BAYSTREET RSS FEED en-us Copyright (c) 2014 Inc. All rights reserved. 8/1/2014 11:54:20 AM <![CDATA[Trilogy Energy "OUTPERFORM" ]]>Thu, 31 Jul 2014 07:20:43 EST<![CDATA[Gold bounces off lows amid jobs data ]]>Fri, 01 Aug 2014 12:00:00 EST, August 01, 2014

Gold bounces off lows amid jobs data

Gold futures extended a modest bounce off a six-week low, rebounding as the U.S. dollar lost ground after data showed the U.S. economy added fewer jobs than expected in July.

August gold futures rose $5.30, or 0.4%, to $1,286.60 U.S. an ounce, while September silver rose 1.8 cents, or 0.1%, to $20.43 U.S.

The U.S. economy added 209,000 jobs in July, marking the sixth straight month of 200,000-plus gains for the first time since 1997, but coming in below the consensus forecast for again of 235,000. The unemployment rate edged up to 6.2% from 6.1%.

Gold fell on Thursday, failing to find safe-haven support as stocks suffered a rout, with the Dow Jones Industrial Average dropping more than 300 points and turning negative for the year.

The dollar weakened versus major rivals in the wake of the data. Commodities priced in dollars are sensitive to movements in the currency. A stronger dollar can weigh on gold by making it more expensive to users of other currencies, while a weaker dollar can lift the commodity.

The dollar was on a tear in July, rising strongly versus major rivals as data showed the U.S. economy gaining strength and U.S. Treasury yields rose. The slightly weaker-than-expected jobs data may temper expectations the Federal Reserve will move sooner than had been anticipated to begin hiking interest rates.

<![CDATA[China calls Canadian hacking charges "irresponsible" ]]>Thu, 31 Jul 2014 12:00:00 EST, July 31, 2014

China calls Canadian hacking charges "irresponsible"

China's foreign ministry accused Canada on Thursday of making irresponsible accusations lacking any credible evidence after Canada singled out Chinese hackers for attacking a key computer network and lodged a protest with Beijing.

Officials said "a highly sophisticated Chinese state-sponsored actor" had recently broken into the National Research Council. The council, Canada's leading research body, works with major companies such as aircraft and train maker Bombardier Inc. (TSX: BBD.B)

Canada has reported hacking incidents before, but this was the first time it had singled out China.

China is often cited as a suspect in various hacking attacks on companies in the United States and other countries. China's embassy in Ottawa has dismissed the allegation as groundless.

The Foreign Ministry repeated its standard line that China opposed any hacking activity, and expressed its anger at Canada for making the accusations.

The ministry did not elaborate.

Canada's Conservative government has had an uneven relationship with Beijing since taking power in 2006.

Citing human rights concerns, Prime Minister Stephen Harper initially kept his distance. Under pressure from business in Canada, he reached out to Beijing.

Harper visited three Chinese cities in 2012 and promised to help increase oil exports, citing the need to find new markets. The United States buys virtually all Canada's crude.

The research council attack was not the first hacking attempt in Canada that has been linked to China.

In 2011, hackers broke into computer systems at the finance ministry and other government departments. The Conservatives declined to comment on allegations that China was responsible.

In 2012, Canada said it was aware hackers had breached security at a domestic manufacturer of software used by energy companies, but again declined to say whether it felt China lay behind the attacks.

