Dominion Lending Centres Clearlease Reports TSX gained Monday as mining, retail and energy stocks benefited from a rally in commodity prices
VANCOUVER, BC – (May 9, 2011) Clearlease Reports The Toronto stock market registered a solid gain Monday as mining and energy stocks benefited from a rally in commodity prices following steep losses last week, while the TSX also found lift from major buying activity in the retail sector.
The S&P/TSX composite index rose 110.53 points to 13,677.13 while the TSX Venture Exchange gained 31.15 points to 2,119.75.
The Canadian dollar also benefited from rising commodity prices, up 0.37 of a cent to 103.78 cents US.
The consumer discretionary sector rose 0.66 per cent after Canadian Tire (TSX:CTC.A) announced plans to buy Forzani Group Ltd. (TSX:FGL), the company behind major sporting goods retailers like Sport Chek and Athletes World in a deal worth $771 million. The transaction is valued at $26.50 per share, which is a 50 per cent premium on the closing price of Forzani’s stock on Friday.
“There’s still plenty of money around and companies are willing to actually spend it if they think they can make a decent return, because their profits are pretty good,” said Gavin Graham, global strategist Excel Funds Management.
Forzani shares soared $8.64 to $26.25 while Canadian Tire rose $1.60 to $60.19 following the announcement of the all-cash deal.
“When they bought Mark’s Work Warehouse, seven, eight years back, everyone asked what is Canadian Tire doing? It’s actually worked out very well, it’s been very successful,” he said.
Commodity prices were higher after data on Friday showed that the U.S. economy created 268,000 jobs in April, the most since February 2006, well above the 185,000 jobs that analysts had predicted and easing worries that the economic recovery was faltering.
The TSX energy sector was up 0.93 per cent. Oil prices jumped as improved hopes over the U.S. economic recovery helped lower fears of much lower demand. The June crude contract on the New York Mercantile Exchange climbed $5.37 to US$102.55 a barrel after plunging almost US$17 or 14 per cent last week. Suncor Energy (TSX:SU) rose 35 cents to C$40.61 while Talisman Energy (TSX:TLM) advanced 16 cents to $21.52.
Other commodities advanced as the June gold contract on the Nymex rose $11.60 to US$1,503.20 an ounce, sending gold stocks higher. Barrick Gold Corp. (TSX:ABX) was ahead cents to C$ while Goldcorp Inc. (TSX:G) improved by cents to $ .
The base metals sector gained 1.44 per cent while the July copper contract in New York was up four cents to US$4.02 a pound. Quadra FNX Mining (TSX:QUX) gained cents to C$ while First Quantum (TSX:FM) was ahead $ to $ . First Quantum, which keeps its books in U.S. dollars, reported that it earned US$206.7 million attributable to shareholders in its latest quarter, up from $150.3 million in the first three months of 2010.
Commodity prices tumbled last week amid higher margin levels for silver and worries about the pace of the economic recovery. The selloff helped send the TSX down 2.7 per cent last week.
Market heavyweight Research In Motion Ltd. (TSX:RIM) weighed on the TSX and the BlackBerry maker’s shares fell $1.17 to C$43.39.
There were also new worries about Greece’s debt problems after credit rating agency Standard & Poor’s lowered Greece’s bond grade further into junk status because of risks that the country will have to negotiate an extension on its debt repayments.
S&P lowered Greece’s bond long-term bond grade on Monday by two notches to B from BB-, with “negative implications” for future efforts to improve public finances.
“It is one of those ‘why should people be surprised (events)’,” added Graham, “given that Greek debt has been trading at over 20 per cent interest rates for two year (bonds) and over 15 per cent for five and 10-year debt, effectively it’s pricing in a default or at least a restructuring.”
New York markets also advanced as the Dow Jones industrial average gained 45.94 points to 12,684.68. The Nasdaq composite index was ahead 15.69 points to 2,843.25 and the S&P 500 index was up 6.09 points to 1,346.29.
On the economic front, there was some negative data from the housing sector. Canada Mortgage and Housing Corp. reported that housing starts fell to 179,000 in April, down from 185,000 and below the 183,000 level that economists had expected.
In other earnings news from corporate Canada, Silver Wheaton Corp. (TSX:SLW) said first-quarter net earnings grew 142 per cent to US$122.2 million from $50.6 million a year earlier. Revenue jumped to a record $158.2 million from $85.9 million and its shares gained 83 cents to $35.47.
Valeant Pharmaceuticals (TSX:VRX) posted a $6.5-million profit in the first quarter as the drug developer’s revenue more than doubled, largely as a result of last year’s merger with Biovail. The earnings reversed last year’s loss of $3.1 million and its shares advanced $1.37 to $50.04.
In other corporate news, Bombardier Inc. (TSX:BBD.B) shares were up 24 cents to $6.91 after its Bombardier Transportation division signed a framework agreement with Siemens AG for a US$3-billion share of a large German high-speed rail contract.
