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Monday,June 02,2014

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Stocks begin week with jump




Stocks started out strong in Toronto, after strong Chinese manufacturing data reinforced views that the world's second-largest economy is regaining momentum.

The S&P/TSX composite index improved 57.71 points to begin a new week at 14,661.87.

The Canadian dollar tumbled 0.48 cents to 91.74 cents U.S.

Trucker TransForce Inc said it would buy truckload transport and logistics company Transport America for $310 million, including debt, from private equity firm Goldner Hawn Johnson & Morrison Inc. TransForce shares gave back 10 cents early Monday to $23.60.

Bloomberg reported this morning that Royal Bank of Canada may invest as much as $1 billion in a hedge fund spun off from its proprietary trading business. Shares in Canada’s largest bank took on 19 cents to $74.83.

On the economic scene, a reading of manufacturing activity in China released over the weekend showed the country's factory sector continued to strengthen after a rough start to the year.

Domestically, manufacturers in Canada signaled the slowest improvement in overall business conditions in four months during May, according to the RBC Canadian Manufacturing Purchasing Managers' Index.

At 52.2 in May, down from 52.9 in April, the headline RBC PMI remained above the neutral 50.0 mark, but eased to its lowest level since January. The index was also weaker than the 53.3 average since the survey began in late 2010.

ON BAYSTREET

The TSX Venture Exchange dipped 2.23 points to 981.76.

All but two of the 14 Toronto subgroups gained to start the day, with metals and mining leading the pack, up 1.4%, global base metals advancing 1.1%, and telecoms adding 1% of muscle.

The two laggards were gold, down 0.6%, and information technology, inching back 0.1%.

ON WALLSTREET

U.S. stocks opened flat to slightly lower in the first day since investors closed out the record-setting month of May.

The Dow Jones Industrial Average faded 17.43 points to begin Monday at 16,699.74

The S&P 500 lost 4.78 points to 1,918.79, but the NASDAQ composite index slid 23.95 points to 4,242.62

Shares of Broadcom bounced 12% after the company revealed it is considering a possible sale of its cellular baseband business. The chip maker said a sale or wind down could generate $700 million U.S. in savings.

Gannett rose 2% after Barron's argued the media company could surge 40%, especially if it follows in the footsteps of peers by spinning off its publishing assets like USA Today.

Protective Life surged 15% amid reports that Japan's Dai-ichi Life Insurance is considering acquiring the Alabama-based company.

Apple could see its stock gyrate based on developments out of its Worldwide Developers Conference, which kicks off on Monday in San Francisco. Investors are eager to learn more about Apple's efforts to enter new product categories.

Hertz Global, Krispy Kreme and Quicksilver will report earnings after the closing bell.

The U.S. government is scheduled to release data on April construction spending this morning. The ISM index, which measures the manufacturing industry each month, is also slated to be published this morning.

Prices for 10-year U.S. Treasuries dropped, hiking yields to 2.50% from Friday’s 2.46%. Treasury prices and yields move in opposite directions

Oil prices dumped 23 cents to $102.48 U.S. a barrel.

Gold prices added 40 cents to $1,246.40 U.S. an ounce.




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