The Toronto stock market tumbled almost 200 pointsHusky Energy Inc. (TSX:HSE), Teck Resources (TSX:TCK.B), Mercator Minerals Ltd. (TSX:ML), Quadra FNX Mining (TSX:QUX), Barrick Gold Corp. (TSX:ABX), TD Bank (TSX:TD), Gildan Activewear Inc. (TSX:GIL)
VANCOUVER – (April 12, 2011) Clearlease.com Reports TORONTO – The Toronto stock market tumbled almost 200 points Tuesday as oil prices dropped amid a feeling that a recent boom in commodities has run its course and investors reacted to disappointing first-quarter revenue at Alcoa Inc.
The S&P /TSX composite index dropped 195.46 points or 1.4 per cent to 13,801.4 while the TSX Venture Exchange lost 42.73 points to 2,303.77.
Falling commodities helped push the Canadian dollar down 0.72 of a cent to 103.83 cents US after the Bank of Canada said it would leave its key interest rate unchanged at one per cent. Analysts said it looked likely the bank wouldn’t move on rates until at least mid-2011.
Also weighing on markets was a report from a strategist at Goldman Sachs that he no longer was recommending Canadian stocks.
Noah Weisberger noted that “Canadian equities made new highs last week, even as growth jitters and higher energy prices were constraining equity markets elsewhere.”
“But now risks to the forward view of economic growth are more balanced as are the risks to oil prices.”
TSX losses were led by big declines in the resource sector amid worries that economic conditions aren’t looking as rosy as just a few weeks ago.
“(There are) concerns that with monetary tightening in China, India and Europe, that growth rates in some of those countries will be lower than had been anticipated and, in turn, those lower growth rates translate into less demand for commodities, which means lower prices,” observed Bob Gorman, chief portfolio strategist at TD Waterhouse.
He said Japan was also a big concern as the damage from the March 11 earthquake and tsunami mean ” Japan will very, very likely see contraction this quarter, maybe the next one as well, before you start to see growth associated with reconstruction and so on.”
But higher oil prices have also raised concerns about higher inflation and slowing economic growth.
Higher oil prices translate “to a higher prices at the gas pump, representing a tax on consumers and that money could be spent on other things,” said Gorman.
Oil prices were lower for a second day as the International Energy Agency warned that rising prices, up about 26 per cent from mid-February amid a civil war in Libya and spreading unrest in other Mideast countries, may soon take a toll on demand.
The May crude contract on the New York Mercantile Exchange was down $3.67 to US$106.25 a barrel on top of a slide of almost US$3 on Monday. The decline in prices picked up after Goldman Sachs warned investors that crude oil prices are due for a “substantial pullback.”
Shaky hopes of an Africa-brokered ceasefire in Libya also helped reverse the run up in crude.
The energy sector fell almost three per cent with Suncor Energy (TSX:SU) down $1.46 at C$42.05 while Canadian Natural Resources (TSX:CNQ) dropped $1.22 to C$44.34 .
The base metals sector fell 2.87 per cent while the May copper contract on the Nymex dipped eight cents to US$4.38 a pound. Teck Resources (TSX:TCK.B) lost $1.96 to C$51.87 while Quadra FNX Mining (TSX:QUX) moved down 53 cents to C$13.91.
Mercator Minerals Ltd. (TSX:ML) is set to acquire Creston Moly Corp. (TSXV:CMS) in friendly deal that values Creston at about $195 million. The companies say the deal will create a “significant” copper and molybdenum miner. Mercator shares fell 33 cents to $3.36 while Creston shares jumped 11 cents to 57 cents on very heavy volume of 40 million shares.
Gold stocks were lower as the June bullion contract in New York was down $14.50 at US$1,453.60 an ounce. Barrick Gold Corp. (TSX:ABX) stepped back 31 cents to $50.35 while Kinross Gold Corp. (TSX:K) gave up 28 cents to $15.09.
The decline spread across all sectors save telecoms with the financial sector down just shy of one per cent. TD Bank (TSX:TD) eased $1.68 to $82.67 and Scotiabank (TSX:BNS) lost 50 cents to $57.50.
The negative showing on the TSX followed a 212-point slide Monday.
