TSX advances amid high Chinese inflation figures, higher oil prices – Dominion Lending Centres Clearlease Reports
CALGARY – (April 15, 2011) Dominion Lending Centres Clearlease Reports TORONTO – The Toronto stock market was higher late Friday morning as oil prices advanced, while data from China kept inflation and interest rate concerns front and centre.
The S&P/TSX composite index climbed 49.21 points to 13,871.02 while the TSX Venture Exchange dipped 0.06 of a point to 2,300.98. The Canadian dollar was down a fifth of a cent to 103.99 cents US.
In China, figures showed consumer prices rose 5.4 per cent in the year to March, up from February’s 4.9 per cent. The increase was largely driven by surging food costs and represents a setback for the government, which has boosted interest rates four times since October to cool prices.
Other data showed that the Chinese economy grew 9.7 per cent in the first three months of the year — little changed from the previous quarter’s 9.8 per cent — despite government efforts to steer growth to a sustainable level.
Investors worry that the Chinese government will have to take further measures to slow the economy, which in turn could hurt the global economic recovery and depress prices for commodities. Strong demand for oil and metals helped push the TSX up five per cent in the first quarter.
However, the TSX headed for a sharp weekly loss as investors took some profits from a strong run on markets that has gone on practically without a break since last summer. Investors are also concerned about the degree to which high commodity prices are fuelling inflation and, in the case of surging oil prices, hurting economic growth.
“Certainly there seems to be a lot of uncertainty swirling around,” said John Johnston, chief strategist at the Harbour Group at RBC Dominion Securities.
“Right now my best guess is that it’s probably for the time being a short-term correction.”
The energy sector was ahead 0.63 per cent as oil prices reversed early losses with the May crude contract on the New York Mercantile Exchange up 91 cents to US$109.02 a barrel. Canadian Natural Resources (TSX:CNQ) climbed 72 cents to $43.27 while Cenovus Energy (TSX:CVE) rose 38 cents to $36.45.
Oil prices sold off the first two days of this week, from US$113.46 on Monday, the highest since September 2008. However, a weaker dollar and signs U.S. gasoline consumption remains robust helped stanch those losses. Crude has gained 28 per cent since Feb. 15 because of the civil war in Libya and worries about unrest in other Mideast countries.
The industrial sector also advanced with Bombardier Inc. (TSX:BBD.B) ahead nine cents to $6.98.
Gold stocks also moved up as bullion prices rose for a third day with the June contract on the Nymex ahead $10.30 to US$1,482.70 an ounce. Goldcorp Inc. (TSX:G) gained 54 cents to $52.40 while Barrick Gold Corp. (TSX:ABX) improved by 26 cents to $52.51.
The base metals sector was flat with the May copper contract down three cents to US$4.26 a pound in New York. Demand concerns have sent copper tumbling 5.5 per cent this week. Quadra FNX Mining (TSX:QUX) was down 27 cents to $13.64 and Sherritt International (TSX:S) was eight cents lower at $7.80.
The market also found support from tech heavyweight Research In Motion Ltd. (TSX:RIM). Its stock was up $1.07 to $52.82 after losing a similar amount Thursday ahead of the launch of its new PlayBook tablet, which hits Canadian stores on Tuesday.
Critical reception has been mixed for the PlayBook, with some reviews finding good things to say about its hardware, its Flash-able web browser and slick interface, but still the overall consensus appeared to be largely negative and focused on features that were missing from the device.
New York markets were mixed amid poorly received earnings reports.
Google said Thursday that it earned US$2.3 billion, or $7.04 per share, in the latest quarter. Revenue reached nearly $8.6 billion, a 27 per cent increase from last year, but those numbers were overshadowed by significantly higher expenses. Its stock slid seven per cent to US$537.88.
And Bank of America said Friday that its first-quarter income fell 39 per cent to US$1.7 billion or 17 cents a share on higher costs related to its mortgage business and higher litigation expenses. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet. Revenue fell to US$26.9 billion from $32 billion in the same period last year but its shares slipped 13 cents to US$13.
The Dow Jones industrial average was ahead 34.32 points to 12,319.47. The Nasdaq composite index fell 7.31 points to 2,752.91 while the S&P 500 index added 3.34 points to 1,317.86.
