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TSX Poised For Mixed Open Toronto stocks are poised for a mixed open Tuesday as commodities leveled off from recent highs and traders might prefer to book profits after smart gains in the past three sessions. While most Asian markets ended higher overnight, with the Japanese Nikkei recovering a smart over 4 percent, European shares were trading marginally lower. U.S. stock futures were pointing to a marginally higher open, after three days of strong gains. On Monday, the S&P/TSX Composite Index surged 224.07 points or 1.62 percent to 14,013.70. The main index gathered nearly 500 points or 4 percent in the past three sessions. The price of crude oil edged down after Japan approved the release of additional oil reserves to aid its earthquake hit regions. However, worries over supply situation amid airstrikes in Libya supported oil prices. Crude for May slipped $0.29 to $102.80 a barrel The price of gold was little changed even as the U.S. dollar was trading weak against a basket of currencies amid improved risk appetite. Gold for April edged down $3.10 to $1,423.30 an ounce. In corporate news from Canada, Research In Motion said its new BlackBerry PlayBook tablet will be available April 19 in more than 20,000 retail outlets in the U.S. and Canada. Transportation company Canadian Pacific announced that its first quarter earnings could be affected by severe winter events and reduced its earnings per guidance by $0.40 in the range of $0.12 to $0.22 per share. Heavy-duty transit buses maker New Flyer Industries reported a wider fourth quarter loss of $15.9 million compared to $11.4 million last year. Industrial equipment maker Toromont Industries said it will convene a special meeting on May 16 to seek its shareholders' approval for the proposed spinoff of its compression business. West Africa focused gold miner Avion Gold reported improved fourth quarter net income of $18.6 million or $0.05 per share, compared to $3.98 million or $0.02 per share a year earlier. Mexico focused precious metals miner Endeavour Silver reported over 80 percent jump in its fourth quarter net earnings at $5.6 million or $0.09 per share. Oil and gas firm Bankers Petroleum swung to profit in full year 2010, reporting net income of $14.26 million or $0.058 per share compared with a loss of $150,000 or $0.001 per share last year. Natural gas dealer AltaGas Ltd. said it would issue C$200 million of senior unsecured medium term notes, which will carry a coupon rate of 4.10 percent and mature on March 24, 2016. Gaming software company CryptoLogic reported a narrower fourth quarter loss of $840,000 or $0.06 per share, compared to $24.82 million or $1.98 per share in the fourth quarter last year.  In economic news, Statistics Canada retail sales decreased 0.3 percent to C$37.1 billion in January, falling for a second month in a row. Economists expected retail sales to rise 1 percent, following the revised 0.3 percent decline recorded for December. On an annual basis, total retail sales were up 3.5 percent in January compared to the same month a year ago. This is down from December's 4.8 percent annual increase. Elsewhere, the Office for National Statistics said British annual inflation rose to 4.4 percent in February, its highest since October 2008. Economists were expecting it to rise to 4.2 percent from 4 percent in January. |
Tuesday, March 22, 2011
Canadian Market Reports
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The price of oil will continue to go up so long as there is tension in the middle east, particularly in and around Saudi Arabia. Libya is nothing compared to the behemoth that is the Saudi kingdom. The Canadian stock market, and every other major market in the world, will continue to be repressed behind higher oil prices.
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