Meanwhile, Alcoa handed in first-quarter net income of US$308 million, or 27 cents a share, which beat analyst expectations. Sales increased to US$5.96 billion from US$4.89 billion a year ago but that fell short of expectations. Its shares were down six per cent at US$16.70.
The Alcoa report helped send New York markets sharply lower with the Dow Jones industrial average down 117.53 points to 12,263.58. The Nasdaq composite index fell 26.72 points to 2,744.79 while the S&P 500 index was 10.3 points lower at 1,314.16.
There was also an added element of nervousness after Japan ‘s nuclear safety agency on Tuesday upgraded the severity of the crisis at a stricken nuclear plant.
The Japanese agency raised the severity of the Fukushima Dai-ichi nuclear plant incident to level 7, the highest on the scale and the same rating as the Chornobyl incident in 1986. The plant was heavily damaged by the quake and tsunami which struck Japan ‘s northeastern coast on March 11.
Clothing manufacturer Gildan Activewear Inc. (TSX:GIL) was one of the few big gainers on the TSX Tuesday. Its stock jumped $2.14 to $32.80 after it said it was buying U.S. sock maker Gold Toe Moretz Holdings Corp. for US$350 million. Gildan said Monday that the deal would more than double the company’s current revenues from the sale of socks and also expand and diversify its customer base and distribution in the United States.
Husky Energy Inc. (TSX:HSE) said its Lloydminster heavy oil upgrader had returned to near regular operation after a fire on Feb. 2 led to production cuts of at least 50 per cent. What the company described as a “minor fire” damaged a hydrocracker fractionation unit, which supplies product to the coker. Husky shares lost $1.15 to $27.80.
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
###
VANCOUVER – (April 12, 2011) Clearlease.com Reports TORONTO – The Toronto stock market tumbled almost 200 points Tuesday as oil prices dropped amid a feeling that a recent boom in commodities has run its course and investors reacted to disappointing first-quarter revenue at Alcoa Inc.
The S&P /TSX composite index dropped 195.46 points or 1.4 per cent to 13,801.4 while the TSX Venture Exchange lost 42.73 points to 2,303.77.
Falling commodities helped push the Canadian dollar down 0.72 of a cent to 103.83 cents US after the Bank of Canada said it would leave its key interest rate unchanged at one per cent. Analysts said it looked likely the bank wouldn’t move on rates until at least mid-2011.
Also weighing on markets was a report from a strategist at Goldman Sachs that he no longer was recommending Canadian stocks.
Noah Weisberger noted that “Canadian equities made new highs last week, even as growth jitters and higher energy prices were constraining equity markets elsewhere.”
“But now risks to the forward view of economic growth are more balanced as are the risks to oil prices.”
TSX losses were led by big declines in the resource sector amid worries that economic conditions aren’t looking as rosy as just a few weeks ago.
“(There are) concerns that with monetary tightening in China, India and Europe, that growth rates in some of those countries will be lower than had been anticipated and, in turn, those lower growth rates translate into less demand for commodities, which means lower prices,” observed Bob Gorman, chief portfolio strategist at TD Waterhouse.
He said Japan was also a big concern as the damage from the March 11 earthquake and tsunami mean ” Japan will very, very likely see contraction this quarter, maybe the next one as well, before you start to see growth associated with reconstruction and so on.”
But higher oil prices have also raised concerns about higher inflation and slowing economic growth.
Higher oil prices translate “to a higher prices at the gas pump, representing a tax on consumers and that money could be spent on other things,” said Gorman.
Oil prices were lower for a second day as the International Energy Agency warned that rising prices, up about 26 per cent from mid-February amid a civil war in Libya and spreading unrest in other Mideast countries, may soon take a toll on demand.
The May crude contract on the New York Mercantile Exchange was down $3.67 to US$106.25 a barrel on top of a slide of almost US$3 on Monday. The decline in prices picked up after Goldman Sachs warned investors that crude oil prices are due for a “substantial pullback.”
Shaky hopes of an Africa-brokered ceasefire in Libya also helped reverse the run up in crude.
The energy sector fell almost three per cent with Suncor Energy (TSX:SU) down $1.46 at C$42.05 while Canadian Natural Resources (TSX:CNQ) dropped $1.22 to C$44.34 .