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 9, 2011) Clearlease Reports The Toronto stock market registered a solid gain Monday as mining and energy stocks benefited from a rally in commodity prices following steep losses last week, while the TSX also found lift from major buying activity in the retail sector.
The S&P/TSX composite index rose 110.53 points to 13,677.13 while the TSX Venture Exchange gained 31.15 points to 2,119.75.
The Canadian dollar also benefited from rising commodity prices, up 0.37 of a cent to 103.78 cents US.
The consumer discretionary sector rose 0.66 per cent after Canadian Tire (TSX:CTC.A) announced plans to buy Forzani Group Ltd. (TSX:FGL), the company behind major sporting goods retailers like Sport Chek and Athletes World in a deal worth $771 million. The transaction is valued at $26.50 per share, which is a 50 per cent premium on the closing price of Forzani’s stock on Friday.
“There’s still plenty of money around and companies are willing to actually spend it if they think they can make a decent return, because their profits are pretty good,” said Gavin Graham, global strategist Excel Funds Management.
Forzani shares soared $8.64 to $26.25 while Canadian Tire rose $1.60 to $60.19 following the announcement of the all-cash deal.
“When they bought Mark’s Work Warehouse, seven, eight years back, everyone asked what is Canadian Tire doing? It’s actually worked out very well, it’s been very successful,” he said.
Commodity prices were higher after data on Friday showed that the U.S. economy created 268,000 jobs in April, the most since February 2006, well above the 185,000 jobs that analysts had predicted and easing worries that the economic recovery was faltering.
The TSX energy sector was up 0.93 per cent. Oil prices jumped as improved hopes over the U.S. economic recovery helped lower fears of much lower demand. The June crude contract on the New York Mercantile Exchange climbed $5.37 to US$102.55 a barrel after plunging almost US$17 or 14 per cent last week. Suncor Energy (TSX:SU) rose 35 cents to C$40.61 while Talisman Energy (TSX:TLM) advanced 16 cents to $21.52.
Other commodities advanced as the June gold contract on the Nymex rose $11.60 to US$1,503.20 an ounce, sending gold stocks higher. Barrick Gold Corp. (TSX:ABX) was ahead cents to C$ while Goldcorp Inc. (TSX:G) improved by cents to $ .
The base metals sector gained 1.44 per cent while the July copper contract in New York was up four cents to US$4.02 a pound. Quadra FNX Mining (TSX:QUX) gained cents to C$ while First Quantum (TSX:FM) was ahead $ to $ . First Quantum, which keeps its books in U.S. dollars, reported that it earned US$206.7 million attributable to shareholders in its latest quarter, up from $150.3 million in the first three months of 2010.
Commodity prices tumbled last week amid higher margin levels for silver and worries about the pace of the economic recovery. The selloff helped send the TSX down 2.7 per cent last week.
Market heavyweight Research In Motion Ltd. (TSX:RIM) weighed on the TSX and the BlackBerry maker’s shares fell $1.17 to C$43.39.
There were also new worries about Greece’s debt problems after credit rating agency Standard & Poor’s lowered Greece’s bond grade further into junk status because of risks that the country will have to negotiate an extension on its debt repayments.
S&P lowered Greece’s bond long-term bond grade on Monday by two notches to B from BB-, with “negative implications” for future efforts to improve public finances.
“It is one of those ‘why should people be surprised (events)’,” added Graham, “given that Greek debt has been trading at over 20 per cent interest rates for two year (bonds) and over 15 per cent for five and 10-year debt, effectively it’s pricing in a default or at least a restructuring.”
New York markets also advanced as the Dow Jones industrial average gained 45.94 points to 12,684.68. The Nasdaq composite index was ahead 15.69 points to 2,843.25 and the S&P 500 index was up 6.09 points to 1,346.29.
On the economic front, there was some negative data from the housing sector. Canada Mortgage and Housing Corp. reported that housing starts fell to 179,000 in April, down from 185,000 and below the 183,000 level that economists had expected.
In other earnings news from corporate Canada, Silver Wheaton Corp. (TSX:SLW) said first-quarter net earnings grew 142 per cent to US$122.2 million from $50.6 million a year earlier. Revenue jumped to a record $158.2 million from $85.9 million and its shares gained 83 cents to $35.47.
Valeant Pharmaceuticals (TSX:VRX) posted a $6.5-million profit in the first quarter as the drug developer’s revenue more than doubled, largely as a result of last year’s merger with Biovail. The earnings reversed last year’s loss of $3.1 million and its shares advanced $1.37 to $50.04.
In other corporate news, Bombardier Inc. (TSX:BBD.B) shares were up 24 cents to $6.91 after its Bombardier Transportation division signed a framework agreement with Siemens AG for a US$3-billion share of a large German high-speed rail contract.
