share, which beat analyst expectations by two cents and its shares lost $1.10 to $60.34.
Uranium One Inc. (TSX:UUU), one of the world’s largest publicly traded uranium producers, said first-quarter profits rose to $14 million, turning around a loss of $1.4 million a year ago. Adjusted profits were $14.7 million or two cents per share, below analyst predictions of five cents. Revenues jumped to $101.9 million from $35.5 million and its shares were unchanged at $4.08.
Lundin Mining Corp. (TSX:LUN) shares slipped seven cents to $8.82 as the company warned of higher costs Tuesday while reporting a first-quarter profit up nearly 40 per cent from a year ago to US$71.2 million. Revenue at Lundin, which keeps its books in U.S. dollars, totalled $211.5 million, up from $141.7 million.
Shares in Ivanhoe Energy Inc. (TSX:IE) were off six cents to $2.41 reported a first-quarter net loss of US$11.1 million or three cents per share, compared with a net loss of US$6.8 million or two cents in the same 2010 quarter. Revenues were US$8.2 million, up from $5.3 million.
And Yamana Gold Inc. (TSX:YRI) said Tuesday it will increase its annual dividend rate by 50 per cent to 18 cents per share annually, starting with the third quarter. Its shares climbed 15 cents to $11.53.
In Asia, Japan’s Nikkei 225 rose 0.5 per cent. South Korea’s Kospi index climbed 1.3 per cent, Hong Kong’s Hang Seng index shed 0.2 per cent while Australia’s S&P/ASX 200 advanced 1.2 per cent.
Chinese markets were mixed following the economic data as the mainland Shanghai Composite Index dropped 0.3 per cent while the smaller Shenzhen Composite Index rose 0.2 per cent.
In London, the FTSE 100 index dipped 0.58 per cent, Frankfurt’s DAX 30 was ahead 0.05 per cent and the Paris CAC 40 rose 0.06 per cent.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk