The Toronto stock market was slightly higher Tuesday afternoon – Dominion Lending Centres Clearlease
TORONTO – (April 20, 2011) Clearlease.com Reports The Toronto stock market was slightly higher Tuesday afternoon, led by gains in the mining sector on rising copper prices and a solid earnings report from Teck Resources (TSX:TCK.B).
The S&P /TSX composite index was 27.53 points higher to 13,729.85 while the TSX Venture Exchange declined 11.88 points to 2,226.72.
The Canadian dollar surged amid data showing that increases in gasoline and food prices pushed the country’s annual inflation rate up by 1.1 points to 3.3 per cent last month, the first time the rate has topped three per cent since September 2008.
The month-over-month increase was also 1.1 per cent, and even core inflation, which is closely watched by the Bank of Canada, almost doubled to 1.7 per cent.
The loonie rose 0.83 of a cent to 104.54 cents US as the rise in inflation affirmed the view that the Bank of Canada will likely move to hike interest rates in July.
Teck Resources shares were up $3.19 or 6.5 per cent to $51.96 after the mining giant reported a big drop in first-quarter net earnings compared with a year ago when it booked a big gain on an asset sale, but revenues and profits were both above analyst estimates. Teck earned $461 million or 78 cents a share in the first quarter, down from a net profit of $896 million or $1.52 a share for the same period last year.
Revenues rose to nearly $2.4 billion from $1.9 billion, boosted largely by higher coal and copper prices.
“The market is greeting it well,” observed Paul Taylor, chief investment officer, BMO Harris Private Banking.
“It’s coal, it’s zinc, it’s copper exposure, it’s the one sort of large-cap, diversified metals exposure company that we have here in Canada. Yes, they’ve had some production issues with inclement weather and things like that, and a strike caused some issues, but the guidance going forward in terms of production and pricing are very strong.”
The Teck results helped boost the base metals sector 2.09 per cent while the May copper contract in New York added six cents to US$4.25 a pound. Elsewhere in the sector, Quadra FNX Mining (TSX:QUX) gained 51 cents to C$14.06 as the company said it’s aiming to start sinking an underground shaft at the Victoria copper-nickel project in Sudbury, Ont., next year and to begin production at the new mine in 2017.
The positive showing on markets came a day after indexes in Toronto and New York fell sharply after Standard & Poor’s said it might lower its rating on U.S. government debt if Washington didn’t get control of its deficit.
While the ratings agency kept its U.S. debt rating at AAA, the highest possible, it warned that there was a one-in-three chance it would downgrade U.S. debt within two years. If that were to happen, the U.S. government would have to pay higher borrowing costs.
“The one thing we know is this issue will be dealt with, either by the politicians coming up with a credible plan with tangible deficit management or it won’t,” added Taylor.
“And if they don’t deal with it, the markets will weigh in on their perspective.”
Oil prices moved lower for a second day as the S&P warning raised concerns about economic growth.
The TSX energy sector was slightly lower as the May crude contract on the New York Mercantile Exchange ran ahead 88 cents to US$108 a barrel.
Canadian Natural Resources (TSX:CNQ) shed 19 cents to $43.27 and Talisman Energy (TSX:TLM) lost 23 cents to $21.81.
Crude prices have been volatile, jumping as high as US$113 last week, after surging from US$84 in February partly in response to the civil war in Libya and unrest in other Mideast countries.
But analysts say there has also been a big speculative element in the sharp rise in oil prices.
The gold sector moved ahead 0.14 per cent as the June bullion contract on the Nymex climbed $2.20 to a fresh record close of US$1,495.10 an ounce after earlier going as high as US$1,500.50. Goldcorp Inc. (TSX:G) gained 40 cents to C$52.20 while Kinross Gold Corp. (TSX:K) faded 16 cents to $14.51.