<![CDATA[Economic Calendar]]>Fri, 01 Aug 2014 11:54:20 EST 2014


Thursday, July 03, 2014 Canadian international merchandise trade: 8:30am May Canada's merchandise exports advanced 3.5% and imports grew 1.6% in May. As a result, Canada's trade deficit with the world narrowed from $961 million in April to $152 million in May. Canada's merchandise exports declined 1.8% while imports increased 1.4% in April. As a result, Canada's trade balance with the world went from a surplus of $766 million in March to a deficit of $638 million in April.
Monday, July 07, 2014 IVEY purchasing managers index: 10:00am June Western University's Richard Ivey School of Business said its Purchasing Managers Index (PMI) by the end of June 2014 stood at 46.9. The corresponding Ivey PMI figure for May 2014 was 48.2, compared to 55.3 for June 2013, and 49.0 for June 2012 Western University's Richard Ivey School of Business said its purchasing managers’ index fell to 48.2 last month from a reading of 54.1 in April. Analysts had expected the index to increase to 56.0 in May. A figure above 50.0 indicates industry expansion, below indicates contraction.
Monday, July 07, 2014 Building Permits: 8:30am May Statistics Canada reported that municipalities issued building permits worth $6.9 billion in May, up 13.8% from April. This followed a 2.2% rise in the previous month. Following two consecutive monthly declines, the total value of building permits issued by Canadian municipalities rose 1.1% to $6.0 billion in April.
Wednesday, July 09, 2014 Housing Starts: 8:15am Jun Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 198,200 units last month from May’s total of 197,000 units. A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 198,324 in May from an upwardly revised 196,687 units in April. That surpassed analysts’ expectations for a May reading of 185,000.
Thursday, July 10, 2014 New Housing Price Index: 8:30am May The New Housing Price Index rose 0.1% in May, following five months of gains ranging from 0.1% to 0.3%. The New Housing Price Index rose 0.2% in April, following identical increases in both February and March.
Friday, July 11, 2014 Labour Force Survey: 7:00am June Employment was little changed in June and the unemployment rate rose by 0.1 percentage points to 7.1% as more people were searching for work. Employment edged up by 26,000 in May, driven by gains in part-time work. The unemployment rate increased 0.1 percentage points to 7.0% as there were more people in the labour market.
Tuesday, July 15, 2014 CREAstats - MLS sales: 8:30am Jun The Canadian Real Estate Association reported this morning that national home sales activity edged up 0.8% on a month-over-month basis in June 2014. Actual (not seasonally adjusted) activity stood 11.2% above June 2013 levels. According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity posted a sizable month-over-month increase in May 2014. National home sales rose 5.9% from April to May. Actual (not seasonally adjusted) activity stood 4.8% above May 2013 levels.
Wednesday, July 16, 2014 BoC rate announcment: 10:00 a.m. --- The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1%. The Bank Rate is correspondingly 1.25% and the deposit rate is 0.75% The Bank of Canada is maintaining its target for the overnight rate at 1%. The Bank Rate is correspondingly 1.25% and the deposit rate is 0.75%
Wednesday, July 16, 2014 Monthly Survey of Manufacturing: 8:30am May Manufacturing sales rose 1.6% to $51.6 billion in May, the fourth increase in five months. Manufacturing sales edged down 0.1% in April to $50.9 billion, the first decrease in four months.
Thursday, July 17, 2014 Canada's International Transactions in securities: 8:30am May Foreign investors acquired $21.4 billion of Canadian securities in May, mainly government bonds. Canadian investors added $2.0 billion of foreign securities to their holdings in the month, largely non-U.S. instruments. Foreign investment in Canadian securities resumed in April as non-residents added $10.1 billion to their holdings, marking the highest such acquisition in a year. Meanwhile, Canadian investment in foreign securities slowed to $2.5 billion.
Friday, July 18, 2014 Wholesale trade: 8:30am May Wholesale sales rose 2.2% to $52.6 billion in May, a second consecutive increase. Wholesale sales rose 1.2% to $51.2 billion in April following a decline in March. Higher sales were recorded in all subsectors except for food, beverage and tobacco.
Friday, July 18, 2014 Consumer Price Index: 7:00am June Consumer prices rose 2.4% in the 12 months to June, following a 2.3% increase in May. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.3% in June, after rising 0.2% in May. Consumer prices rose 2.3% in the 12 months to May, following a 2.0% increase in April.
Wednesday, July 23, 2014 Retail Trade: 8:30am May Retail sales rose 0.7% to $42.0 billion in May. Retail sales increased for the fourth consecutive month in April, advancing 1.1% to $41.6 billion.
Thursday, July 24, 2014 Employment Insurance: 8:30am May In May, the number of people receiving regular Employment Insurance benefits fell by 12,100 or 2.3%, after a year of little change. The total number of beneficiaries for the month was 504,100. The number of people receiving regular Employment Insurance benefits totaled 517,100 in April, up slightly (+1.1% or +5,600) from March.
Wednesday, July 30, 2014 Industrial Product Price Index: 8:30am June The Industrial Product Price Index edged down 0.1% in June, mainly because of lower prices for motorized and recreational vehicles. The Industrial Product Price Index was down 0.5% in May, mainly because of lower prices for energy and petroleum products.
Wednesday, July 30, 2014 Raw Materials Price Index: 8:30am June The Raw Materials Price Index rose 1.1%, largely as a result of higher prices for crude energy products. The Raw Materials Price Index declined 0.4%, mostly as a result of lower prices for animals and animal products.
Thursday, July 31, 2014 GDP: 8:30am May Real gross domestic product rose 0.4% in May, a fifth consecutive monthly increase. The output of service industries grew 0.4% and the output of goods-producing industries increased 0.5%. Real gross domestic product grew 0.1% in April, the same pace as in March. The output of service industries increased 0.3%, while the output of goods-producing industries declined 0.3%.
<![CDATA[Canada to clinch EU trade pact in Sept. ]]>Fri, 01 Aug 2014 12:00:00 EST to clinch EU trade pact in Sept.

