Toronto's main stock index reversed gears today to close in the green as oil closed at year high levels and, although still down at the closing bell, gold rebounded well of its lows of the day, giving strength to the resource heavy Canadian markets.
The S&P/TSX Composite closed the day trading up by 26.01 points, or .20%, to 12,942.64.
The price of oil for December delivery is up; gaining 1.53% to $88.05.
Gold for December delivery is red at the moment; down $10.70 at $1,399.10.
The Canadian Dollar is down against the US Dollar at the moment; off by .000295 of a cent to .9998 U.S. cents.
ON THE DATA FRONT --
Statistics Canada reported this morning that September's International Merchandise Trade was at a deficit of $2.49 Billion. August’s deficit was revised from $1.35 to 1.49 Billion.
Automotive products, other consumer goods as well as industrial goods and materials were the main factors behind the decline. Conversely, exports of machinery and equipment increased during the month.
CLOSING UPDATE --
Financial laggards -- Royal Bank of Canada recovered from lows of the day to close where it opened, but the gap down left T.RY down .28% to $54.25 for the day. Shares of Toronto-Dominion Bank also gave up some ground; closing down .07% to $73.60.
In oil and gas, Shares of Suncor Energy had nearly a dollar intraday swing, with shares of T.SU ending the day up 1.03% at $36.33. Husky Energy (HSE.TO: Quote) did not fair as well; closing down .65% to $25.90.
Potash Corporation of Saskatchewan Inc. announced today that its Board of Directors has declared a quarterly dividend of US $0.10 per share payable February 10, 2011 to shareholders of record January 20, 2011. Shares of T.POT closed down .10% at $142.29.
Canadian Natural Resources added 0.88% to finish the day at $40.03, while Barrick Gold gained 1.15% percent to $51.84.
Shares of miner Quadra FNX dropped today after its quarterly profit fell short of expectations, partly due to higher operating costs. Shares of T.QUX closed down 7.61% to $14.70.
AFTERNOON UPDATE --
Stocks have bounced off lows -- Shares of Barrick Gold have recovered to now be trading up .78% to $51.65 and Goldcorp has seen its shares turn green; up 1.74% to $48.74.
First Quantum Minerals Ltd. is a leading decliner as shares have dropped 7.11% to $88.48.
Teck Resources has bounced of its intraday low and is now green; up .62% to $48.74.
Ag Growth International Inc reported quarterly results that beat estimates as the Canadian maker of portable grain handling equipment posted its highest revenue in at least five years on strong demand and sales price. Shares of T.AFN are trading up 2.82% to $43.70.
MORNING NEWS --
Suncor Energy Inc.'s Board of Directors approved a quarterly dividend of $0.10 per share on its common shares, payable December 24, 2010 to shareholders of record at the close of business on December 3, 2010. Shares of T.SU are trading down 1.61% to $35.38.
Gold plays lagging -- Shares of Goldcorp are down .41% to $46.44, shares of Barrick Gold are down 1.03% to $50.72 and shares of Kinross are down 1.34% to $18.38.
Research in Motion is recovering from downgrade news yesterday. Shares of T.RIM are up 2.18% to $56.67 this morning.
Value-added fertilizer provider, Hanfeng Evergreen Inc. reported its financial results for the first quarter of fiscal 2011 ended September 30, 2010. The Company saw sales drop to $42.6 million as compared to $55.1 million in 2009. Gross profit slipped to $5.1 million from $8.8 million. Shares of T.HF are trading down 10.69% to $5.85.
Oilfield services company, Savanna Energy Services Corp., announced Q3 2010 results which showed revenue increased to $104.8 million; up from $50.3 million in 2009 and net earnings increased to $1.2 million; up from a net earnings loss of $4.5 million in the year prior quarter. Per diluted share, there was a 2 cent gain as compared to a 6 cent loss in 2009. Shares of T.SVY are trading down .16% to $6.06.
ON BAYSTREET
Nine of the TSX Subgroups closed in the green today. Gold closed up by 1.84%, info tech was up by 1.33% and telecom finished up up .71%.
On the downside – Real estate was down by 1.13%, metals and mining issues closed down by .85% and then utilities; down by .78%.