Research In Motion (TSX:RIM) weighed on the TSX as the BlackBerry maker’s PlayBook, the long-awaited response to Apple’s iPad, went on sale in the United States and Canada Tuesday. RIM’s shares fell $1.24 to $51.60.
New York markets were also higher as investors took in a mixed bag of earnings reports.
The Dow Jones industrial average gained 52.22 points to 12,253.81.
The Nasdaq composite index was ahead 3.37 points to 2,738.75 while the S&P 500 index climbed 5.21 points to 1,310.35.
Investment bank Goldman Sachs said its first-quarter income fell 72 per cent to US$908 million after the bank paid out US$1.64 billion in dividends. Excluding the dividend payment, its earnings per common share were $4.38, beating estimates of $3.95 from analysts surveyed by FactSet.
Revenue fell to US$11.9 billion from US$12.8 billion in the same period last year. Its shares turned negative, down $2.94 to US$150.84.
Adjusted earnings at health-care giant Johnson & Johnson topped analysts’ expectations while the company also raised its full-year earnings outlook and its shares ran ahead $1.72 to US$62.18.
Catalyst Paper (TSX:CTL) says a fire Monday at its Snowflake Mill in Arizona has shut down production and destroyed about 14,000 tonnes of recovered waste paper. The company says the mill will remain closed until the extent of damage to its waste paper system is known. Paper production is, however, expected to resume later this week. Its shares were down 2.5 cents at 24 cents.
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.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
TORONTO – (April 19, 2011) Clearlease.com Reports The Toronto stock market was slightly higher Tuesday afternoon, led by gains in the mining sector on rising copper prices and a solid earnings report from Teck Resources (TSX:TCK.B).
The S&P /TSX composite index was 27.53 points higher to 13,729.85 while the TSX Venture Exchange declined 11.88 points to 2,226.72.
The Canadian dollar surged amid data showing that increases in gasoline and food prices pushed the country’s annual inflation rate up by 1.1 points to 3.3 per cent last month, the first time the rate has topped three per cent since September 2008.
The month-over-month increase was also 1.1 per cent, and even core inflation, which is closely watched by the Bank of Canada, almost doubled to 1.7 per cent.
The loonie rose 0.83 of a cent to 104.54 cents US as the rise in inflation affirmed the view that the Bank of Canada will likely move to hike interest rates in July.
Teck Resources shares were up $3.19 or 6.5 per cent to $51.96 after the mining giant reported a big drop in first-quarter net earnings compared with a year ago when it booked a big gain on an asset sale, but revenues and profits were both above analyst estimates. Teck earned $461 million or 78 cents a share in the first quarter, down from a net profit of $896 million or $1.52 a share for the same period last year.
Revenues rose to nearly $2.4 billion from $1.9 billion, boosted largely by higher coal and copper prices.
“The market is greeting it well,” observed Paul Taylor, chief investment officer, BMO Harris Private Banking.
“It’s coal, it’s zinc, it’s copper exposure, it’s the one sort of large-cap, diversified metals exposure company that we have here in Canada. Yes, they’ve had some production issues with inclement weather and things like that, and a strike caused some issues, but the guidance going forward in terms of production and pricing are very strong.”
The Teck results helped boost the base metals sector 2.09 per cent while the May copper contract in New York added six cents to US$4.25 a pound. Elsewhere in the sector, Quadra FNX Mining (TSX:QUX) gained 51 cents to C$14.06 as the company said it’s aiming to start sinking an underground shaft at the Victoria copper-nickel project in Sudbury, Ont., next year and to begin production at the new mine in 2017.
The positive showing on markets came a day after indexes in Toronto and New York fell sharply after Standard & Poor’s said it might lower its rating on U.S. government debt if Washington didn’t get control of its deficit.
While the ratings agency kept its U.S. debt rating at AAA, the highest possible, it warned that there was a one-in-three chance it would downgrade U.S. debt within two years. If that were to happen, the U.S. government would have to pay higher borrowing costs.