Canada and the European Union will release final details of their mammoth trade deal on Sept. 25 in Ottawa, ending a marathon 10 months of bargaining since Prime Minister Stephen Harper flew off to Brussels to sign the initial agreement in principle.

Multiple sources tell the media that the text of the full agreement will be made public by Harper and European Union President José Manuel Barroso as part of a formal summit between the two sides.

The Comprehensive Economic Trade Agreement, or CETA, has been a priority for the Harper government, but talks dragged out over a series of issues ranging from the protection of intellectual property to the process for settling disputes between private companies and governments.

Just last week, news reports out of Europe suggested the Germany would refuse to sign the deal — a report later denied by Angela Merkel's government — over the so-called investor-state dispute mechanism, which is meant to set up an independent tribunal for companies to resolve trade disputes, rather than have them go through a country’s courts.

The deal would give Canada favoured access to Europe’s 500 million people and $17-trillion economy.

But there have been growing concerns in Canada with how long it was taking to resolve the final issues.

One industry observer compared to the discussions to the game of whack-a-mole: as soon as one issue was resolved another would pop up.

Government officials declined to discuss the timing of the announcement, but noted "excellent progress is being made" to complete the legal text of the agreement that is projected to boost the Canadian economy by $12 billion a year, and create almost 80,000 jobs.

But sources tell the media that the signing ceremony will be on Parliament Hill and include other EU leaders attending the summit as well as Canadian premiers.

It will follow also follow a trade mission to England in the first week of September, led by Harper and Trade Minister Ed Fast. They’ve invited Canadian business leaders along to promote economic ties and the pending removal of trade barriers on the vast majority of goods and services moving between Canada and Europe.

Sources say that Canadian officials have been pushing hard to finalize the deal, in part because Barroso's term as president comes to an end in October. His departure, as well as the turnover of others in the executive, could have meant further delays and uncertainty if nothing was signed by that point.

As it is, CETA will still have to be approved by the European Parliament and the 28 countries in the EU.

<![CDATA[Hong Kong ends streak after U.S. selloff ]]>Fri, 01 Aug 2014 12:00:00 EST, August 01, 2014

Hong Kong ends streak after U.S. selloff

Despite stronger-than-expected Chinese manufacturing data, Hong Kong stocks followed the overnight selloff on Wall Street and closed solidly lower on Friday, ending their eight-session string of gains.

The Nikkei 225 in Tokyo dumped 97.66 points, or 0.6%, to 15,523.11.

The Hang Seng Index in Hong Kong plummeted 224.42 points, or 0.9%, to 24,532.43

In Hong Kong markets, property stocks were the main drag. Cheung Kong (Holdings), owned by Asia’s richest man Li Ka-shing, tumbled 4.7%, with investors setting side a 59% year-over-year jump in the company’s net profit for the first half.

China Overseas Land & Investment lost 2.3%, also failing to get enough a boost from a 18% increase in its first-half earnings.


The Shanghai CSI 300 index dipped 20.85 points, or 0.9%, to 2,329.40

China’s manufacturing sector continued to expand in July, with the official Purchase Managers Index hitting a 27-month high, data showed on Friday. Separately, the HSBC’s China manufacturing PMI rose to an 18-month high of 51.7 for last month.