The base metals sector fell 2.87 per cent while the May copper contract on the Nymex dipped eight cents to US$4.38 a pound. Teck Resources (TSX:TCK.B) lost $1.96 to C$51.87 while Quadra FNX Mining (TSX:QUX) moved down 53 cents to C$13.91.
Mercator Minerals Ltd. (TSX:ML) is set to acquire Creston Moly Corp. (TSXV:CMS) in friendly deal that values Creston at about $195 million. The companies say the deal will create a “significant” copper and molybdenum miner. Mercator shares fell 33 cents to $3.36 while Creston shares jumped 11 cents to 57 cents on very heavy volume of 40 million shares.
Gold stocks were lower as the June bullion contract in New York was down $14.50 at US$1,453.60 an ounce. Barrick Gold Corp. (TSX:ABX) stepped back 31 cents to $50.35 while Kinross Gold Corp. (TSX:K) gave up 28 cents to $15.09.
The decline spread across all sectors save telecoms with the financial sector down just shy of one per cent. TD Bank (TSX:TD) eased $1.68 to $82.67 and Scotiabank (TSX:BNS) lost 50 cents to $57.50.
The negative showing on the TSX followed a 212-point slide Monday.
Meanwhile, Alcoa handed in first-quarter net income of US$308 million, or 27 cents a share, which beat analyst expectations. Sales increased to US$5.96 billion from US$4.89 billion a year ago but that fell short of expectations. Its shares were down six per cent at US$16.70.
The Alcoa report helped send New York markets sharply lower with the Dow Jones industrial average down 117.53 points to 12,263.58. The Nasdaq composite index fell 26.72 points to 2,744.79 while the S&P 500 index was 10.3 points lower at 1,314.16.
There was also an added element of nervousness after Japan ‘s nuclear safety agency on Tuesday upgraded the severity of the crisis at a stricken nuclear plant.
The Japanese agency raised the severity of the Fukushima Dai-ichi nuclear plant incident to level 7, the highest on the scale and the same rating as the Chornobyl incident in 1986. The plant was heavily damaged by the quake and tsunami which struck Japan ‘s northeastern coast on March 11.
Clothing manufacturer Gildan Activewear Inc. (TSX:GIL) was one of the few big gainers on the TSX Tuesday. Its stock jumped $2.14 to $32.80 after it said it was buying U.S. sock maker Gold Toe Moretz Holdings Corp. for US$350 million. Gildan said Monday that the deal would more than double the company’s current revenues from the sale of socks and also expand and diversify its customer base and distribution in the United States.
Husky Energy Inc. (TSX:HSE) said its Lloydminster heavy oil upgrader had returned to near regular operation after a fire on Feb. 2 led to production cuts of at least 50 per cent. What the company described as a “minor fire” damaged a hydrocracker fractionation unit, which supplies product to the coker. Husky shares lost $1.15 to $27.80.
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 tumbled almost 200 pointsHusky Energy Inc. (TSX:HSE), Teck Resources (TSX:TCK.B), Mercator Minerals Ltd. (TSX:ML), Quadra FNX Mining (TSX:QUX), Barrick Gold Corp. (TSX:ABX), TD Bank (TSX:TD), Gildan Activewear Inc. (TSX:GIL)
VANCOUVER – (April 12, 2011) Clearlease.com Reports TORONTO – The Toronto stock market tumbled almost 200 points Tuesday as oil prices dropped amid a feeling that a recent boom in commodities has run its course and investors reacted to disappointing first-quarter revenue at Alcoa Inc.
The S&P /TSX composite index dropped 195.46 points or 1.4 per cent to 13,801.4 while the TSX Venture Exchange lost 42.73 points to 2,303.77.
Falling commodities helped push the Canadian dollar down 0.72 of a cent to 103.83 cents US after the Bank of Canada said it would leave its key interest rate unchanged at one per cent. Analysts said it looked likely the bank wouldn’t move on rates until at least mid-2011.
Also weighing on markets was a report from a strategist at Goldman Sachs that he no longer was recommending Canadian stocks.
Noah Weisberger noted that “Canadian equities made new highs last week, even as growth jitters and higher energy prices were constraining equity markets elsewhere.”
“But now risks to the forward view of economic growth are more balanced as are the risks to oil prices.”
TSX losses were led by big declines in the resource sector amid worries that economic conditions aren’t looking as rosy as just a few weeks ago.