“The one thing we know is this issue will be dealt with, either by the politicians coming up with a credible plan with tangible deficit management or it won’t,” added Taylor.
“And if they don’t deal with it, the markets will weigh in on their perspective.”
Oil prices moved lower for a second day as the S&P warning raised concerns about economic growth.
The TSX energy sector was slightly lower as the May crude contract on the New York Mercantile Exchange ran ahead 88 cents to US$108 a barrel.
Canadian Natural Resources (TSX:CNQ) shed 19 cents to $43.27 and Talisman Energy (TSX:TLM) lost 23 cents to $21.81.
Crude prices have been volatile, jumping as high as US$113 last week, after surging from US$84 in February partly in response to the civil war in Libya and unrest in other Mideast countries.
But analysts say there has also been a big speculative element in the sharp rise in oil prices.
The gold sector moved ahead 0.14 per cent as the June bullion contract on the Nymex climbed $2.20 to a fresh record close of US$1,495.10 an ounce after earlier going as high as US$1,500.50. Goldcorp Inc. (TSX:G) gained 40 cents to C$52.20 while Kinross Gold Corp. (TSX:K) faded 16 cents to $14.51.
Research In Motion (TSX:RIM) weighed on the TSX as the BlackBerry maker’s PlayBook, the long-awaited response to Apple’s iPad, went on sale in the United States and Canada Tuesday. RIM’s shares fell $1.24 to $51.60.
New York markets were also higher as investors took in a mixed bag of earnings reports.
The Dow Jones industrial average gained 52.22 points to 12,253.81.
The Nasdaq composite index was ahead 3.37 points to 2,738.75 while the S&P 500 index climbed 5.21 points to 1,310.35.
Investment bank Goldman Sachs said its first-quarter income fell 72 per cent to US$908 million after the bank paid out US$1.64 billion in dividends. Excluding the dividend payment, its earnings per common share were $4.38, beating estimates of $3.95 from analysts surveyed by FactSet.
Revenue fell to US$11.9 billion from US$12.8 billion in the same period last year. Its shares turned negative, down $2.94 to US$150.84.
Adjusted earnings at health-care giant Johnson & Johnson topped analysts’ expectations while the company also raised its full-year earnings outlook and its shares ran ahead $1.72 to US$62.18.
Catalyst Paper (TSX:CTL) says a fire Monday at its Snowflake Mill in Arizona has shut down production and destroyed about 14,000 tonnes of recovered waste paper. The company says the mill will remain closed until the extent of damage to its waste paper system is known. Paper production is, however, expected to resume later this week. Its shares were down 2.5 cents at 24 cents.
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.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###The Toronto stock market was slightly higher Tuesday afternoon – Dominion Lending Centres Clearlease
TORONTO – (April 20, 2011) Clearlease.com Reports The Toronto stock market was slightly higher Tuesday afternoon, led by gains in the mining sector on rising copper prices and a solid earnings report from Teck Resources (TSX:TCK.B).
The S&P /TSX composite index was 27.53 points higher to 13,729.85 while the TSX Venture Exchange declined 11.88 points to 2,226.72.
The Canadian dollar surged amid data showing that increases in gasoline and food prices pushed the country’s annual inflation rate up by 1.1 points to 3.3 per cent last month, the first time the rate has topped three per cent since September 2008.
The month-over-month increase was also 1.1 per cent, and even core inflation, which is closely watched by the Bank of Canada, almost doubled to 1.7 per cent.
The loonie rose 0.83 of a cent to 104.54 cents US as the rise in inflation affirmed the view that the Bank of Canada will likely move to hike interest rates in July.
Teck Resources shares were up $3.19 or 6.5 per cent to $51.96 after the mining giant reported a big drop in first-quarter net earnings compared with a year ago when it booked a big gain on an asset sale, but revenues and profits were both above analyst estimates. Teck earned $461 million or 78 cents a share in the first quarter, down from a net profit of $896 million or $1.52 a share for the same period last year.