In other markets;

In Singapore, the Straits Times STI slipped 29.64 points, or 0.9%, to 3,344.42

In Korea, the Kospi index fell 49.34 points, or 0.5%, to 2,073.10

The Taiex Index in Taiwan went south 49.34 points, or 0.5%, to 9,266.51

In New Zealand, the NZX 50 lost 58.06 points, or 1.1%, to 5,109.93

Australia’s S&P/ASX 200 backtracked 76.54 points, or 1.4%, to 5,556.37

<![CDATA[U.S. job growth cools in July]]>Fri, 01 Aug 2014 12:00:00 EST job growth slowed in July and an unexpected rise in the unemployment rate pointed to some slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while.

Non-farm payrolls increased 209,000 last month after surging by 298,000 in June, the U.S. Labor Department said on Friday, hiking the jobless rate to 6.2% from 6.1% the previous month.

Data for May and June were revised to show a total of 15,000 more jobs created than previously reported, showing underlying momentum and taking some of the sting from the report.

U.S. stock index futures pared losses on the report, while the dollar fell to a session low against a basket of currencies. U.S. Treasury debt yields dropped.

July marked the sixth straight month that employment has expanded by more than 200,000 jobs, a stretch last seen in 1997. The one-10th of a percentage point increase in the unemployment rate to 6.2% came as more people entered the labor market, a sign of confidence in employment prospects.

Average hourly earnings, which are being closely monitored as a potential signal of reduced slack that could prompt the Fed to raise rates, rose only one cent.

That left the annual rate of increase at 2%, still well below the levels that would make Fed officials nervous.

Fed officials on Wednesday cautioned that "significant" slack remained, signaling patience on the rate front.

Economists polled by Reuters had expected payrolls to increase 233,000 last month and the unemployment rate to hold steady at 6.1%.

A separate report from the Commerce Department showed inflation retreating in June. A price index for consumer spending, excluding food and energy, edged up 0.1% after gaining 0.2% in May.

The core personal consumption expenditures price index, which is the Fed's preferred inflation measure, increased 1.5% in the 12 months through June, still below the central bank's 2% target.

<![CDATA[IPO Center - TSX-V]]>Mon, 13 Jan 2014 12:00:00 EST Company Name Ticker Date RepliCel Life Sciences Inc. RP 13-01-2014 Cleantech Capital Inc. YES.P 14-01-2014 Jet Metal Corp. JET 20-01-2014 Reliance Resources Limited RI 22-01-2014 West African Resources Limited WAF 24-01-2014 Westcap Investments Corp. WI 12-02-2014 Sonde Resources Corp. SOQ 19-02-2014 QMX Gold Corporation QMX 20-02-2014 Knight Therapeutics Inc. GUD 28-02-2014 PC Gold Inc. PKL 11-03-2014 Silver Predator Corp. SPD 13-03-2014 Baja Mining Corp. BAJ 17-03-2014 IOU Financial Inc. IOU 17-03-2014 Rockefeller Hughes Corporation RHC 20-03-2014 Chrysalis Capital IX Corporation NYN 28-03-2014 Northern Sun Mining Corp. NSC 16-04-2014 Cliffside Capital Ltd. CEP 17-04-2014 Till Capital Ltd. TIL 24-04-2014 Redzone Resources Ltd. REZ 28-04-2014 Alabama Graphite Corp. ALP 05-05-2014 Jaguar Financial Corporation JFC 21-05-2014 Lingxian Capital Inc. LXC.P 23-05-2014 Tribute Pharmaceuticals Canada Inc. TRX 27-05-2014 Dataminers Capital Corp. DMC.P 29-05-2014 Transeastern Power Trust TEP.DB 02-06-2014 X-Terra Resources Inc. XTT 03-07-2014 Starlight U.S. Multi-Family (No.3) Core Fund SUS.UN 09-07-2014 Searchtech Ventures Inc. MJN.P 16-07-2014 Whiteknight Acquisitions III Inc. WKA 21-07-2014 Petro-Victory Energy Corp. VRY 24-07-2014 Geovic Mining Corp. GMC 28-07-2014 01 Communique Laboratory Inc. ONE 31-07-2014]]><![CDATA[Toronto holds own at open ]]>Fri, 01 Aug 2014 12:00:00 EST, August 01, 2014

10:30 AM EST
Toronto holds own at open

Enbridge in focus

Canadian stocks opened slightly higher on the last trading day of the week, as investors digested disappointing U.S. jobs report.

The S&P/TSX composite index was positive 7.95 points to close at 15,338.69

The Canadian dollar dipped 0.03 at 91.67 cents U.S.