The TSX Venture Exchange closed up by 17.30 points to 2,022.33, while the Nasdaq Canada index ended the day in the green; up by 26.06 points to 722.55.
ON WALLSTREET
Stocks on Wall Street rallied to close the day in positive territory as commodities took a break for recent runs with silver and gold both pulling back, but crude closed at its highest price of the year.
The Dow Jones Industrial Average closed up by 10.29 points, or .09% to 11,357.04. The S&P 500 finished up by 5.31 points, or .44%, to 1,218.71. The NASDAQ closed the day trading in the green as well; up 15.80 points, or .62%, to 2,578.78.
The US Dollar is down against the euro by .0017 and gaining ground against the yen; up .6500.
Oil futures for December delivery are up by $1.33 to $88.05.
The 10-year bond yield is off by .2574% to 2.4016.
IN DATA NEWS --
The Labor Department reported that initial claims for jobless aid dropped by 24,000 to a seasonally adjusted 435,000. The four-week average of claims dropped 10,000 to 446,500. That's the lowest level for the average since September of 2008.
The Mortgage Bankers Association reported that mortgage applications in the United States have risen 5.8% throughout the November 5th week, evening out the previous 5.0% losses posted the last week.
The US Energy Information Administration US crude oil inventories fell by 3.3 million barrels in the week ending November 5, 2010. Crude oil inventories at 364.9 million barrels.
CLOSING UPDATE --
Cisco reported a fiscal first-quarter profit of $1.93 billion, or $.34 a share, compared with a profit of $1.79 billion, or $.30 a share, for the same quarter in 2009. Revenue was $10.75 billion, up from $9 billion. Analysts had expected $10.75 billion on $.40 per share. Shares of CSCO are down 10.49% to $21.97 in afterhours trading.
Macy’s Inc. reported turning a profit in the third quarter and also raised its outlook for second-half revenue at stores open at least a year. Shares of M closed up closed down 1.43% to $24.86.
The Federal Communications Commission is investigating Google Inc.’s collection of personal data including emails and passwords through its Street View mapping service. Shares of GOOG closed down .31% to $622.88.
Energy sector added to its gains today led, in part by Halliburton, which added a cool 5.00% to close at $34.88. Shares of Chevron (CVX) also had a strong day; closing up 1.93% to $85.17.
Big gainer -- Upon reporting solid profit for the third quarter, shares of Chimera Investment Corp.’s (CIMT) soared; closing up 42.70% to $2.54.
Decliner -- AgFeed Industries Inc. shares were pummeled after it reported a third-quarter loss and said it would write down the value of its Chinese business by $16.8 million. Shares of FEED closed down 16.29% to $2.62.
AFTERNOON UPDATE --
The dollar rose to its best level against the euro since early October.
General Motors Co. reported a third-quarter profit of $2 billion as the auto giant works to stir up support of investors for its public offering next week.
Bio Drag -- Cerus Corp. announced that it plans to sell 7.4 million units consisting of one share of common stock and a warrant to purchase half an additional share for the combined unit price of $2.85. Shares of CERS are down 17.72% to $2.60.
Shares of Assurant Inc. are sliding today following publication of a report that suggested abusive practices in so-called force-placed insurance. Shares of AIZ are trading down 9.63% to $36.28.
AT THE OPEN --
Shares of Boeing are leading Dow laggards after a Boeing 787 Dreamliner made an emergency landing in south Texas after the crew reported smoke in the cabin. The emergency is the latest setback for the Dreamliner, which is running nearly three years behind its original schedule. Shares of BA are down 2.68% to $67.39.
Soup maker, Campbell Soup cut its full-year earnings forecast as its soup sales are remaining weak in the U.S. Shares of CPB are down 3.40% to $34.83.
Sonic Solutions Inc. is seeing its shares slide this morning following the Company's weaker-than-expected third-quarter forecast. Shares of SNIC are trading down 8.11% to $11.11.
IPO News -- Noah Holdings made its debut today with its shares its shares priced at $12 a share, above its range of $9-$11 a share. The company raised $101 million by offering 8.4 million American depositary shares. Shares of NOAH are up 27.00% to $15.24.
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