Revenues rose to nearly $2.4 billion from $1.9 billion, boosted largely by higher coal and copper prices.
“The market is greeting it well,” observed Paul Taylor, chief investment officer, BMO Harris Private Banking.
“It’s coal, it’s zinc, it’s copper exposure, it’s the one sort of large-cap, diversified metals exposure company that we have here in Canada. Yes, they’ve had some production issues with inclement weather and things like that, and a strike caused some issues, but the guidance going forward in terms of production and pricing are very strong.”
The Teck results helped boost the base metals sector 2.09 per cent while the May copper contract in New York added six cents to US$4.25 a pound. Elsewhere in the sector, Quadra FNX Mining (TSX:QUX) gained 51 cents to C$14.06 as the company said it’s aiming to start sinking an underground shaft at the Victoria copper-nickel project in Sudbury, Ont., next year and to begin production at the new mine in 2017.
The positive showing on markets came a day after indexes in Toronto and New York fell sharply after Standard & Poor’s said it might lower its rating on U.S. government debt if Washington didn’t get control of its deficit.
While the ratings agency kept its U.S. debt rating at AAA, the highest possible, it warned that there was a one-in-three chance it would downgrade U.S. debt within two years. If that were to happen, the U.S. government would have to pay higher borrowing costs.
“The one thing we know is this issue will be dealt with, either by the politicians coming up with a credible plan with tangible deficit management or it won’t,” added Taylor.
“And if they don’t deal with it, the markets will weigh in on their perspective.”
Oil prices moved lower for a second day as the S&P warning raised concerns about economic growth.
The TSX energy sector was slightly lower as the May crude contract on the New York Mercantile Exchange ran ahead 88 cents to US$108 a barrel.
Canadian Natural Resources (TSX:CNQ) shed 19 cents to $43.27 and Talisman Energy (TSX:TLM) lost 23 cents to $21.81.
Crude prices have been volatile, jumping as high as US$113 last week, after surging from US$84 in February partly in response to the civil war in Libya and unrest in other Mideast countries.
But analysts say there has also been a big speculative element in the sharp rise in oil prices.
The gold sector moved ahead 0.14 per cent as the June bullion contract on the Nymex climbed $2.20 to a fresh record close of US$1,495.10 an ounce after earlier going as high as US$1,500.50. Goldcorp Inc. (TSX:G) gained 40 cents to C$52.20 while Kinross Gold Corp. (TSX:K) faded 16 cents to $14.51.
Research In Motion (TSX:RIM) weighed on the TSX as the BlackBerry maker’s PlayBook, the long-awaited response to Apple’s iPad, went on sale in the United States and Canada Tuesday. RIM’s shares fell $1.24 to $51.60.
New York markets were also higher as investors took in a mixed bag of earnings reports.
The Dow Jones industrial average gained 52.22 points to 12,253.81.
The Nasdaq composite index was ahead 3.37 points to 2,738.75 while the S&P 500 index climbed 5.21 points to 1,310.35.
Investment bank Goldman Sachs said its first-quarter income fell 72 per cent to US$908 million after the bank paid out US$1.64 billion in dividends. Excluding the dividend payment, its earnings per common share were $4.38, beating estimates of $3.95 from analysts surveyed by FactSet.
Revenue fell to US$11.9 billion from US$12.8 billion in the same period last year. Its shares turned negative, down $2.94 to US$150.84.
Adjusted earnings at health-care giant Johnson & Johnson topped analysts’ expectations while the company also raised its full-year earnings outlook and its shares ran ahead $1.72 to US$62.18.
Catalyst Paper (TSX:CTL) says a fire Monday at its Snowflake Mill in Arizona has shut down production and destroyed about 14,000 tonnes of recovered waste paper. The company says the mill will remain closed until the extent of damage to its waste paper system is known. Paper production is, however, expected to resume later this week. Its shares were down 2.5 cents at 24 cents.
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.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###