Enbridge Inc reported a better-than-expected profit in the second quarter, driven mainly by higher shipment volumes on the Canadian Mainline system. Enbridge shares added 20 cents to $53.65

Canadian Oil Sands Ltd said on Thursday that its second-quarter profit fell by one-fifth on lower production and higher government payments. Canadian Oil Sands shares gained 21 cents to $23.50.

Canada's three biggest telecom firms, BCE Inc, Rogers Communications Inc and Telus Corp, keen to keep shareholders happy with fat dividends, are breaking into businesses ranging from banking to health-care to drive growth as they run out of expansion options and shy away from overseas purchases.

BMO, Cowen and Company cut their target prices on Alamos Gold, whose shares tacked on 42 cents, or 4.3%, to $10.12.


The TSX Venture Exchange eked up 0.86 points to 1,002.38

Eight of the 14 Toronto subgroups were higher in the early going, as health-care and gold stocks each surged 1.4%, while materials gained 0.8%.

The half-dozen were weighed by information technology and financials, each down 0.3%, and energy stocks, falling 0.2%.


Stocks were flat in early trading Friday. But after Thursday's huge plunge, flat may be almost as good as up.

The Dow Jones Industrials remained in negative country 25.07 points to 16,583.23, after yesterday’s 300-point-plus plunge.

The S&P 500 eked up 0.42 points to 1,931.09. The NASDAQ composite docked 5.15 points to 4,364.62.

GoPro's debut earnings report failed to impress Wall Street's extreme expectations, driving the gadget maker's stock down 11%.

Iliad dropped 7% in Europe after the French telecom firm made a surprise $15-billion U.S. takeover bid for T-Mobile USA

On the other hand, shares of LinkedIn popped 8% after the social media company posted better-than-expected quarterly results.

Tesla also rose in early trading after Elon Musk's electric car maker reported strong sales and a profit that topped forecasts.

Bally Technologies hit the jackpot as Scientific Games agreed to acquire the slot-machine maker for $3.3 billion U.S. Bally spiked 31% on the buyout, which also sent Scientific Games surging 14%.

Procter & Gamble rallied about 2.5% after posting a solid earnings beat despite shrinking sales. Investors largely overlooked the consumer products giant's tepid outlook for the year.

Burger King marched 2% higher as the fast food chain's earnings beat expectations thanks to slightly higher sales and shrinking expenses.

Other big-name companies also reported earnings, including Clorox and Chevron. Warren Buffett's Berkshire Hathaway is scheduled to post results after the close.

Employers added 209,000 jobs in July. That was well shy of the 288,000 jobs that were created in June and below the gain of 230,000 jobs predicted by economists.

The weaker-than-expected jobs report could ease fears on Wall Street that the Federal Reserve will hike interest rates early next year.

The U.S. government said the unemployment rate ticked up to 6.2% from 6.1%.

Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Thursday’s 2.56%. Treasury prices and yields move in opposite directions.

Oil prices sank 71 cents to $97.47 U.S. a barrel.

Gold prices hiked $12.40 to $1,293.70 U.S. an ounce.

<![CDATA[Stocks in Play: Alabama Graphite Corp. ]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

09:59 AM EST - Alabama Graphite Corp. : announced that it has received the results of initial Bond Work Hardness Indices tests from SGS Canada in Lakefield, Ontario. Bond Work Hardness Indices are a measure of the amount of work required to reduce a rock in size to the point where individual minerals are liberated and can be recovered. The Company provided samples of both oxidized (weathered) and unoxidized (non-weathered) material from its flagship Coosa Project in Alabama for testing. Alabama Graphite Corp. (V.ALP) shares were unchanged at 0.18.

<![CDATA[Stocks in Play: Enbridge Inc. ]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

09:59 AM EST - Enbridge Inc. : released second-quarter financial figures Friday. Second-quarter earnings were $756 million including the impact of net unrealized non-cash mark-to-market gains and losses. Enbridge second-quarter adjusted earnings increased by 5% to $0.40 per common share compared with the 2013 comparative period. Enbridge Inc. (T.ENB) shares were unchanged at 53.45.