Meanwhile, the U.S. Labour Department said Friday that core consumer prices, which strip out food and energy costs, rose 0.1 per cent in March. Economists had expected those prices to increase 0.2 per cent. Prices overall rose 0.5 per cent, matching the gain in February.
And the University of Michigan’s widely-watched consumer confidence index rose to 69.6 in April from 68.2 in March.
The showing “is better than nothing, but that still leaves confidence well down on the mid-70s readings we were seeing before the surge in gasoline prices really began to bite,” observed Paul Ashworth, chief U.S. economist at Capital Economics.
In other corporate news, Iamgold Corp. (TSX:IMG) announced plans to sell its 18.9 per cent stake in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Ltd. for US$667 million. Its shares declined $1.35 to $19.75.
Wi-LAN Inc. (TSX:WIN) has signed a multi-year agreement that gives Cisco Systems Inc. the licences to “virtually all” of its patents. The Ottawa-based company, which specializes in licensing rights to intellectual property and patents, did not disclose the financial details of the transaction and its shares gained 15 cents to $6.05.
Earlier in Asia, Hong Kong’s Hang Seng Index fell less than 0.1 per cent.
Despite the inflation figures, China’s Shanghai Composite Index staged a late rally to finish 0.3 per cent higher.
Japan’s Nikkei 225 stock average fell 0.7 per cent while South Korea’s Kospi ended down less than 0.1 per cent.
London’s FTSE 100 index rose 0.36 per cent, Frankfurt’s DAX was ahead 0.31 per cent and the Paris CAC 40 was up 0.15 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.
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 15, 2011) Dominion Lending Centres Clearlease Reports The Toronto stock market was higher late Friday morning as oil prices advanced, while data from China kept inflation and interest rate concerns front and centre.
The S&P/TSX composite index climbed 49.21 points to 13,871.02 while the TSX Venture Exchange dipped 0.06 of a point to 2,300.98. The Canadian dollar was down a fifth of a cent to 103.99 cents US.
In China, figures showed consumer prices rose 5.4 per cent in the year to March, up from February’s 4.9 per cent. The increase was largely driven by surging food costs and represents a setback for the government, which has boosted interest rates four times since October to cool prices.
Other data showed that the Chinese economy grew 9.7 per cent in the first three months of the year — little changed from the previous quarter’s 9.8 per cent — despite government efforts to steer growth to a sustainable level.
Investors worry that the Chinese government will have to take further measures to slow the economy, which in turn could hurt the global economic recovery and depress prices for commodities. Strong demand for oil and metals helped push the TSX up five per cent in the first quarter.
However, the TSX headed for a sharp weekly loss as investors took some profits from a strong run on markets that has gone on practically without a break since last summer. Investors are also concerned about the degree to which high commodity prices are fuelling inflation and, in the case of surging oil prices, hurting economic growth.
“Certainly there seems to be a lot of uncertainty swirling around,” said John Johnston, chief strategist at the Harbour Group at RBC Dominion Securities.
“Right now my best guess is that it’s probably for the time being a short-term correction.”
The energy sector was ahead 0.63 per cent as oil prices reversed early losses with the May crude contract on the New York Mercantile Exchange up 91 cents to US$109.02 a barrel. Canadian Natural Resources (TSX:CNQ) climbed 72 cents to $43.27 while Cenovus Energy (TSX:CVE) rose 38 cents to $36.45.
Oil prices sold off the first two days of this week, from US$113.46 on Monday, the highest since September 2008. However, a weaker dollar and signs U.S. gasoline consumption remains robust helped stanch those losses. Crude has gained 28 per cent since Feb. 15 because of the civil war in Libya and worries about unrest in other Mideast countries.
The industrial sector also advanced with Bombardier Inc. (TSX:BBD.B) ahead nine cents to $6.98.
Gold stocks also moved up as bullion prices rose for a third day with the June contract on the Nymex ahead $10.30 to US$1,482.70 an ounce. Goldcorp Inc. (TSX:G) gained 54 cents to $52.40 while Barrick Gold Corp. (TSX:ABX) improved by 26 cents to $52.51.
The base metals sector was flat with the May copper contract down three cents to US$4.26 a pound in New York. Demand concerns have sent copper tumbling 5.5 per cent this week. Quadra FNX Mining (TSX:QUX) was down 27 cents to $13.64 and Sherritt International (TSX:S) was eight cents lower at $7.80.