“(There are) concerns that with monetary tightening in China, India and Europe, that growth rates in some of those countries will be lower than had been anticipated and, in turn, those lower growth rates translate into less demand for commodities, which means lower prices,” observed Bob Gorman, chief portfolio strategist at TD Waterhouse.
He said Japan was also a big concern as the damage from the March 11 earthquake and tsunami mean ” Japan will very, very likely see contraction this quarter, maybe the next one as well, before you start to see growth associated with reconstruction and so on.”
But higher oil prices have also raised concerns about higher inflation and slowing economic growth.
Higher oil prices translate “to a higher prices at the gas pump, representing a tax on consumers and that money could be spent on other things,” said Gorman.
Oil prices were lower for a second day as the International Energy Agency warned that rising prices, up about 26 per cent from mid-February amid a civil war in Libya and spreading unrest in other Mideast countries, may soon take a toll on demand.
The May crude contract on the New York Mercantile Exchange was down $3.67 to US$106.25 a barrel on top of a slide of almost US$3 on Monday. The decline in prices picked up after Goldman Sachs warned investors that crude oil prices are due for a “substantial pullback.”
Shaky hopes of an Africa-brokered ceasefire in Libya also helped reverse the run up in crude.
The energy sector fell almost three per cent with Suncor Energy (TSX:SU) down $1.46 at C$42.05 while Canadian Natural Resources (TSX:CNQ) dropped $1.22 to C$44.34 .
The base metals sector fell 2.87 per cent while the May copper contract on the Nymex dipped eight cents to US$4.38 a pound. Teck Resources (TSX:TCK.B) lost $1.96 to C$51.87 while Quadra FNX Mining (TSX:QUX) moved down 53 cents to C$13.91.
Mercator Minerals Ltd. (TSX:ML) is set to acquire Creston Moly Corp. (TSXV:CMS) in friendly deal that values Creston at about $195 million. The companies say the deal will create a “significant” copper and molybdenum miner. Mercator shares fell 33 cents to $3.36 while Creston shares jumped 11 cents to 57 cents on very heavy volume of 40 million shares.
Gold stocks were lower as the June bullion contract in New York was down $14.50 at US$1,453.60 an ounce. Barrick Gold Corp. (TSX:ABX) stepped back 31 cents to $50.35 while Kinross Gold Corp. (TSX:K) gave up 28 cents to $15.09.
The decline spread across all sectors save telecoms with the financial sector down just shy of one per cent. TD Bank (TSX:TD) eased $1.68 to $82.67 and Scotiabank (TSX:BNS) lost 50 cents to $57.50.
The negative showing on the TSX followed a 212-point slide Monday.
Meanwhile, Alcoa handed in first-quarter net income of US$308 million, or 27 cents a share, which beat analyst expectations. Sales increased to US$5.96 billion from US$4.89 billion a year ago but that fell short of expectations. Its shares were down six per cent at US$16.70.
The Alcoa report helped send New York markets sharply lower with the Dow Jones industrial average down 117.53 points to 12,263.58. The Nasdaq composite index fell 26.72 points to 2,744.79 while the S&P 500 index was 10.3 points lower at 1,314.16.
There was also an added element of nervousness after Japan ‘s nuclear safety agency on Tuesday upgraded the severity of the crisis at a stricken nuclear plant.
The Japanese agency raised the severity of the Fukushima Dai-ichi nuclear plant incident to level 7, the highest on the scale and the same rating as the Chornobyl incident in 1986. The plant was heavily damaged by the quake and tsunami which struck Japan ‘s northeastern coast on March 11.
Clothing manufacturer Gildan Activewear Inc. (TSX:GIL) was one of the few big gainers on the TSX Tuesday. Its stock jumped $2.14 to $32.80 after it said it was buying U.S. sock maker Gold Toe Moretz Holdings Corp. for US$350 million. Gildan said Monday that the deal would more than double the company’s current revenues from the sale of socks and also expand and diversify its customer base and distribution in the United States.
Husky Energy Inc. (TSX:HSE) said its Lloydminster heavy oil upgrader had returned to near regular operation after a fire on Feb. 2 led to production cuts of at least 50 per cent. What the company described as a “minor fire” damaged a hydrocracker fractionation unit, which supplies product to the coker. Husky shares lost $1.15 to $27.80.
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
###