<![CDATA[Stocks in Play: Bonterra Energy Corp.]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

10:1 AM EST - Bonterra Energy Corp. : confirms that the July 2014 monthly cash dividend will be $0.30 per share and will be paid on August 29. The record date for the dividend is August 15, and the ex-dividend date is August 13. The dividend is paid monthly and is subject to commodity prices and production levels. Bonterra Energy Corp. (T.BNE ) shares were down $0.05 at 60.29.

<![CDATA[Stocks in Play: Fortis Inc.]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

10:1 AM EST - Fortis Inc. : achieved second-quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.28 per common share, for the second quarter of 2013. For the first half of 2014, net earnings attributable to common equity shareholders were $190 million, or $0.89 per common share, compared to $205 million, or $1.06 per common share, for the first half of 2013. Fortis Inc. (T.FTS) shares were down $0.12 at 33.43.

<![CDATA[Stocks in Play: West African Resources Limited]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

11:45 AM EST - West African Resources Limited : reported activities on its 100%-owned gold and copper-gold projects in Burkina Faso, West Africa, for the quarter ending June 30. Base case is stated on a pre-tax basis assuming 100% project at a gold price of $1,300/oz. All amounts are in US dollars unless otherwise stated-- IRR of 57% with a 16 month payback on capital costs; Free cash flow of $103 million after capital costs; NPV5% of $84 million; Pre-production capital of $35 million plus working capital and contingency of $9 million; Estimated average annual gold production of 59,400 ounces for first three years; Estimated average annual gold production of 44,100 ounces for life of mine; Current study mine life of 5.4 years. West African Resources Limited (V.WAF) shares were up $0.005 at 0.14.

<![CDATA[Stocks in Play: Sierra Metals Inc.]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

11:46 AM EST - Sierra Metals Inc. : reported a positive development in the Polo y Ron Minerals legal process. A Federal Court in the State of Chihuahua has ordered that Sierra is entitled to receive proper notice of the adverse resolution previously issued by the State Court of Chihuahua on March 16, 2013. Sierra Metals Inc. (T.SMT) shares were down $0.05 at 1.75.

<![CDATA[Stocks in Play: Vista Gold Corp. ]]>Fri, 01 Aug 2014 09:58:36 EST, August 01, 2014

11:47 AM EST - Vista Gold Corp. : announced its unaudited financial results and highlights for the second quarter ended June 30, 2014. The company reported a net loss of $2.9 million or $0.04 per share for the three months ended June 30, 2014. During the three months ended June 30, 2013, Vista reported net loss of $21.2 million, or $0.26 per share. Vista Gold Corp. (T.VGZ) shares were unchanged at 0.5.

<![CDATA[OceanaGold Copper and Gold Production Slides in Second Quarter]]>Wed, 30 Jul 2014 04:45:24 EST, July 30, 2014

OceanaGold Copper and Gold Production Slides in Second Quarter

The Canadian markets are alive with earnings reports on Wednesday ahead of the key report on second quarter gross domestic product from Statistics Canada tomorrow. Canadians will be hoping to see that their economy grew alongside the U.S. economy, which a report from Washington D.C. showed expanded by a 4% annual rate in the second quarter after contracting by a revised 2.1% in the first quarter. The acceleration is weighing on gold prices, as the U.S. Federal Reserve said it is further reducing its stimulus package. The resource heavy Toronto exchanges are ignoring slipping bullion and pushing onward, with the Composite on pace for another record close.

Shares of OceanaGold Corp. (TSX:OGC) are not joining in the fun, edging lower after the multi-national gold producer released its quarterly report showing it swung to a net loss in the second quarter after a profitable first quarter. Oceana has mines in the Philippines and on the South Island of New Zealand. The New Zealand assets are the largest gold mining operation in country and include Macraes (open pit) and Frasers (underground) mines in Otago and the Reefton (open pit) mine. In the Philippines, Oceana brought its open-pit Didipio mine in Luzon to commercial production last April.

Gold production at Didipio rose to 17,746 ounces in the second quarter from 11,086 ounces in the same quarter during 2013. Copper production was up modestly from 5,073 tonnes to 5,173 tonnes. OceanaGold previously warned that production was going to be down from the first quarter (36,264 ounces gold, 7,752 tonnes copper) because of lower grades or processed ore and lower mill feed at Didipio. In the second half of 2014, the company expects a higher grade of ore at the mine.