The market also found support from tech heavyweight Research In Motion Ltd. (TSX:RIM). Its stock was up $1.07 to $52.82 after losing a similar amount Thursday ahead of the launch of its new PlayBook tablet, which hits Canadian stores on Tuesday.
Critical reception has been mixed for the PlayBook, with some reviews finding good things to say about its hardware, its Flash-able web browser and slick interface, but still the overall consensus appeared to be largely negative and focused on features that were missing from the device.
New York markets were mixed amid poorly received earnings reports.
Google said Thursday that it earned US$2.3 billion, or $7.04 per share, in the latest quarter. Revenue reached nearly $8.6 billion, a 27 per cent increase from last year, but those numbers were overshadowed by significantly higher expenses. Its stock slid seven per cent to US$537.88.
And Bank of America said Friday that its first-quarter income fell 39 per cent to US$1.7 billion or 17 cents a share on higher costs related to its mortgage business and higher litigation expenses. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet. Revenue fell to US$26.9 billion from $32 billion in the same period last year but its shares slipped 13 cents to US$13.
The Dow Jones industrial average was ahead 34.32 points to 12,319.47. The Nasdaq composite index fell 7.31 points to 2,752.91 while the S&P 500 index added 3.34 points to 1,317.86.
Meanwhile, the U.S. Labour Department said Friday that core consumer prices, which strip out food and energy costs, rose 0.1 per cent in March. Economists had expected those prices to increase 0.2 per cent. Prices overall rose 0.5 per cent, matching the gain in February.
And the University of Michigan’s widely-watched consumer confidence index rose to 69.6 in April from 68.2 in March.
The showing “is better than nothing, but that still leaves confidence well down on the mid-70s readings we were seeing before the surge in gasoline prices really began to bite,” observed Paul Ashworth, chief U.S. economist at Capital Economics.
In other corporate news, Iamgold Corp. (TSX:IMG) announced plans to sell its 18.9 per cent stake in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Ltd. for US$667 million. Its shares declined $1.35 to $19.75.
Wi-LAN Inc. (TSX:WIN) has signed a multi-year agreement that gives Cisco Systems Inc. the licences to “virtually all” of its patents. The Ottawa-based company, which specializes in licensing rights to intellectual property and patents, did not disclose the financial details of the transaction and its shares gained 15 cents to $6.05.
Earlier in Asia, Hong Kong’s Hang Seng Index fell less than 0.1 per cent.
Despite the inflation figures, China’s Shanghai Composite Index staged a late rally to finish 0.3 per cent higher.
Japan’s Nikkei 225 stock average fell 0.7 per cent while South Korea’s Kospi ended down less than 0.1 per cent.
London’s FTSE 100 index rose 0.36 per cent, Frankfurt’s DAX was ahead 0.31 per cent and the Paris CAC 40 was up 0.15 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.
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
###TSX advances amid high Chinese inflation figures, higher oil prices – Dominion Lending Centres Clearlease Reports
CALGARY – (April 15, 2011) Dominion Lending Centres Clearlease Reports TORONTO – The Toronto stock market was higher late Friday morning as oil prices advanced, while data from China kept inflation and interest rate concerns front and centre.
The S&P/TSX composite index climbed 49.21 points to 13,871.02 while the TSX Venture Exchange dipped 0.06 of a point to 2,300.98. The Canadian dollar was down a fifth of a cent to 103.99 cents US.
In China, figures showed consumer prices rose 5.4 per cent in the year to March, up from February’s 4.9 per cent. The increase was largely driven by surging food costs and represents a setback for the government, which has boosted interest rates four times since October to cool prices.
Other data showed that the Chinese economy grew 9.7 per cent in the first three months of the year — little changed from the previous quarter’s 9.8 per cent — despite government efforts to steer growth to a sustainable level.
Investors worry that the Chinese government will have to take further measures to slow the economy, which in turn could hurt the global economic recovery and depress prices for commodities. Strong demand for oil and metals helped push the TSX up five per cent in the first quarter.
However, the TSX headed for a sharp weekly loss as investors took some profits from a strong run on markets that has gone on practically without a break since last summer. Investors are also concerned about the degree to which high commodity prices are fuelling inflation and, in the case of surging oil prices, hurting economic growth.
“Certainly there seems to be a lot of uncertainty swirling around,” said John Johnston, chief strategist at the Harbour Group at RBC Dominion Securities.
