Dominion Lending Centres Clearlease Reports Toronto stock market opens higher on strong first-quarter economic data

Dominion Lending Centres Clearlease Reports Toronto stock market opens higher on strong first-quarter economic data

VANCOUVER, BC (May 30, 2011) Dominion Lending Centres Clearlease Reports The Toronto stock market opened higher Monday May 30, 2011 after data showed economic growth in the first quarter was strong and largely in line with expectations.

The S&P/TSX composite index was up 32.5 points to 13,830. The TSX Venture Exchange gained 5.3 points to 2,105.97.

Statistics Canada reported real gross domestic product grew at an annualized rate of 3.9 per cent in the first quarter, after expanding 3.1 in the fourth quarter of 2010.

Economists had expected the economy to grow by four per cent during the first quarter. It grew by 0.3 per cent in March, a tick above consensus, setting a strong course for second-quarter growth.

“Glancing at the details, consumer’s nearly stalled, after a solid quarter earlier performance,” CIBC World Markets wrote in a note.

“Offsetting that, business capital spending showed solid momentum, advancing by about 10 per cent in annualized terms with housing posing a modest increase after a decline in the preceding quarter.”

The Canadian dollar lost 0.15 of a cent to 102.31 cents US.

The loonie could be under additional pressure on commodity markets this week after the Bank of Canada delivers its next announcement on interest rates on Tuesday.

The market’s direction will be little influenced by events in the U.S., as markets are shut for the Memorial Day holiday.

Oil prices fell 34 cents to US$100.25 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, security forces killed anti-government protesters in Syria and Yemen, the latest instances of political violence that has swept the oil-rich region this year.

The June gold contract rose $1.50 to US$1,537.80 an ounce. On the TSX, Barrick Gold Corp. (TSX:ABX) shares gained two cents to C$46.38.

The July copper contract fell two cents to $4.17 a pound. The mining sector was the biggest gainer on the TSX, up 0.8 per cent with shares in Hudbay Minerals Inc. (TSX:HBM) up 1.8 per cent or 17 cents to $14.84.

Uranium stocks could be under pressure after Germany’s environment minister said Chancellor Angela Merkel’s coalition government has agreed to shut down all of the country’s nuclear power plants by 2022.

The utilities index was the biggest loser on the TSX, down 0.7 per cent, with shares in Uranium One Inc. (TSX:UUU) down 1.8 per cent or seven cents to $3.73.

In corporate news, Fortis Inc. (TSX:FTS) is acquiring a Vermont-based integrated electric utility company for US$700 million, giving the Newfoundland-based company its first entry into the U.S. regulated power industry.

The St. John’s, N.L.-based company says it will pay US$35.10 per share in cash for Central Vermont Public Service Corp. (NYSE:CV), in a transaction that includes the assumption of about US$230 million in debt. Fortis shares fell 2.1 per cent or 71 cents to $32.95.

Asian markets were largely inert and European shares posted muted gains in early trading. Germany’s DAX was 0.3 per cent higher and France’s CAC-40 was down 0.01 per cent. Markets in Britain are closed for a holiday.

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About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/ 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

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]
Twitter: @clearlease


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