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Resource stocks lead TSX lower; Dow rises 113
Last Updated Wed, 27 Oct 2004 18:10:54 EDT
TORONTO - Slumping oil and gold prices weighed down the Toronto Stock Exchange Wednesday, while U.S. markets welcomed lower crude prices by bolting higher.
The S&P/TSX Composite Index dropped 27.18 points to 8791.00. The TSX energy sub-index fell 2.6 per cent. Oil futures closed at $52.46 US a barrel, down about 5 per cent, as crude oil supplies grew by twice as much as expected.
EnCana lost $1.13 to $59.12. It reported higher third-quarter earnings. Canadian Natural Resources dropped more than 4 per cent; Petro-Canada and Talisman both lost more than 3 per cent.
The TSX gold sub-index shed 2.3 per cent as gold futures lost $2 to $424.80 US an ounce.
Placer Dome fell 66 cents to $26.04; Barrick Gold dropped 37 cents to $27.20; Meridian Gold tumbled $1.85 to $21.08. UBS downgraded Meridian Gold from "buy" to "neutral" on valuation concerns.
The information technology group was the big gainer in Toronto, despite Nortel falling 15 cents to a new 52-week low of $4.02. Research in Motion drove the IT index higher, gaining $4.17 to $109.65. ATI Technologies rose 56 cents to $21.50; it reported that it is gaining market share and now has almost 60 per cent of the discrete graphics market.
Sierra Wireless jumped $1.99 to $22.18. After the close, it reported a stronger-than-expected profit on higher sales.
Other companies in the news:
Algoma Steel rose 28 cents to $21.85 after it reported a $121-million profit on the strength of high steel prices.
Canadian National Railway's share price followed its profits higher. CNR gained $1.33 to $65.90 – and set a new 52-week high – after it reported higher third-quarter volumes, revenues, and profits.
Maple Leaf Foods saw its shares gain 47 cents to $13.80 after it announced higher profits from its earlier acquisition of Schneider Foods.
WestJet shares gained 55 cents to $11.50. The airline said rising jet fuel prices cut into its profits, but managed to fly more passengers.
Chum Ltd.'s fourth-quarter profits quadrupled to $8 million as sales at tits radio and TV stations increased and costs dropped. Chum's Class B shares were up $1.20 to $26.95.
But the news was not as good at another media company, Torstar Corp. The company said its newspaper holdings saw more business but its Harlequin Books division suffered from fewer sales. Torstar's net profit was cut by almost two-thirds. The stock was down 12 cents to $24.87 ahead of the earnings announcement.
Quebecor World shares fell almost 7 per cent (down $1.83 to $26.90). The printing giant said its third-quarter profits were down 20 per cent on restructuring charges, missing analysts expectations.
Quebecor World also announced it was filing suit against U.S. printing giant R.R. Donnelley and three former Quebecor World employees, seeking an injunction "prohibiting Donnelley and the former Quebecor World employees from using or disclosing Quebecor World's trade secrets."
Fairmont Hotels and Resorts shares fell 20 cents to $34.39. The luxury hotel owner and operator reported higher earnings which nevertheless came on below analysts' estimates.
U.S. markets rise
The Dow Jones Industrial Average surged 113.55 points to close above 10000 for the first time in two weeks as investors welcomed Wednesday's 5 per cent drop in the price of oil.
The Nasdaq Composite Index gained 41.20 points to 1969.99 – its biggest one-day point gain since Oct. 1.
The Canadian dollar closed out the trading day at 81.55 cents US, up 0.02 cents.
Written by CBC News Online staff
If the price of oil is slumping, I sure hope that the prices at the pump will do the same.
Take care.
Last Updated Wed, 27 Oct 2004 18:10:54 EDT
TORONTO - Slumping oil and gold prices weighed down the Toronto Stock Exchange Wednesday, while U.S. markets welcomed lower crude prices by bolting higher.
The S&P/TSX Composite Index dropped 27.18 points to 8791.00. The TSX energy sub-index fell 2.6 per cent. Oil futures closed at $52.46 US a barrel, down about 5 per cent, as crude oil supplies grew by twice as much as expected.
EnCana lost $1.13 to $59.12. It reported higher third-quarter earnings. Canadian Natural Resources dropped more than 4 per cent; Petro-Canada and Talisman both lost more than 3 per cent.
The TSX gold sub-index shed 2.3 per cent as gold futures lost $2 to $424.80 US an ounce.
Placer Dome fell 66 cents to $26.04; Barrick Gold dropped 37 cents to $27.20; Meridian Gold tumbled $1.85 to $21.08. UBS downgraded Meridian Gold from "buy" to "neutral" on valuation concerns.
The information technology group was the big gainer in Toronto, despite Nortel falling 15 cents to a new 52-week low of $4.02. Research in Motion drove the IT index higher, gaining $4.17 to $109.65. ATI Technologies rose 56 cents to $21.50; it reported that it is gaining market share and now has almost 60 per cent of the discrete graphics market.
Sierra Wireless jumped $1.99 to $22.18. After the close, it reported a stronger-than-expected profit on higher sales.
Other companies in the news:
Algoma Steel rose 28 cents to $21.85 after it reported a $121-million profit on the strength of high steel prices.
Canadian National Railway's share price followed its profits higher. CNR gained $1.33 to $65.90 – and set a new 52-week high – after it reported higher third-quarter volumes, revenues, and profits.
Maple Leaf Foods saw its shares gain 47 cents to $13.80 after it announced higher profits from its earlier acquisition of Schneider Foods.
WestJet shares gained 55 cents to $11.50. The airline said rising jet fuel prices cut into its profits, but managed to fly more passengers.
Chum Ltd.'s fourth-quarter profits quadrupled to $8 million as sales at tits radio and TV stations increased and costs dropped. Chum's Class B shares were up $1.20 to $26.95.
But the news was not as good at another media company, Torstar Corp. The company said its newspaper holdings saw more business but its Harlequin Books division suffered from fewer sales. Torstar's net profit was cut by almost two-thirds. The stock was down 12 cents to $24.87 ahead of the earnings announcement.
Quebecor World shares fell almost 7 per cent (down $1.83 to $26.90). The printing giant said its third-quarter profits were down 20 per cent on restructuring charges, missing analysts expectations.
Quebecor World also announced it was filing suit against U.S. printing giant R.R. Donnelley and three former Quebecor World employees, seeking an injunction "prohibiting Donnelley and the former Quebecor World employees from using or disclosing Quebecor World's trade secrets."
Fairmont Hotels and Resorts shares fell 20 cents to $34.39. The luxury hotel owner and operator reported higher earnings which nevertheless came on below analysts' estimates.
U.S. markets rise
The Dow Jones Industrial Average surged 113.55 points to close above 10000 for the first time in two weeks as investors welcomed Wednesday's 5 per cent drop in the price of oil.
The Nasdaq Composite Index gained 41.20 points to 1969.99 – its biggest one-day point gain since Oct. 1.
The Canadian dollar closed out the trading day at 81.55 cents US, up 0.02 cents.
Written by CBC News Online staff
If the price of oil is slumping, I sure hope that the prices at the pump will do the same.
Take care.