“Right now my best guess is that it’s probably for the time being a short-term correction.”
The energy sector was ahead 0.63 per cent as oil prices reversed early losses with the May crude contract on the New York Mercantile Exchange up 91 cents to US$109.02 a barrel. Canadian Natural Resources (TSX:CNQ) climbed 72 cents to $43.27 while Cenovus Energy (TSX:CVE) rose 38 cents to $36.45.
Oil prices sold off the first two days of this week, from US$113.46 on Monday, the highest since September 2008. However, a weaker dollar and signs U.S. gasoline consumption remains robust helped stanch those losses. Crude has gained 28 per cent since Feb. 15 because of the civil war in Libya and worries about unrest in other Mideast countries.
The industrial sector also advanced with Bombardier Inc. (TSX:BBD.B) ahead nine cents to $6.98.
Gold stocks also moved up as bullion prices rose for a third day with the June contract on the Nymex ahead $10.30 to US$1,482.70 an ounce. Goldcorp Inc. (TSX:G) gained 54 cents to $52.40 while Barrick Gold Corp. (TSX:ABX) improved by 26 cents to $52.51.
The base metals sector was flat with the May copper contract down three cents to US$4.26 a pound in New York. Demand concerns have sent copper tumbling 5.5 per cent this week. Quadra FNX Mining (TSX:QUX) was down 27 cents to $13.64 and Sherritt International (TSX:S) was eight cents lower at $7.80.
The market also found support from tech heavyweight Research In Motion Ltd. (TSX:RIM). Its stock was up $1.07 to $52.82 after losing a similar amount Thursday ahead of the launch of its new PlayBook tablet, which hits Canadian stores on Tuesday.
Critical reception has been mixed for the PlayBook, with some reviews finding good things to say about its hardware, its Flash-able web browser and slick interface, but still the overall consensus appeared to be largely negative and focused on features that were missing from the device.
New York markets were mixed amid poorly received earnings reports.
Google said Thursday that it earned US$2.3 billion, or $7.04 per share, in the latest quarter. Revenue reached nearly $8.6 billion, a 27 per cent increase from last year, but those numbers were overshadowed by significantly higher expenses. Its stock slid seven per cent to US$537.88.
And Bank of America said Friday that its first-quarter income fell 39 per cent to US$1.7 billion or 17 cents a share on higher costs related to its mortgage business and higher litigation expenses. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet. Revenue fell to US$26.9 billion from $32 billion in the same period last year but its shares slipped 13 cents to US$13.
The Dow Jones industrial average was ahead 34.32 points to 12,319.47. The Nasdaq composite index fell 7.31 points to 2,752.91 while the S&P 500 index added 3.34 points to 1,317.86.
Meanwhile, the U.S. Labour Department said Friday that core consumer prices, which strip out food and energy costs, rose 0.1 per cent in March. Economists had expected those prices to increase 0.2 per cent. Prices overall rose 0.5 per cent, matching the gain in February.
And the University of Michigan’s widely-watched consumer confidence index rose to 69.6 in April from 68.2 in March.
The showing “is better than nothing, but that still leaves confidence well down on the mid-70s readings we were seeing before the surge in gasoline prices really began to bite,” observed Paul Ashworth, chief U.S. economist at Capital Economics.
In other corporate news, Iamgold Corp. (TSX:IMG) announced plans to sell its 18.9 per cent stake in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Ltd. for US$667 million. Its shares declined $1.35 to $19.75.
Wi-LAN Inc. (TSX:WIN) has signed a multi-year agreement that gives Cisco Systems Inc. the licences to “virtually all” of its patents. The Ottawa-based company, which specializes in licensing rights to intellectual property and patents, did not disclose the financial details of the transaction and its shares gained 15 cents to $6.05.
Earlier in Asia, Hong Kong’s Hang Seng Index fell less than 0.1 per cent.
Despite the inflation figures, China’s Shanghai Composite Index staged a late rally to finish 0.3 per cent higher.
Japan’s Nikkei 225 stock average fell 0.7 per cent while South Korea’s Kospi ended down less than 0.1 per cent.
London’s FTSE 100 index rose 0.36 per cent, Frankfurt’s DAX was ahead 0.31 per cent and the Paris CAC 40 was up 0.15 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.
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
###