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 TSX gained Monday as mining, retail and energy stocks benefited from a rally in commodity prices
VANCOUVER, BC – (May 9, 2011) Clearlease Reports The Toronto stock market registered a solid gain Monday as mining and energy stocks benefited from a rally in commodity prices following steep losses last week, while the TSX also found lift from major buying activity in the retail sector.
The S&P/TSX composite index rose 110.53 points to 13,677.13 while the TSX Venture Exchange gained 31.15 points to 2,119.75.
The Canadian dollar also benefited from rising commodity prices, up 0.37 of a cent to 103.78 cents US.
The consumer discretionary sector rose 0.66 per cent after Canadian Tire (TSX:CTC.A) announced plans to buy Forzani Group Ltd. (TSX:FGL), the company behind major sporting goods retailers like Sport Chek and Athletes World in a deal worth $771 million. The transaction is valued at $26.50 per share, which is a 50 per cent premium on the closing price of Forzani’s stock on Friday.
“There’s still plenty of money around and companies are willing to actually spend it if they think they can make a decent return, because their profits are pretty good,” said Gavin Graham, global strategist Excel Funds Management.
Forzani shares soared $8.64 to $26.25 while Canadian Tire rose $1.60 to $60.19 following the announcement of the all-cash deal.
“When they bought Mark’s Work Warehouse, seven, eight years back, everyone asked what is Canadian Tire doing? It’s actually worked out very well, it’s been very successful,” he said.
Commodity prices were higher after data on Friday showed that the U.S. economy created 268,000 jobs in April, the most since February 2006, well above the 185,000 jobs that analysts had predicted and easing worries that the economic recovery was faltering.
The TSX energy sector was up 0.93 per cent. Oil prices jumped as improved hopes over the U.S. economic recovery helped lower fears of much lower demand. The June crude contract on the New York Mercantile Exchange climbed $5.37 to US$102.55 a barrel after plunging almost US$17 or 14 per cent last week. Suncor Energy (TSX:SU) rose 35 cents to C$40.61 while Talisman Energy (TSX:TLM) advanced 16 cents to $21.52.
Other commodities advanced as the June gold contract on the Nymex rose $11.60 to US$1,503.20 an ounce, sending gold stocks higher. Barrick Gold Corp. (TSX:ABX) was ahead cents to C$ while Goldcorp Inc. (TSX:G) improved by cents to $ .
The base metals sector gained 1.44 per cent while the July copper contract in New York was up four cents to US$4.02 a pound. Quadra FNX Mining (TSX:QUX) gained cents to C$ while First Quantum (TSX:FM) was ahead $ to $ . First Quantum, which keeps its books in U.S. dollars, reported that it earned US$206.7 million attributable to shareholders in its latest quarter, up from $150.3 million in the first three months of 2010.
Commodity prices tumbled last week amid higher margin levels for silver and worries about the pace of the economic recovery. The selloff helped send the TSX down 2.7 per cent last week.
Market heavyweight Research In Motion Ltd. (TSX:RIM) weighed on the TSX and the BlackBerry maker’s shares fell $1.17 to C$43.39.
There were also new worries about Greece’s debt problems after credit rating agency Standard & Poor’s lowered Greece’s bond grade further into junk status because of risks that the country will have to negotiate an extension on its debt repayments.
S&P lowered Greece’s bond long-term bond grade on Monday by two notches to B from BB-, with “negative implications” for future efforts to improve public finances.
“It is one of those ‘why should people be surprised (events)’,” added Graham, “given that Greek debt has been trading at over 20 per cent interest rates for two year (bonds) and over 15 per cent for five and 10-year debt, effectively it’s pricing in a default or at least a restructuring.”
New York markets also advanced as the Dow Jones industrial average gained 45.94 points to 12,684.68. The Nasdaq composite index was ahead 15.69 points to 2,843.25 and the S&P 500 index was up 6.09 points to 1,346.29.
On the economic front, there was some negative data from the housing sector. Canada Mortgage and Housing Corp. reported that housing starts fell to 179,000 in April, down from 185,000 and below the 183,000 level that economists had expected.
In other earnings news from corporate Canada, Silver Wheaton Corp. (TSX:SLW) said first-quarter net earnings grew 142 per cent to US$122.2 million from $50.6 million a year earlier. Revenue jumped to a record $158.2 million from $85.9 million and its shares gained 83 cents to $35.47.
Valeant Pharmaceuticals (TSX:VRX) posted a $6.5-million profit in the first quarter as the drug developer’s revenue more than doubled, largely as a result of last year’s merger with Biovail. The earnings reversed last year’s loss of $3.1 million and its shares advanced $1.37 to $50.04.
In other corporate news, Bombardier Inc. (TSX:BBD.B) shares were up 24 cents to $6.91 after its Bombardier Transportation division signed a framework agreement with Siemens AG for a US$3-billion share of a large German high-speed rail contract.
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