In New Zealand, cumulative gold production totaled 46,045 ounces of gold and 602,092 tonnes of copper. This was substantially lower than the year prior quarter’s totals of 54,677 ounces of gold and 1.79 million ounces of copper and well below the first quarter as well (56,088 ounces gold, 1.75 million ounces copper).

All tallied, total revenue for OceanaGold in the second quarter was $127.48 million, compared to $131.21 million in the second quarter of 2013. Net loss, which was weighed down in part by a higher cost of sales and higher New Zealand dollar, was $2.12 million, or one cent per share, versus a net loss of $70.49 million, or 24 cents per share in the year prior quarter. From that perspective, it was a better quarter. Investors seem focused on the first quarter comparison, though, when the company notched $170.355 million in revenue and a net profit of $58.95 million, or 20 cents per share.

Looking at the first half of 2014, revenue was $297.84 million, up 31 percent from $226.85 million in the first half last year. OceanaGold swung to a profit in the first six months of the year of $60.86 million, or 19 cents per share, from a loss of $63.43 million, or 22 cents a year, in the same period in 2013.

Expecting the rough patch in the second quarter, OceanaGold says it is still on schedule to meet its outlook for 2014, maintaining its guidance at 275,000 to 305,000 ounces of gold and 21,000 to 24,000 tonnes of copper at cash costs of $400 to $450 per ounce and AISC of $750 to $850 per ounce both net of by-product credits.

Shares of OGC have been stellar so far this year, rising nearly 130% from $1.65 to a high last week of $3.74. Slumping gold prices, likely some profit taking and the soft quarter has the stock backpedalling the past two days, including trading down by 6.7 percent on Wednesday at $3.22 as the day winds to a close.

<![CDATA[Loonie slips against greenback ]]>Fri, 01 Aug 2014 09:48:44 EST
Experts expect a range today of 1.0880 to 1.0950 Canadian

The euro stabilized after French Purchasing Managers Index surprised on the upside, mitigating disappointing PMI elsewhere in the euro-zone. France is the only country among its major euro peers to have contractionary manufacturing PMI. The euro continues to be biased to further downside.

Observers expect a range today of 1.4620 to 1.4675 Canadian

The pound dropped after U.K. manufacturing PMI fell to 55.4, its lowest level since mid-2013. A combination of softer growth outlook and moderate house prices takes pressure off the Bank of England to hike rates. The sterling opens at 1.8373 Canadian this morning.

The Australian dollar continues to trade soft as soft Producer Price Index and commodity price index add to the downside pressure. Recent performance this week highlighted a deteriorating domestic market. The Aussie opened at 1.0150 Canadian this morning.

The New Zealand dollar opened flat this morning. The pair found support at the 0.9200 Canadian level this week and opens at 0.9276 Canadian this morning.

Data Releases:

CAD: No data today

AUD: Commodity Prices y/y

EUR: Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI

GBP: Manufacturing PMI

JPY: No data today

NZD: No data today

USD: Non- Farm Employment Change, Unemployment rate, Average Hourly Earnings m/m, Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Final Manufacturing PMI, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Total Vehicle Sales]]>
<![CDATA[Top Analysts Action: SODA, HBAN, ARE, VECO, FEI]]>Thu, 31 Jul 2014 03:28:43 EST<![CDATA[Yum Brands (YUM) down on Chinese controversy]]>Thu, 31 Jul 2014 10:46:03 EST<![CDATA[Glu Mobile (GLUU) falls on Q2 loss]]>Thu, 31 Jul 2014 10:44:26 EST<![CDATA[Grifols SA (GRFS) plummets after Wednesday loss]]>Thu, 31 Jul 2014 10:43:11 EST<![CDATA[QuickLogic (QUIK) dips amid general market downturn]]>Thu, 31 Jul 2014 10:41:40 EST<![CDATA[EDAP TMS SA (EDAP) plummets as FDA nixes drug]]>Thu, 31 Jul 2014 10:40:27 EST<![CDATA[Avon Products (AVP) gains on earnings ]]>Thu, 31 Jul 2014 10:15:43 EST<![CDATA[Hologic (HOLX) gians on quarterly results]]>Thu, 31 Jul 2014 10:06:32 EST<![CDATA[LivePerson (LPSN) soars over results, forecast]]>Thu, 31 Jul 2014 10:05:10 EST<![CDATA[EveryWare Global (EVRY) leaps on new credit pact]]>Thu, 31 Jul 2014 10:03:13 EST